Hat tip: this profile takes inspiration from Sequoia Capital's 2005 investment memo on YouTube. We stand on the shoulders of greatness. Read it: a public copy.

Onward.

BETA Technologies had its best week as a public company, closing at its highest price since January 20th.

Who Is BETA?

BETA Technologies builds electric aircraft and the chargers that power them. It is based in South Burlington, Vermont, and was founded in 2017 by CEO Kyle Clark. BETA says it has flown more than 250,000 nautical miles across its fleet and builds its own motors and assembles its own battery packs. Its 10-K names UPS and Bristow among customers with firm orders, counts 56 airport charging stations at Dec 31, 2025, and says the FAA certified the Hartzell propeller in July 2025, the first for any electric aircraft and a stepping stone toward certifying BETA's motor. BETA has not yet delivered a certified aircraft. Since April 2022, BETA has sold about $1.3 billion of preferred stock to private investors. The November 2025 IPO raised $1.0 billion before costs.

CX300 aircraft charging. Photo: BETA Technologies.

Marble Tower grades BETA a Keystone Grade B. The SEC filings carry the grade. The small registry count holds it back.

This Week

BETA reported third quarter results on Nov 3. Revenue hit a record $17.7 million, up 98% from a year ago. The net loss was $119.1 million. Cash is $1.34 billion, about ten quarters at Q3's pace of cash decline. Full-year revenue guidance rose to $52 million to $57 million. Orders and options total 1,040 aircraft.

BETA guides to $52 million to $57 million for 2026. Through the third quarter it has $42.5 million.

The stock closed Friday at $27.12, up $7.07, or 35.3% on the week. Since the week of March 30, BETA is up 75.8%. Archer is down 18.1% and Joby is down 30.2%. BETA traded about 15 million shares this week, 1.5 times its 26-week average of 10.2 million. At $6.4 billion, BETA is now the most valuable publicly traded eVTOL maker among the five we compare, 5.7% ahead of Joby. It passed Joby this week for the first time since its IPO.

The Missing Dates

BETA has no FAA type certificate yet for its own aircraft or motor. That is the sign-off that a design meets the rules. In September 2025, it told investors to expect the CX300 by the end of 2026 or early 2027 and the A250 by the end of 2027 or early 2028. In March it dropped the calendar dates. By May 12 its filings dropped the timing altogether, and it has not come back.

On Oct 20, the A250 made its first flight under a special permit to show the aircraft to buyers. It is not a type certificate.

A250 flight test, library file dated Jan 19, 2026. Photo: BETA Technologies.

On The Registry

Seven of nine BETA aircraft were tracked in the air in the last 14 days. The FAA registry lists nine BETA aircraft in the passenger eVTOL class, up from six a year ago.

See all nine on one map: ADS-B Exchange. The map shows live positions only.

Skin In The Game

Five firms hold at least 1% of their portfolio in BETA. Four have added shares since Dec 31.

Who they are, from SEC Form ADV filings and the firms' own sites:

  • Liberty Street Advisors: New York; adviser to mutual funds since 2007; $2.3 billion managed.

  • HITE Hedge Asset Management: Braintree, MA; private fund manager, in business since 2003; $2.2 billion managed.

  • Corps Capital Advisors: Southlake, Texas; adviser founded June 2018; about $270 million managed.

  • Empire Life Investments: manages Empire Life segregated funds; subsidiary of Kingston, Ontario insurer.

  • Marino Management: Westport, Connecticut.

Who they are, from BETA's proxy statement, SEC filings and the firms' own sites:

  • Fidelity (files as FMR): Boston; founded 1946; privately held.

  • GE Aerospace: Evendale, Ohio; its executive Amy Gowder sits on BETA's board.

  • John E. Abele: Boston Scientific co-founder; BETA director since June 2023.

  • Kyle Clark: BETA founder and CEO since June 2018; test pilot.

  • Charles A. Davis: Stone Point Capital founder and co-CEO; BETA board chair since 2021.

  • TPG: Fort Worth, Texas; Nasdaq-listed; holds BETA through TPG Rise Belfry, L.P.

  • Austin Meyer: individual holder; president of the Ava Lane Meyer Foundation.

  • Amazon: Seattle; holds through Amazon.com NV Investment Holdings, the Climate Pledge Fund.

  • BlackRock: New York; asset manager that began in 1988 with eight people.

  • Vanguard: Valley Forge, Pennsylvania.

Fidelity (files as FMR) is the biggest fund holder, with 33.3 million shares, more than the next fifteen managers and index funds combined (strategic holders, banks and brokers not counted). FMR LLC is the company behind Fidelity Investments, and it files with the SEC under that name. Its Jun 30 holdings are 14.2% of BETA's shares (over the Oct 30 share count), and BETA is 0.02% of its reported portfolio. June 30 is the latest filing. The September 30 filings are due Nov 16.

Listen + Learn

  • Hear Kyle Clark on why BETA builds its own motors and aircraft. Sustainability in the Air, Mar 2026. Listen

  • Clark on electric flight, before BETA went public. Volts, Jun 2024. Listen

What We’re Watching

  • Registry: new aircraft added. Nine today.

  • Certification: a type certificate, or dates for one.

  • Nov 16: the Q3 13F filings land.

  • Who added, who cut back.

Marble Tower: Lab Coming Soon

The new Marble Tower home page, in design.

This profile is the first to come out of Marble Tower's grading, and it lands on the day the Institute opens its beta. We call it the Lab. A seat in the Tower while we build it, and a say in what we build next.

If you want in, the door is here. 

Godspeed.

Research, not financial advice.