| 🎧 Listen to our podcast episode Welcome to the Alts Sunday Edition 👋 I hope you enjoyed last week’s issue on Tesla, and the two stories you’re not hearing about. A few weeks ago, we explored Pokémon Go, a company that turned street corners into digital goldmines. The company (Niantic) didn’t own the land, but it controlled something just as powerful: permissioned geography. By deciding where Pokémon would spawn, it controlled where millions of people moved, shopped, and played. Flying cars are on track to do the same thing — only up in the air. While everyone is focused on the vehicles, the real gold rush is in the airspace they’ll need to use. Just like telecom towers use spectrum to turn rooftops into cash cows, air rights could become the next untapped asset class — one which unlocks both the flying car industry and the "low-altitude economy." If the world is hyped about the headline, we go looking for the footnote. Airspace rights are the footnote to the flying car story. This stuff is no longer a fantasy, it’s starting to unfold. But governments are approaching low-altitude economics very differently. Which regions are flying ahead? What companies are winning? And who’s going bust? This is part 4 of our ongoing series on air rights, and was written by our friend Jonathan Dockrell, the founder of Skytrade. His Substack is a forward-looking newsletter at the intersection of airspace, property rights, drones and eVTOLs. 🎧 Prefer to listen?
Get this issue as a podcast episode on Apple or Spotify | Flying cars & the big money... May 24 · FEAR & GREED | Business... 12:35 | |
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The race to open the skies Trump, air rights and “freedom cities” During his presidential campaign in March 2023, Donald Trump unveiled a visionary proposal to build ten new "Freedom Cities" on federal land. A mix of futurism, industrial policy, and political spectacle, the idea is that these federally-owned urban centers would spur a wave of Vertical Take-Off and Landing vehicles (VTOLs) to lead a revolution in air mobility with America (not China) at the helm. Trump described this push to open the low-altitude skies as a "quantum leap in the American standard of living," comparing it to past bold projects like Eisenhower’s famous Interstate Highway System. "Dozens of major companies in the United States and China are racing to develop vertical takeoff and landing vehicles for families and individuals...Just as the United States led the automotive revolution in the last century. I want to ensure that America, not China, leads this revolution in air mobility."
- Donald Trump This stance is nothing new for Trump, who has never been shy about making money from air rights: The idea of starting a “freedom city” from scratch with new governance models isn’t unique to Trump. Private city projects and new economic zones have been testing the limits of autonomy and entrepreneurship. Praxis is one example. Prospera is another. And that’s to say nothing of China, which isn’t just dreaming about low-altitude infrastructure — it’s already monetizing the sky. China is selling their sky 🇨🇳 China is currently treating airspace like land — building air corridors, flight routes, and logistics networks. Pingyin County in Shandong Province just sold a 30-year lease to manage its low-altitude airspace to Shandong Jinyu General Aviation. But this $130 million deal wasn’t for a single airport or facility — it was a sweeping contract to operate and maintain the county’s entire low-altitude economic zone. | China’s “low-altitude economy” has become a national focus. Drone deliveries are becoming routine in major cities. Shanghai alone plans to establish 400 low-altitude flight routes by 2027. |
Local Chinese governments are now looking upward to the skies as a new frontier for revenue generation. The Civil Aviation Administration of China estimates that by 2035, the low-altitude economy could reach around $490 billion. (Ark Invest estimates $450 billion.) | Pingyin County is at the forefront of the world's low-altitude economic development. It already has major aviation infrastructure, including two airports and drone manufacturing companies. Alongside major cities like Shenzhen and Guangzhou, China is effectively turning their skies into economic assets. |
While China is approaching this new economy with its usual top-down authority, some areas in the US are taking matters into their own hands. Utah stakes its claim 🏔️ Utah has positioned itself as a leader in the emerging low-altitude economy by proactively establishing a legal and infrastructural framework to support advanced air mobility (AAM). In 2024, Utah enacted Senate Bill 135, known as the "Advanced Air Mobility and Aeronautics Amendments." This bill authorized leasing of navigable airspace above highway rights-of-way — effectively allowing the state to monetize certain low-altitude airspace. Complementing its legislative efforts, Utah launched Project Alta in 2024. This public-private partnership brings together a bunch of organizations (Utah Governor’s Office, the Utah DOT, and the Utah Inland Port Authority) with the goal of establishing an advanced air mobility system by 2034. | Utah has been relaxing laws on urban air mobility, AI regulation, and even marijuana. (Still strict on liquor though!) |
Las Vegas makes an airspace bet 🎰 Leave it to Vegas to gamble on the skies! The city is going beyond hype by placing a very real bet on airspace infrastructure. A company affiliated with the planned Las Vegas Spaceport has acquired the air rights near Allegiant Stadium, home of the Vegas Raiders. The plan is to build a Vertiport called "Raiders Station," complete with four landing pads and a Raiders-themed lounge. It’s designed to shuttle fans and high-rollers directly from the Strip or airport to the stadium — bypassing the legendary traffic on game day. | Vertiports are essentially souped-up helipads — designed for eVTOL charging, turnaround, and passenger support.. Image courtesy of Future Transport News |
