Joby Aviation, an electric vertical takeoff and landing vehicle startup, is launching a public offering to sell up to $200 million of its shares of common stock, according to a regulatory filing.

The company said it would use the proceeds from the raise—in addition to its existing cash—to fund its certification and manufacturing efforts, prepare for commercial launch in 2025, and for general working capital.

The eVTOL company also said that it will grant to the underwriters an option for 30 days of purchasing shares of its common stock worth $30 million over a period of 30 days.

Joby plans to introduce air taxis for city-to-city transportation next year in New York City and Los Angeles with partners Delta Air Lines and Uber and also in Dubai and Abu Dhabi. Additionally, the startup has inked a contract worth $55 million with the Department of Defense.

Its type certification process has to be finished before Joby may launch; this refers to the aircraft design meeting all safety and airworthiness requirements.

It comes at a time when the Federal Aviation Administration has just unveiled approval for eVTOLs to share U.S. airspace with helicopters and airplanes, setting up guidelines for pilot training and operating rules.
It also follows a $500 million injection from existing investor Toyota earlier this month.

The funding would take Joby's raise to date to $2.6 billion, according to data from PitchBook.