I get why Cantor downgraded Joby

I’m a huge fan of the eVTOL space and really want to see Joby succeed, but this stock has gotten way ahead of itself.

The stock’s up almost 90% over the last year, and around 60% just in the past few months. That kind of run would make sense if they were flying people around already, or at least pulling in some real revenue. But they’re not. They’re still in the test and cert phase, and now even their Dubai launch got delayed to mid-2026.

And then there’s the elephant in the room — we still don’t know how this is going to work financially. They haven’t said what they’ll charge for rides, how much it’ll cost to run each aircraft, or what scaling up will even look like. It’s all still hand-wavy ""we'll figure it out"" territory.

So yeah, I saw Cantor downgraded them to Neutral, and I don’t blame them. It’s not that Joby’s a bad company — far from it — but at this valuation? You’re not buying a smart investment. You’re buying a wish and hoping it pays off