Electric aircraft startup Beta Technologies is looking to raise $825 million in an initial public offering

Electric aviation startup Beta Technologies priced shares in its initial public offering at $27 to $33, hoping to raise as much as $825 million, according to a regulatory filing. document filed with the U.S. Securities and Exchange Commission. If the company attracts high-end investors, it should debut with a valuation of around $7.2 billion.

The Vermont-based company, founded in 2017 by enigmatic CEO Kyle Clark, filed documents Wednesday despite the government shutdown. Earlier this month, the SEC issued guidance that permits firms in IPO limbo to allow their statements on certain areas, including stock prices, to turn into robotically effective after 20 days, even without scrutiny by SEC staff. Several other firms, including Navan, continued IPO plans under this rule.

Clark, a former skilled hockey player and flight instructor who graduated from Harvard, doesn’t follow the typical path of a startup founder. He left Silicon Valley for his hometown in Vermont and took a different route to raising funds to develop and build electric planes. Beta has never used enterprise capital, as an alternative raising $1.15 billion in funds from institutional investors equivalent to Fidelity and the Qatar Investment Authority.

Last month, Beta Technologies announced a strategic agreement with GE Aerospace to build a hybrid-electric turbogenerator for next-generation aircraft. As a part of the deal, GE Aerospace agreed to take a stake in the company and invest $300 million.