As the song “New York, New York” made famous by Frank Sinatra puts it, if you can make it there, you can make it anywhere.

That’s what Joby Aviation is hoping. Its stock is rising in early trading on Monday following Joby’s announcement that it had completed the first point-to-point air taxi demonstration in New York City. The flight was the first in a week-long series of test flights.

Joby stock rose 6.4% on Monday, closing at $9.04, while the S&P 500 rose 0.1% and the Dow Jones Industrial Average fell 0.1%.

Joby’s aircraft left JFK Airport and landed at multiple sites across the city’s existing heliport network, including Downtown Skyport and the West 30th Street and East 34th Street heliports in Midtown, according to the news release.

The flights are part of the electric vertical takeoff and landing, or eVTOL, Integration Pilot Program, or eIPP, launched by the Transportation Department in 2025 to accelerate the development and adoption of air taxis.

Joby and its peers are working on eVTOLs, which are quieter and easier to operate than traditional helicopters, opening up potential urban air taxi markets. Urban air taxis are why Joby’s products are sometimes called flying cars.

Coming into Monday trading, Joby stock was down 36% year to date, but up 31% over the past 12 months.

Shares have been volatile. Joby doesn’t generate sales yet and trades largely on news flow related to aircraft certification and the start of commercial service in the Middle East. Both are expected in late 2026.

Middle East sentiment appears to be weighing on shares. Joby stock was down about 16% since fighting broke out in Iran.

Wall Street expects the company to post roughly $110 million in sales in 2026. Sales are projected to rise to $1.1 billion by 2029 and $2 billion by 2030. Predicting aircraft certification and demand has been hard for analysts. Three years ago, the 2029 sales estimate was closer to $3 billion.