So I've been looking at the eVTOL companies stock space lately, and there's definitely some interesting dynamics playing out between Archer and Joby heading into 2026. Both of these players have basically tripled since early 2023, which is pretty wild for companies that haven't even started commercial operations yet.

What's catching my attention is that we're supposedly at the point where things should actually start happening. Both Archer and Joby have been grinding through FAA certification, and the expectation is that one or both could finally launch air taxi services this year. Joby seems to be getting more hype around being first, but honestly, Archer might not be that far behind. The interesting part is that approval could come faster outside the US - both have been testing in the UAE.

Here's where it gets real though. The eVTOL companies stock category is still incredibly speculative. Nobody really knows if there's actually going to be demand for air taxis, what the margins will look like, or how hard it'll be to scale. Both companies are still burning cash, which is par for the course at this stage. Joby at least picked up some revenue from the Blade acquisition earlier, but that's helicopter stuff, not eVTOLs. So we're still waiting to see if either of these businesses can actually prove out the model.

Now, the valuation story is where things diverge pretty sharply. Joby's sitting at a $13.2 billion market cap - more than double Archer's $5.9 billion. Joby's been up 78% this year while Archer's down 18%. Some of that gap is probably short interest pressure on Archer, which has gotten hit with multiple short reports questioning their actual progress. Short sellers obviously have skin in the game though, so take those reports with appropriate skepticism.

If I had to pick between these two eVTOL companies stock plays for 2026, I'd lean toward Archer just on valuation grounds. Yeah, Joby might be further along or have better tech or whatever, but I don't think that justifies being worth literally double. Archer's lower price gives you more margin of safety when you're dealing with this much uncertainty. That said, this entire sector is high-risk. If you can't stomach that kind of volatility, honestly just skip it and find something else.