Joby Aviation (JOBY), a leader in the development of eVTOL aircraft, announced it has entered into a definitive agreement to acquire Blade Air Mobility’s passenger business for up to $125 million. The acquisition marks a significant step toward accelerating Joby’s commercial air taxi operations in major urban markets.

The deal includes Blade’s entire passenger business across the U.S. and Europe, including a network of 12 high-traffic urban terminals in key locations such as New York City’s JFK and Newark Liberty Airports, and multiple Manhattan heliports on the West Side, East Side, and Wall Street. In 2024 alone, Blade flew over 50,000 passengers—making it the world’s largest provider of vertical lift services by volume.

Under the agreement, Joby will pay Blade up to $125 million in either cash or stock, at Joby's discretion. This total includes $35 million tied to the achievement of specific performance milestones and the retention of key employees. The transaction is expected to close in the coming weeks, pending customary conditions.

Blade’s medical organ transport division is excluded from the deal and will be spun out into a newly rebranded public company called Strata Critical Medical. However, Joby will become Strata’s preferred VTOL partner wherever Joby operates, reinforcing Joby’s entry into high-value, mission-critical air medical services. The partnership will explore future use cases for eVTOL beyond passenger travel.

With this acquisition, Joby gains access to Blade’s established customer base, infrastructure, brand, and operational expertise accumulated over a decade. The acquisition is expected to significantly reduce Joby’s infrastructure investment requirements and customer acquisition costs as it moves closer to FAA certification and commercial launch.

“This is a strategically important acquisition that will support the successful launch of Joby’s commercial operations in Dubai, our subsequent global rollout, and our continued leadership in the sector,” said Joby founder and CEO JoeBen Bevirt. “Over the last decade, Rob and the team at Blade have built a world-class passenger experience that demonstrates the value of vertical lift. With access to the infrastructure they’ve secured and the loyal customer base they’ve developed, we will be in the best possible position to launch our quiet, electric aircraft as soon as certification is secured.”

Bevirt added that Joby remains on track to begin FAA Type Inspection flight testing early next year, a key milestone on the path to commercial certification.

Blade’s passenger services will continue under its current leadership, with CEO Rob Wiesenthal remaining at the helm of the division, now operating as a wholly-owned subsidiary of Joby. Joby also plans to integrate its proprietary ElevateOS software platform into Blade’s operations to enhance cost efficiency and passenger experience.

“This deal is less of a traditional acquisition and more of an asset swap,” Wiesenthal noted. “We bring the infrastructure, routes, loyal customers, and a globally recognized brand. Joby brings breakthrough aircraft technology and the resources to scale.” He emphasized that Blade was founded to help facilitate the transition from helicopters to clean, quiet, electric aircraft—and that Joby is the ideal partner to realize that mission.

During a transition period, the combined company will operate both helicopters and Joby’s eVTOL aircraft, with a gradual shift toward fully electric service over time.