Saudi-backed Volocopter wants to be Tesla of the sky with $10 billion IPO goal

November 14, 2022

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Saudi-backed air-taxi pioneer Volocopter said it expects to remain independent until after its first commercial flights in 2024 despite regular interest from potential suitors, with a stock market listing likely the following year.

According to CEO Dirk Hoke, starting passenger services in time for the Paris Olympics could give the German startup an advantage over rivals and contribute to a valuation of $10.2 billion or more. Volocopter has chosen not to list, despite the fact that many of its closest competitors have done so. British company Vertical Aerospace Ltd. and German startup Lilium NV are two examples of flying taxi companies that have opted to list after merging with unrelated businesses.

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