JetZero Soars Past $1 Billion in Financing for Greensboro Production Plant, Headquarters

JetZero announced Tuesday it has surpassed $1 billion in funding commitments toward establishing its $4.7 billion, 14,560-job manufacturing plant and headquarters at Piedmont Triad International Airport.

In June, JetZero made the largest job-creation pledge in North Carolina's economic history with the announcement of its plant and headquarters. The company's Z4 aircraft is being marketed as the "world's first commercial blended wing body airplane."

The company has maintained a low profile since the announcement, with some community presentations by its co-founders being the only exceptions.

The latest effort gained $175 million in Series B financing, led by B Capital, a global multi-stage investment firm, along with United Airlines Ventures, Northrop Grumman, 3M Ventures and RTX Ventures.

RTX Ventures is the corporate venture capital arm of aerospace and defense equipment manufacturer RTX, whose Collins Aerospace division has about 1,500 employees in Winston-Salem.

Investopedia defines Series B financing as a second major round of venture capital funding for startups. The financing typically is deployed to scale operations, expand market reach and solidify market position after demonstrating a proven business model and significant traction.

It typically involves institutional investors that provide capital in exchange for equity to help the company grow beyond initial survival into a market leader.

JetZero said the more than $1 billion in financing includes government grants, incentives and commercial commitments. JetZero is collaborating with the U.S. Air Force and NASA on its development initiatives.

"The strength and diversity of our investor base reflects the momentum behind JetZero and the industry's readiness to reshape the future of aviation," Tom O'Leary, JetZero co-founder and chief executive, said in a news release.

Surpassing the $1 billion mark, particularly with Series B financing, represents a "crossing the Rubicon moment" for JetZero, said John H. Boyd, founder and principal with global site-selection firm The Boyd Co. of Boca Raton, Fla.

"This next Series B funding will move JetZero beyond research, simulations and early prototypes and into full-scale engineering, prepping for manufacturing and FAA certification.

"This inflection point underscores feasibility and sets the stage for scaling the project with space, workers and suppliers."

Boyd said that many aerospace startups "don’t make it to this phase."

"With this level of new funding and with the caliber of both commercial and defense investors, the prospects for long term success is now greatly heightened."

Boyd said such as pivotal is that JetZero continues to demonstrated "that major aerospace breakthroughs don’t have to come just from incumbent giants like Boeing and Airbus, and that revolutionary shifts in design not seen in decades — like JetZero’s blended-wing body — can still happen."

Jeff Johnson, general partner at B Capital, said that "as aviation faces rising emissions and fuel costs, the need for a step change in efficiency has never been greater."

He added, "JetZero is positioned to reshape the industry, and we're proud to partner with the team as they advance this groundbreaking technology."

The $175 million will be dedicated toward the development of JetZero's full-size Demonstrator, a prototype designed to achieve at least 30% improved aerodynamics compared to traditional tube-and-wing aircraft.

The initial Demonstrator test flight is expected in 2027 and commercial flight service by 2030.

"JetZero is finalizing local agreements and is on track to break ground on our first factory in the first half of 2026," spokeswoman Jenny Dervin said in December. "We will also open our new headquarters building in the first half of 2026."

As many as 15% of JetZero's pledged 14,560 employees — or 2,184 — at Piedmont Triad International Airport could be system contractors serving in full-time roles.

State law permits contract workers to count toward full-time employment obligations if the project is considered a transformative project, as JetZero has been designated. The key component is that the contract workers are required to come from firms based in North Carolina.

JetZero jobs will include systems and aerospace engineering, supply chain management, production, administrative and financial, human resources, research and development, and customer service.

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