This isn't just a one-off gimmick. The city is quietly preparing for broader aerial mobility. The FAA’s Las Vegas Metroplex Project is already modernizing local airspace, and the vertiport fits perfectly into that vision. It's interesting how the airspace economy is being developed from all directions: top-down (China and Trump’s Freedom Cities), to middle-out legislative moves (Utah) to bottom-up investor activity (Las Vegas). The builders take flight As governments debate, a few companies — especially in China — are already manufacturing, certifying, and selling the future of flight. Let’s look at the the companies actually putting flying cars in the air. EHang: The first to fly (legally) 🇨🇳 Guangzhou-based EHang recently became the first eVTOL company in the world to secure full commercial flight certifications. In March 2025, its EH216-S passenger drone was granted an Air Operator Certificate, allowing it to charge for public flights in cities like Guangzhou and Hefei. This wasn’t a PR stunt, it was a regulatory green light. Tickets are on sale. Rides are happening. It’s the world’s first autonomous air taxi business with real revenue. XPeng AeroHT: China’s James Bond Vehicle 🇨🇳 Not to be outdone, XPeng AeroHT (the aerial arm of XPeng Motors) is going all-in. The company committed $413 million to build a dedicated flying car factory in Guangzhou, aiming to pump out 10,000 units a year. Their flagship concept, the “Land Aircraft Carrier,” is part EV, part detachable drone. | It's like a six-wheeled van with a deployable flying pod in the trunk. The company claims 3,000 preorders at $300k each, with deliveries expected by 2026. |
XPeng’s CEO He Xiaopeng is pegging the flying car market at $2 trillion by 2045, which would be nearly double today’s global auto industry. Joby is leading the pack in the US 🇺🇸 Joby Aviation is probably the flying car startup people are most familiar with. The California company has achieved notable progress, becoming the first eVTOL manufacturer to reach Stage 4 of the FAA's five-stage type certification process. By late 2024, the company had completed over 561 miles of test flights with its prototype aircraft. | Joby's stock hasn't done much, but they ended 2024 with nearly $1 billion in cash, bolstered by investments from Delta Air Lines and Toyota. |
Joby plans to launch their air taxi service by 2026, with initial routes proposed for the 2025 World Expo in Osaka and a pilot service in Dubai by late 2025. Why Dubai? The company will tell you it's because certifications in the US and the FAA are slow. But the reality is that air rights in the US are owned and controlled by property and real estate owners. Commercial flying car companies will need to pay those who own air rights to operate in their home markets. The company is also building a manufacturing plant in Dayton, Ohio, the birthplace of aviation. The plan is to invest $500 million in producing hundreds of aircraft per year on a 140-acre site. Put bluntly, they’re further along in certifying a commercial passenger aircraft than anyone in the US. Archer isn't far behind 🇺🇸 Archer Aviation, Joby’s main US rival, is not actually too far behind. Archer’s Midnight eVTOL prototype has been racking up test flights — 402 by last count. And they've achieved full ‘transition flight’, meaning the aircraft shifts from hovering to wing-borne cruising. Their partnership with United Airlines means they are now targeting airports and helipad infrastructure in New York to start their air taxi services. They expect a one-way ticket to cost $200 — comparable to the the existing Blade helicopter that takes you from Midtown to JFK. Germany has taken a nosedive 🇩🇪 Not every flying startup has been so lucky. Some have crash-landed financially. In Europe, two high-profile eVTOL pioneers hit the skids, Lilium and Volocopter. Lilium, known for its futuristic jet-powered flying taxi, recently ran out of cash and filed for insolvency, for the second time in four months. Volocopter was another German air taxi hope, but it filed for insolvency protection in December 2024 after failing to raise new funds to keep the lights on. | Volocopter had major backers, including Mercedes-Benz, and planned to launch services by 2025. |
Even well-known players can flame out if the money flows stop. Larry Page’s Kittyhawk project quietly shut down back in 2022, and numerous other small air taxi startups either pivoted or perished. There is a first-principles lesson here for urban air mobility startups. Without permission to access private low-altitude airspace, you won’t get off the ground. Ways to invest in our flying future UAV flew too close to the sun Rewards are potentially very high in this sector, though it's definitely hyped and carries a healthy dose of risk. One of the only ETFs focused on drones and flying tech was the AdvisorShares Drone Technology ETF (UAV), which shut down barely two years after launching. It turns out public equity investor appetite wasn’t strong enough for these types of early-stage start-ups. The fund was liquidated, and shareholders got their cash back. But this seems more like noise than a signal. Why such early companies would be listed is the bigger question. An alternative approach to consider This industry is not just about the flying cars themselves; it’s about the airspace that enables them to fly high. I believe the aviation industry is entering a new era, one where air rights become as valuable as the land beneath our feet. When flying car technology works well and faceless regulators give approvals, companies will need to work with air rights owners or risk not having access to the airspace. To me, this is where it gets really interesting. Under-utilized air rights are estimated to be worth $500 billion in New York and $52 billion in central London. Securing air rights today is akin to buying up prime real estate in the early days of the railroads. Investors can tap into a growing market that will power the next wave of transportation. Whether it’s the buzz around Las Vegas’ vertiports or China’s booming low-altitude economy, the sky is no longer the limit. I believe it's the next frontier. Interested? Hop on board — I'll tell you more That's it for today. Thanks for reading, We'd love to hear your thoughts, comments, and critiques in the Alts Community. See you next time,
Jonathan Disclosures This issue was co-authored by Jonathan Dockrell and Stefan von Imhof, and edited by Stefan. SkyTrade is not an Alts sponsor and did not pay for placement in this issue. Alt Assets, Inc. has no holdings in any companies mentioned in this issue. This issue was sponsored by The Walnut Fund and contains affiliate links to TradingView. If you sign up we get a few bucks. | 