BETA founder and CEO Kyle Clark rings the opening bell at the NYSE Tuesday morning. To his left is his wife Katie and to his right is BETA Chair Charles Davis. Screen shot.
by Timothy McQuiston, Vermont Business Magazine
BETA Technologies, Inc. (NYSE:BETA), the South Burlington, Vermont, electric aerospace company, opened trading today on the New York Stock Exchange with an initial offering of just over 34 million shares of its Class A common stock. The initial price at $34 per share was over the initial proposed range ($27-$33) with a whopping $1.1 billion raised. From its prospectus, the initial market capitalization was expected to be $7.2 billion. By the end of today, at this rate, BETA's market cap will be about $7.5 billion. The banks set the share price.
Shares closed Tuesday at $36 with a market cap at $7.574 billion.
At a brief press conference held by ZOOM from the NYSE for the benefit of Vermont journalists, Kyle Clark said of the opening today, “The energy was off the charts” among all members of the BETA team. The scene with Clark ringing the opening bell today at 9:30 am shows that enthusiasm.
“We're excited about this step. It certainly isn't our last step. And, like I said, the energy of the company is just awesome right now,” Clark told reporters. “It gives us the capital for the next phases of our business, for industrialization and further commercialization. And I want to acknowledge our employees and staff that aren't here today, that are probably watching some of your programs reading your articles. We know that we've got folks out in New Zealand, over in Norway, all across the United States, flying electric aircraft and doing great things that's enabling us to do this today down here at the Stock Exchange.”
Clark said BETA is committed to Vermont as they build on the quality of their workforce.
In a follow up to whether Vermont has the workforce necessary in a tight labor market, BETA stated that: "There is amazing talent here in Vermont and we've added so much skill and dedication with the folks we've hired who have relocated here. Additionally, we have partnerships with groups throughout the state, like CTE, to create new pipelines and opportunities for the state."
“We were offered hundreds and hundreds of millions of dollars to go to Texas and Arkansas and Florida and out to Ohio,” Clark said. “We decided to stay in Vermont for now. And the reason is that that close coupling and collaboration of technologically between the engineering and the production is super important.”
The BETA team outside the entrance to the NYSE Tuesday morning. Photo by Brian Jenkins/BETA Technologies.
Clark added they are not seeking any financial assistance from the State of Vermont.
Standing to his right at the opening bell was Charles Davis, chair of the board and a significant early investor.
“I grew up in Vermont,” Davis said. “I love Vermont, and I think what Kyle and Katie are doing is absolutely revolutionary. And my big mantra is that this is the best thing to happen to Vermont since the chairlift. And they're creating tremendous jobs, they're doing something wonderful for the environment, they're changing the way people and goods and services and medical equipment move around the world, and I just was totally blown away by what Kyle has built. This was his college thesis, 25 years ago, and battery efficiency and power just wasn't there, and now it is, and here we go. Couldn't be more excited.”
Davis added that they made sure that there would be enough public shares for Vermonters to invest in BETA.
This is the first Vermont IPO since the heyday of public offerings in the 1990s (Ben & Jerry’s in 1984, Green Mountain Coffee Roasters in 1993, IDX in 1995 and 1997, Casella Waste Systems in 1997, etc). It also comes on a day when the major stock market indices are down as AI stock valuations decline.
“We very specifically placed those 34 million shares, thereabouts, with people that are aligned with what we're doing. And a lot of them are investors who have been here from the beginning, including Chuck (Davis), for every single one of our financing rounds. So there'll be a lot of shares out there. I obviously can't comment about how much people are going to pay for those shares, but the folks that we initially placed with them are very much aligned with our values.”
BETA has also been able to fly under the radar of political turmoil gripping the nation.
“In all political environments so far, BETA has stayed absolutely consistent and steadfast on our north star, which is to change the way people fly,” Clark said. “And there's not really a lot of people in this world that won't get behind introducing technologies to lower the cost, improve the sustainability, lower the noise profile, and increase access to things like healthcare and goods and services and people moving through the country. So we have seen little to no negative impact by any political party or movement. It's pretty awesome.”
As for ramping up a company with relatively small revenues and high capital requirements (for the first six months of 2025: $15.6 million in revenues and $170 million in operating expenses), Clark said the goal of building one aircraft a day is part of the plan, but the overall goal is to develop a vertically integrated company with charging stations and battery development and accompanying technology reaching across the globe.
“The thing that really moves the needle in our manufacturing is not energy costs or labor costs, it's the quality of the people,” Clark said.
He noted that the South Burlington campus boasts 100% geothermal heating and is solar powered.
“Energy cost is like way down the list of importance on what's going to make this particular company successful as we ramp into production,” he said.
BETA announced Monday evening that it priced its upsized initial public offering of 29,852,941 shares of its Class A common stock, par value $0.0001 per share, at a price to the public of $34.00 per share. In addition, BETA granted the underwriters a 30-day option to purchase up to an additional 4,477,941 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.
Kyle Clark will retain more than 50% of the voting shares (Class A and Class B common shares combined).
Board of Directors
The shares began trading on the New York Stock Exchange on November 4, 2025, under the ticker symbol “BETA.” The offering is expected to close on November 5, 2025, subject to the satisfaction of customary closing conditions.
Morgan Stanley and Goldman Sachs & Co. LLC are serving as lead book-running managers for the offering. BofA Securities, Jefferies, TPG Capital BD, LLC and Citigroup are serving as book-running managers. Cantor, BTIG and Needham & Company are serving as bookrunners for the offering.
The offering is being made solely by means of a prospectus, which may be obtained from:
Morgan Stanley & Co. LLC
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
Goldman Sachs & Co. LLC
Attn: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 1-866-471-2526
[email protected]
About BETA Technologies, Inc.
BETA is an aerospace company designing, manufacturing and selling high-performance electric aircraft, advanced electric propulsion systems, components and charging systems to top operators worldwide. BETA has built and flown its family of ALIA aircraft, consisting of both conventional fixed-wing electric aircraft (the “ALIA CTOL”) and electric vertical takeoff and landing aircraft (“ALIA VTOL”), more than 83,000 nautical miles, including multiple trips across the United States. BETA is deploying a network of charging infrastructure to enable the growing industry with more than 50 sites online across the U.S. and Canada. BETA’s intentional approach to developing the enabling technologies necessary to electrify aviation unlocks lucrative aftermarket revenue opportunity over the life of each aircraft.
These highly scalable enabling technologies allow BETA to serve a customer base across cargo and logistics, defense, passenger and medical end markets and unlock cost-effective and safe missions.
To support vital journalism, access our archives and get unique features like our award-winning profiles, Book of Lists & Business-to-Business Directory, subscribe HERE!
