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If I were to pick one growth stock with the potential to mint new millionaires, Joby Aviation (NYSE: JOBY) would come to mind first.
In a nutshell, Joby is manufacturing electric vertical takeoff and landing (eVTOL) aircraft. For years, these aircraft have existed only in experimental contexts. But with help from the White House, eVTOLs are beginning to enter real-world operations. Indeed, Joby has demonstrated these aircraft in California, New York, and, most recently, Texas, and it expects to carry its first passengers by the end of 2026.
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The market opportunity for Joby's eVTOLs is huge. If Joby operated thousands of these aircraft across major cities, it could generate billions in annual revenue.
Joby currently trades at a little less than $6 per share and has a roughly $5 billion market cap. If Joby were to grow to the size of Uber today (about $140 billion), its value would increase about 28-fold. Assuming no major dilution, that could put Joby at about $165 a share.
Under those assumptions, an investment of roughly $36,000 today could grow into $1 million.
Still, risks remain. Joby doesn't have the FAA type certification to fly passengers commercially, nor has it manufactured a major fleet of eVTOLs. As such, the stock is a high-risk, high-reward bet on an industry that doesn't exist yet. Only investors who can stomach major volatility should consider buying today.
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Steven Porrello has positions in Joby Aviation. The Motley Fool recommends Uber Technologies. The Motley Fool has a disclosure policy.
This $6 eVTOL Stock Could Be Your Ticket to Millionaire Status was originally published by The Motley Fool
