Introducing the Advanced Air Mobility Index: The Six Early Leaders We’re Tracking

Advanced Air Mobility (AAM) is moving from “cool concept” to “real industry.” Electric vertical takeoff and landing aircraft (eVTOLs), hybrid designs, autonomous aerial vehicles, charging networks, and new operating models are all converging on the same goal: make short-range air transportation safer, quieter, cleaner, and dramatically more useful than today’s options.

To help make sense of a fast-changing landscape, we’re launching an AAM Index, a simple, repeatable way to track the companies we believe best represent the sector’s progress over time. This is the first post in the series, and it’s meant to introduce the index and the six companies that anchor our initial coverage.

What this index is (and what it isn’t)

The AAM ecosystem is noisy: ambitious prototypes, shifting timelines, regulatory complexity, and a mix of aerospace and Silicon Valley expectations. The goal of this index is to provide a structured scoreboard that focuses on the fundamentals that matter most in AAM:

• Aircraft development progress (design maturity, test cadence, production readiness)

• Certification momentum (progress through regulatory pathways and major milestones)

• Go-to-market strategy (operator vs. manufacturer, partnerships, target routes)

• Infrastructure readiness (charging networks, vertiport strategy, ecosystem partners)

• Strategic backing (industrial partners, anchor customers, public-sector support)

• Scalability and defensibility (business model durability as the market matures)

It’s also important to say what this is not: this index is not investment advice, and it’s not a prediction market. Think of it as a consistent framework for following who is building, certifying, partnering, and scaling the fastest, using publicly available signals and company-stated plans.

Why these six companies?

We chose these six because, together, they represent the most important strategic “lanes” inside AAM today:

• Vertically integrated air-taxi operators trying to own the full stack

• Manufacturers aiming to sell aircraft to airlines/leasing companies

• Logistics-first platforms pairing aircraft with charging infrastructure

• Hybrid and autonomous approaches that expand possible mission profiles and markets

• International players navigating different regulatory and commercialization pathways

Here are the six constituents in our initial index.

The AAM Index: Initial Constituents

1) Joby Aviation (JOBY)

Joby is one of the most prominent U.S.-based eVTOL developers focused on urban air mobility and regional air taxi services. A key differentiator is vertical integration, Joby designs its own aircraft, propulsion systems, and software, and it intends to operate its own commercial network, not just sell aircraft. The company has logged extensive flight testing and highlights progress toward FAA certification, supported by partnerships and strategic backing (including Toyota, Delta Air Lines, and the U.S. Department of Defense).

Why it matters for the index: Joby is a bellwether for the “operate the network” thesis, high control, high complexity, potentially high upside.

2) Beta Technologies (BETA)

Beta Technologies is building electric aircraft for both urban mobility and regional logistics, with a strong emphasis on charging infrastructure. Its ALIA platform supports both eVTOL and conventional takeoff configurations, broadening use cases like cargo, military, and medical transport. Beta’s model is notable for vertical integration across the aircraft, battery systems, and a nationwide charging network, paired with customers such as UPS, the U.S. Air Force, and Blade.

Why it matters for the index: Beta reflects the “infrastructure + aircraft” play, less dependent on a single launch city and potentially earlier traction through logistics and government use cases.

3) Archer Aviation (ACHR)

Archer is an eVTOL manufacturer targeting short-range urban air taxi operations, with an initial commercial push centered on major metropolitan areas. Archer’s strategy stands out for its capital-light operating model, partnering with airlines and infrastructure providers rather than owning the entire service network. It also benefits from strategic backing from Stellantis (manufacturing expertise) and United Airlines (customer pathway).

Why it matters for the index: Archer represents the “manufacturing + partners” approach: scale through industrialization and distribution partnerships rather than building everything in-house.

4) Vertical Aerospace (EVTL)

UK-based Vertical Aerospace is focused on certified aircraft sales to airlines and leasing companies, rather than direct operations. Its VX4 aircraft targets short-haul and regional connectivity, supported by conditional preorders from major aviation players including American Airlines, Avolon, and Virgin Atlantic. Vertical emphasizes certification under UK and European aviation authorities, positioning for international scalability.

Why it matters for the index: Vertical is our clearest “airframer-to-airlines” thesis, success depends on certification credibility and product-market fit for fleet buyers.

5) New Horizon Aircraft (HOVR)

Horizon Aircraft is developing a hybrid-electric eVTOL that integrates lift fans into a conventional fixed-wing design. The idea: keep the benefits of vertical takeoff while relying on efficient wing-borne cruise flight, aiming for longer range and higher payload than pure multicopter designs, with a view toward reducing technical risk. Horizon is positioning its aircraft for defense, regional mobility, and special-mission applications in addition to future commercial use.

Why it matters for the index: Horizon gives the index exposure to a different engineering path, hybrid and fixed-wing efficiency could matter a lot outside dense urban routes.

6) EHang (EH)

China-based EHang focuses on autonomous, pilotless passenger-grade aerial vehicles; taking a notably different approach from most competitors that start with piloted aircraft. EHang emphasizes centralized fleet operations and autonomy, and it highlights regulatory progress in China, including type certification for its EH216-S. Target markets include passenger transport, tourism, emergency response, and smart city infrastructure.

Why it matters for the index: EHang is our autonomy wedge; if autonomous operations scale safely and regulators support it, it could reshape AAM economics.

How we’ll track the index going forward

AAM progress rarely moves in a straight line. That’s why this index is built to be updated consistently, focusing on signals that tend to predict real-world outcomes, such as:

• Certification and regulatory milestones

• Flight test progress and validation

• Manufacturing readiness and supply chain maturity

• Infrastructure buildout (charging, vertiports, operations)

• Commercial agreements and credible demand indicators

• Strategic partnerships and capital durability

In the next posts, we’ll start publishing periodic updates on each constituent, what changed, what didn’t, and what the changes imply for the broader AAM timeline.

Closing thought

AAM isn’t one market, it’s several markets emerging at once: air taxis, regional mobility, logistics, defense, tourism, emergency response, and eventually autonomy-led networks. These six companies don’t represent everything, but they do represent the most important strategic directions we think are worth tracking from day one.