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It's not clear where Netbeans gets its spellchecker data from which is why I'm reporting this bug here instead of at the source. The word "initially" is flagged as a spelling mistake but as far as I can tell, it is spelled correctly.
If you have a misspelled word, NetBeans gives you the option to add the word to a private dictionary. If you add a word, it makes a private dictionary file you can edit and add all the words you like. If you are using en_US local, the file would be located here: %USER_HOME%/.netbeans/<netbeans_version_number>/private-dictionary-en_US If you look at the file README located in <netbeans_installation_directory>\ide\modules\dict\ispell-enwl-3.1.20.zip it will tell you where the data is from and where you can get it.
This is still a problem as of 20120606 in Netbeans 7.1.1. There is a bug in the words provided with Netbeans, I believe.
This old bug may not be relevant anymore. If you can still reproduce it in 8.2 development builds please reopen this issue. Thanks for your cooperation, NetBeans IDE 8.2 Release Boss
Created attachment 162941 [details] JPG showing 8.2 and "initially" marked as misspelled Up-to-date about the location of project and private dictionaries would be appreciated.