Shares of Joby Aviation (JOBY 18.17%) were soaring today on what seemed to be a combination of a meme-stock-driven rally and reports that the Biden administration would seek to restrict competition from Chinese drones.

Both were bullish items for Joby, an electric vertical takeoff and landing (eVTOL) aviation company that is aiming to begin commercial operations as soon as this year.

As of 12:29 p.m. ET, the stock was up 19.6% on the day.

Image source: Getty Images.

Joby gets a boost

Joby and rival Archer Aviation were soaring today alongside a number of other meme stocks, indicating that investors were piling back into high-risk, development-stage companies with little revenue. The move seems to be a bullish signal for the broader market and has lifted Joby stock to a double from the end of October.

There was also some news that seemed to be giving the unmanned aerial vehicle (UAV) sector a lift. Bloomberg reported that the Biden administration was considering rules to ban Chinese drones amid national security concerns. Commerce Secretary Gina Raimondo also described the drone technology supply chain as "critical" for national security.

It's unclear if Joby will directly benefit from the move as the company is still working toward commercial operations, but protection from the federal government is likely to benefit it. Ultimately, the decision on the matter will be up to the Trump administration.

Is Joby Aviation a buy?

Joby Aviation still hasn't generated material revenue, but the company is further along in developing its business than Archer Aviation and has forged partnerships with the likes of Toyota Motor and Delta Air Lines. It's also recently completed flight tests in Korea and earned an FAA certification credit.

2025 is shaping up to be a big year for Joby, though there are a lot of challenges in commercializing its air taxis. Expect the stock to be volatile as investors anticipate steps toward a full launch.