Joby Aviation, Inc. (JOBY): A Bull Case Theory

We came across a bullish thesis on Joby Aviation, Inc. on Hunterbrook’s. In this article, we will summarize the bulls’ thesis on JOBY. Joby Aviation, Inc.'s share was trading at $16.66 as of July 31^st.

Joby Aviation ($JOBY), known for its electric vertical takeoff and landing (eVTOL) aircraft and partnerships with the U.S. Department of Defense (DoD), has quietly begun testing a new hydrogen-powered unmanned aerial vehicle (UAV) called the JAI 30. While the company has not publicly acknowledged this aircraft, tracking data shows the JAI 30 completed a nine-hour flight, placing it among the longest-endurance hydrogen-powered UAVs. FAA registration records and eyewitness reports confirm Joby’s activity at the Pendleton UAS Range, a premier U.S. drone testing site.

The aircraft, powered by a hydrogen-electric drivetrain, is notably larger and heavier than China’s AVIC model, which currently holds the endurance record. This move underscores Joby’s broader transformation from an air taxi operator to a vertically integrated aerospace firm. The JAI 30 development builds on Joby’s acquisition of H2FLY in 2021 and its successful hydrogen-electric demonstrator flight in 2024.

The firm has further strengthened its position with the 2024 acquisition of Xwing’s autonomy division, aligning with DoD interests in unmanned and hydrogen-powered flight under programs like AFWERX and Agility Prime. Xwing’s control station, now seen adjacent to the JAI 30 at Pendleton, highlights this integration.

Military observers suggest hydrogen UAS may support logistics for small forces in isolated environments due to their energy advantages. Joby’s presence at Pendleton — which offers 14,000 square miles of low-traffic airspace and advanced testing capabilities — signals serious intent to scale UAV operations. With strategic DoD ties and internal capability expansion, Joby’s JAI 30 may be a foundational step in next-gen autonomous hydrogen flight.

Previously, we covered a bullish thesis on Grupo Aeroportuario del Pacífico (PAC) by Chit Chat Stocks in May 2025, which highlighted strong domestic travel trends, pricing power, and undervaluation. The company’s stock price has appreciated by approximately 11.79% since our coverage. This is because the thesis played out. The thesis still stands as fundamentals remain solid. Hunterbrook’s recent work on Joby Aviation presents a distinct opportunity in next-gen aerospace, with a sharp focus on innovation and long-range autonomy.

Joby Aviation, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held JOBY at the end of the first quarter which was 25 in the previous quarter. While we acknowledge the potential of JOBY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.