不是Joby，也不是Archer：意外候选人获得首次电动垂直起降（eVTOL）FAA授权

Key Points

• Beta Technologies received the first FAA market-survey authorization for an eVTOL aircraft.

• This certificate allows potential customers to experience the A250 in flight.

• The authorization could help generate orders, but it doesn't, by itself, permit commercial passenger or cargo services.

Who will launch the first-ever electric air taxi in the U.S.: Archer Aviation (NYSE:ACHR) or Joby Aviation (NYSE:JOBY)?

For a while, that's been the question in the eVTOL (electric vertical takeoff and landing) space. So it might come as a surprise that Beta Technologies(NYSE:BETA), a lesser-known contender in this race, has beaten both Archer and Joby to the punch.

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Beta Technologies receives first-ever certificate for its eVTOL aircraft

For starters, Beta Technologies is developing electric aircraft for both passenger flights and cargo transportation. Like other eVTOL stocks, Beta has struggled on Wall Street in 2026, losing roughly half its value since its debut last fall.

Despite trading woes, Beta has hit and continues to hit important milestones. For instance, it was selected for seven of the eight projects within the White House-backed eVTOL Integration Pilot Program (eIPP) -- the most of any eVTOL company (Joby had five; Archer had three).

Today, Oct. 21, however, might mark its most important milestone yet.

Earlier this morning, the Federal Aviation Administration (FAA) announced that Beta Technologies had received a first-of-its-kind "Special Airworthiness Market Survey Certificate" to conduct flights with its ALIA eVTOL, also known as the A250. Essentially, this certificate allows Beta to take potential customers on demonstration flights so they can try the aircraft and decide how they might put it to commercial use.

For instance, a delivery company might be interested in using the A250 to carry packages. With this certificate, Beta can invite company representatives to board the aircraft and experience it for themselves. This firsthand account could help them decide whether the A250 really fits into their operations, thus opening the door to potential deals.

This certificate is significant, but let's be clear on what it's not. It's not FAA type certification, which is the FAA's official stamp of approval that an aircraft's design meets safety standards. As such, it does not, on its own, allow Beta to sell electric air taxi tickets to the public (FAA type certification is required for that), nor does it authorize Beta's potential customers to use the A250 commercially today.

Still, the certificate is big news for Beta investors. With it, Beta will get more opportunities to demonstrate its aircraft to buyers, which could help turn interest into orders.

Is Beta Technologies a buy?

No doubt, this certificate strengthens Beta's investment case. Still, it doesn't erase what is perhaps the biggest concern for investors: whether Beta can get its aircraft fully certified and manufacture and sell them for a profit.

In other words, Beta is still very much a company in the early stages of development. Not only that, but its market cap remains north of $4 billion, a hefty valuation for a company with steep losses and little revenue. Unlike Joby and Archer, which plan to acquire businesses that can add substantial annual revenue, Beta has announced no comparable deals. Beta has a hefty cash pile -- about $1.5 billion at the end of June -- yet until it has a meaningful revenue stream, cash burn will be a challenge.

As such, I don't think this certificate alone makes Beta a strong buy. Investors are still taking the same leap of faith as before, trusting that Beta will turn its eVTOL into a profitable business. Aggressive growth stock investors might want to consider it as a long-term investment, but others might want more evidence that commercialization is within reach before buying shares.

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Steven Porrello has positions in Archer Aviation and Joby Aviation. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.