Theo Wells-Spackman is a Report for America corps member who reports for VTDigger.
Updated at 3:44 p.m.
BETA Technologies filed for an initial public offering on Monday morning, after reports of the move circulated last week.
The South Burlington-based company plans to list its stock on the New York Stock Exchange “as soon as practicable” under the symbol “BETA,” according to Monday’s filing with the U.S. Securities and Exchange Commission.
The electric and hybrid aircraft company has raised more than $1.5 billion in capital through private equity investment and development contracts since its founding in 2017. The company opened a 188,500-square-foot production facility in South Burlington in 2023 and runs a battery testing site in St. Albans.
“Electric aviation is inevitable,” founding CEO Kyle Clark wrote in a letter within the filing. “We believe it will lower the cost of flight, improve safety, expand aviation’s utility, and do so in balance with our environment.”
Monday’s filing comes just weeks after the company announced a high-profile partnership with GE Aerospace, which plans to make a $300 million equity investment in BETA.
The filing’s primary underwriters, taking on the financial risk of the offering, are Morgan Stanley and Goldman Sachs.
BETA will join a small handful of Vermont companies which are publicly traded, the largest of which is Casella Waste Systems.
In the growing electric flight industry, several of BETA’s direct competitors have already gone public, including Archer Aviation and Joby Aviation.
“We are redefining the aerospace industry,” the company said in a statement in its filing, adding that in addition to a strong presence in North America, it is “well positioned to expand globally.”
The company is in an enforced “quiet period” following its filing Monday and declined to comment.
