Archer Aviation

Market position

Archer is one of the leading publicly traded eVTOL developers, competing with Joby Aviation, Beta Technologies, Vertical Aerospace, Lilium, Volocopter, EHang and SkyDrive. Management describes it as holding the strongest liquidity position in the sector, with pro forma liquidity of approximately $2 billion as of June 2025, and as the only company in the space targeting a sizable defense program of record.

Archer emphasizes a low acoustic and heat signature relative to helicopters, enabled by its distributed 12-tilt-6 propulsion layout, which it positions as an advantage for both urban operations and discreet defense missions. It also cites a manufacturing partnership with Stellantis as its exclusive contract manufacturer, an exclusive defense development agreement with Anduril, and a large cash position relative to peers.

Technology

The company's aircraft use a 12-tilt-6 distributed electric propulsion architecture: twelve propellers, six of them tilting for transition between vertical lift and wing-borne cruise. Distributed propulsion across smaller, slower-turning rotors, plus wing-generated lift in forward flight, is used to reduce noise relative to conventional helicopters. The Midnight production aircraft is piloted, carries four passengers, and is described as having a payload over 1,000 lb. Archer is also investing in composites and battery capabilities and developing a hybrid gas-and-electric VTOL platform for defense as well as AI-based aviation software.

Go-to-market

Archer's initial commercial route is via partnerships with major airlines and regional operators, launching first in the United Arab Emirates as its "Launch Edition" market before planned expansion to Los Angeles, San Francisco, New York, South Korea and India. It works with airport and terminal partners such as Jetex, owns Hawthorne Municipal Airport in Los Angeles, and is the announced Official Air Taxi Provider of the LA28 Olympic Games and Team USA. In defense, it partners exclusively with Anduril on a hybrid VTOL aircraft.

Airlines and aircraft operators (United Airlines, Southwest Airlines, IndiGo, a Japan Airlines/Sumitomo joint venture), defense customers including the US Department of Defense and US Air Force, private aviation infrastructure operators such as Jetex, and eventual urban air taxi passengers.

Geography

Headquartered in San Jose, California, with a prototype facility in California, a manufacturing plant in Covington, Georgia, a research lab at the University of Florida in Gainesville, and Hawthorne Municipal Airport in Los Angeles. International activity includes the United Arab Emirates (Abu Dhabi flight testing and a Jetex partnership), Brazil via Archer Brazil, and planned expansion into South Korea and India.

History

After early prototype work, Archer unveiled its full-size Maker demonstrator in Los Angeles in June 2021, moved it to a flight test facility in November 2021, received an FAA airworthiness certificate for flight testing in December 2021 and completed a first remote flight demonstration that month. The company listed on the NYSE in September 2021 through a merger with SPAC Atlas Crest Investment Corp. In August 2022 United Airlines paid a $10 million deposit for 100 aircraft, and in November 2022 the two announced plans for a first US air taxi route between Newark Liberty International Airport and the Downtown Manhattan Heliport; a Chicago route between O'Hare and Vertiport Chicago followed in March 2023. Midnight was unveiled in November 2022, and Maker completed a full remote transition from vertical to horizontal flight on November 29, 2022. Co-founder Brett Adcock left the leadership team and board in 2022, leaving Goldstein as sole CEO and chairman. Stellantis agreed in January 2023 to provide up to $150 million in equity capital and to act as Archer's exclusive contract manufacturer. Archer obtained an FAA Part 135 certificate in June 2024, agreed with Southwest Airlines in July 2024 to develop air taxi network concepts, completed its 400,000 square-foot ARC manufacturing facility in Covington, Georgia in December 2024, and received Part 141 certification in February 2025. In 2025 it signed an agreement with Jetex for eVTOL facilities in the UAE, flew Midnight outside the US for the first time in Abu Dhabi, and acquired Hawthorne Municipal Airport in Los Angeles for $126 million. In August 2026 it acquired Boeing subsidiaries Wisk Aero, Insitu and SkyGrid in exchange for 19.75% of Archer's shares.

Risks & controversies

Archer has repeatedly pushed out its commercialization timelines; as of February 2025 it had not obtained FAA type, production or airworthiness certification and had not flown its aircraft with a pilot on board, and as of late 2026 Midnight had not begun FAA TIA testing or demonstrated eVTOL flight with humans aboard. The company reported a net loss of $317.3 million in 2023 and operating expenses of $385 million over the first three quarters of 2024 against minimal revenue. It was involved in a trade secrets dispute with Wisk Aero, settled in 2023 alongside a $25 million Boeing-backed investment and collaboration agreement. Additional Stellantis capital of up to roughly $400 million remained subject to definitive agreements as of June 2025.