Oct. 24 at 8:11 PM
                            
$ACHR JOBY vs. ACHR Market Cap 
 
JOBY has lost 60 pts of premium since 8/4, now 100% premium vs. 160 pts on 8/4 
 
Upside for ACHR to match JOBY market cap + 
$11.37/sh, or 
$22.68/sh. 
 
On 8.4.25, JOBY was 15% below a 
$20B market cap.  When ACHR is 
$20B (market cap) the share price will be 
$31.55. 
 
The only reason IMO JOBY has a market cap premium (and I'm not making light of this) is they have been flying piloted VTOL and are ahead on FAA Type Cert. 
 
I share the market cap comparison because my view is the premium will evaporate over time once N704AX flights VTOL with a pilot, even if JOBY's market cap remains unchanged or increases.  When both are certified, IMO, the premium will flip to ACHR - because of a superior product, strategy, set of commercial and military partners, better financial position and upside, and better leadership team.