Electric aircraft startup Beta Technologies seeks to raise $825M in IPO | TechCrunch
Key Takeaways
- Beta Technologies priced its IPO shares between $27 and $33, aiming to raise up to $825 million.
- The IPO is expected to give the Vermont-based company a valuation of roughly $7.2 billion.
- The company filed its paperwork despite the government shutdown, utilizing new SEC rules for automatic effectiveness.
- Beta Technologies notably avoided venture capital, raising $1.15 billion from institutional investors.
- The company recently announced a strategic deal with GE Aerospace, including a $300 million investment for a hybrid-electric turbogenerator.
Electric aviation startup Beta Technologies has set its initial public offering share price range between $27 and $33, targeting a potential capital raise of up to $825 million, which would result in a post-IPO valuation of approximately $7.2 billion. The company, based in Vermont and led by CEO Kyle Clark, proceeded with its filing despite the ongoing government shutdown, leveraging recent SEC guidance that permits certain IPO statements to become effective automatically after 20 days without full staff review. Clark, a former hockey player and pilot instructor, has taken an unconventional route, eschewing Silicon Valley and traditional venture capital funding. Instead, Beta Technologies has secured $1.15 billion from institutional backers like Fidelity and the Qatar Investment Authority. This move follows a recent strategic agreement with GE Aerospace, which included a $300 million investment in exchange for a stake, aimed at developing a hybrid-electric turbogenerator for future aircraft.
