Joby Aviation (JOBY -6.92%) reached a historic milestone in its effort to bring "flying taxis" to the masses, and investors responded by sending the stock to higher altitudes.

Joby shares soared 34.9% in June, according to data provided by S&P Global Market Intelligence, after the company's aircraft took to the skies over Dubai ahead of a commercial rollout.

Image source: Joby Aviation.

From potential to proof

Joby is among a handful of companies racing to bring an electric vertical-takeoff-and-landing (eVTOL) aircraft to market. eVTOLs combine the nimbleness of a helicopter with the stability of an airplane and have great potential to shuttle customers over traffic jams and to nearby destinations.

Late in the month, Joby announced it had delivered its first aircraft to the United Arab Emirates and had begun commercial market readiness work with multiple piloted flights. The company said the move "cements" its global lead in the air taxi market, with a goal of carrying passengers around Dubai in 2026.

"Our flights and operational footprint in Dubai are a monumental step toward weaving air taxi services into the fabric of daily life worldwide," Joby founder and CEO JoeBen Bevirt said in a statement.

Is Joby stock a buy?

The flights are indeed a big deal, setting Joby ahead of the pack. The flights not only demonstrated the company's design maturity but also should counter critics who questioned the aircraft's capabilities in high-temperature conditions.

We're still a long way from mass production and rollout, with Joby still awaiting final regulatory approval in the United States and elsewhere. This industry has the potential for multiple winners, so arguably, being first is not crucial, but Joby looks like a clear favorite to be among those winners.

Investors should be aware that Joby is no bargain, valued by the market at more than $8 billion despite still working toward sales and profits. And with the move higher in June, the stock is now up 62% since the beginning of April. Joby shares have a history of volatility, but the choppiness could fade as some of the questions about launch dates are answered.

For those intrigued by the opportunity and willing to stomach some potential choppiness along the way, Joby could be an exciting part of a well-diversified portfolio.