Beta Technologies, an electric aviation company, has set its IPO share price range between $27 and $33, aiming to secure up to $825 million, as detailed in a filing with the U.S. Securities and Exchange Commission. Should the offering reach the upper end of this range, the company would launch with an estimated valuation of $7.2 billion.
Founded in 2017 in Vermont by its elusive CEO Kyle Clark, the company submitted its IPO documents on Wednesday, despite the ongoing government shutdown. Earlier this month, the SEC provided guidance that enables companies awaiting IPO approval to have certain statements, such as share pricing, become automatically effective after 20 days, even without direct SEC staff review. Other firms, including Navan, have also moved forward with their IPOs under this provision.
Clark, who holds a Harvard degree and has a background as a professional hockey player and flight instructor, has taken an unconventional approach to entrepreneurship. Rather than heading to Silicon Valley, he remained in his Vermont hometown and chose a unique route for financing Beta’s electric aircraft development. The company has not relied on venture capital, instead raising $1.15 billion from institutional backers such as Fidelity and the Qatar Investment Authority.
In the previous month, Beta Technologies revealed a partnership with GE Aerospace to co-develop a hybrid-electric turbogenerator for future aircraft models. As part of this collaboration, GE Aerospace agreed to acquire a stake in Beta and invest $300 million.
