Joby is buying a stealth-technology firm for $500m, and rebuilding its defence arm around it
Joby Aviation agreed to buy Resonant Sciences, a Dayton radar and low-observability contractor, for about $500m. The deal is $450m cash plus about $50m in Joby common stock, with no earnout, and is expected to close in 1H 2027. Resonant reported trailing-twelve-month revenue over $100m and high-teens adjusted EBITDA margins.
How this was made
The 30-second read
Why it matters
The $500m acquisition of a cleared, profitable radar and low-observability contractor is positioned as a way to generate near-term defense revenue and accelerate program execution, but closing is not expected until H1 2027 and the market reacted negatively on the announcement.
Market read
Deal terms, lack of earnout, and the stated defense-revenue rationale create a fresh catalyst for Joby’s risk-reward, with immediate equity repricing already reported.
What to watch
No earnout can reduce seller performance alignment; regulatory review timing and integration of autonomy and low-observability systems could delay the expected revenue ramp.
Background
Joby is an electric air taxi developer that has been waiting on FAA type certification while pursuing defense demonstrations and autonomy work.
Ticker impact
Joby agreed to buy Resonant Sciences for about $500m, using $450m cash plus ~$50m in stock, to build its defense unit.
Near-term volatility likely persists as investors weigh cash outlay and deal risk versus faster defense bookings.
The article discloses deal structure, no earnout, expected H1 2027 close, and notes Joby shares fell on the announcement, implying the market is not fully de-risking the acquisition.
Market effects
Signals a potential funding and revenue strategy shift in electric air taxi toward defense and cleared government supply chains.
Expands a large Ohio footprint near Wright-Patterson AFB, potentially strengthening local defense contractor ecosystems.
Reinforces US defense procurement demand as a counter-cyclical revenue path for advanced aerospace startups.
Counterpoint
Investors may be discounting the acquisition because Joby still lacks FAA type certification, so defense revenue may not offset aircraft certification and cash burn timelines.
Key entities
- public_companyJoby Aviation
Electric air taxi company agreeing to acquire Resonant Sciences to form a dedicated defense unit.
- private_companyResonant Sciences
Dayton, Ohio radar and low-observability specialist with security clearances and trailing-twelve-month revenue above $100m.
- private_equityCerberus Capital Management
Investor in Resonant in 2023 and the seller in the announced transaction.
