WILMINGTON, Del. — A U.S. jury found Joby Aero liable for misappropriating trade secrets and ordered the air taxi developer to pay $116.9 million in damages, according to a verdict delivered Friday in Delaware federal court.
Archer Aviation, a competing eVTOL manufacturer, sued Joby over allegations that the company misappropriated proprietary information regarding aircraft design and manufacturing processes. The claims centered on former Archer employees who later joined Joby.
The $116.9 million judgment lands on a pre-revenue company burning cash for aircraft development and certification. For a capital-intensive business facing steep financing needs, the payout compounds pressure on an already-strained balance sheet and forces an immediate capital raise — at a moment when the fixed-income market is pricing elevated risk premiums for speculative credits with uncertain cash flows. In the current rate environment, new debt issuance from Joby would face materially wider spreads and tighter covenants. Bond investors have grown less tolerant of duration risk in emerging aerospace ventures, and a pending $116.9 million liability only sharpens that calculus. The judgment may also signal to other investors and creditors that IP disputes in the eVTOL sector carry material financial weight.
