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Archer Aviation

APublic (NYSE: ACHR)Founded 2018🇺🇸San Jose, California
CEO

Adam Goldstein

Data verified as of Jul 21, 2026

Summary

Archer Aviation is an electric aircraft company building Midnight, a piloted four-passenger eVTOL for short urban trips, while expanding into defense and powertrain sales. As of Q1 2026 Archer had passed 700 Midnight test flights, completed 70% of for-credit FAA flight-test points, and formally closed FAA Phase 3 in April 2026 — the first eVTOL company to do so — unlocking Type Inspection Authorization (TIA) and entering Phase 4 (formal compliance testing). In the UAE, the GCAA transitioned Midnight to a Restricted Type Certificate (RTC) program on May 7, 2026, targeting initial commercial certification as early as Q3 2026 — meaning Abu Dhabi is likely to see the first Midnight passenger flights before the U.S. The critical remaining FAA milestone is a publicly demonstrated piloted transition flight (VTOL→forward-flight mode), which is slated for H2 2026. U.S. operations are targeted for H2 2026 in Florida, New York, and Texas under the eIPP. Archer is also the named official air taxi provider of the 2028 LA Olympics. On July 20, 2026 at the Farnborough Airshow, Archer and Anduril unveiled a jointly-developed autonomous, series hybrid-electric tilt-rotor VTOL platform — a defense variant, Anduril's Group 5 'Thunder' attack rotorcraft, and Archer's commercial 'Halo' variant — sending Archer shares up about 20%. The company ended Q1 2026 with $951M cash and $1.8B total liquidity.

Company OverviewRead the long-form profile of Archer Aviation

Main Products

Midnight

Midnight

In Certification

Archer's production eVTOL aircraft — a piloted, all-electric VTOL with seating for 4 passengers plus 1 pilot. Features 12 electric motors (6 tilt for cruise, 6 lift for VTOL), a V-tail design, and is optimized for back-to-back short trips of ~20 miles with ~10-minute recharge between flights. Designed for high-utilization urban air taxi operations.

Completed UAE in-country full eVTOL flight-envelope testing in 2025, passed 700 total Midnight test flights by May 2026, and had completed 70% of for-credit FAA flight-test points using Midnight aircraft.

Passengers4 + 1 pilot
RangeUp to 100 miles
Cruise SpeedUp to 150 mph
Payload1,000+ lb
Optimal Mission~20-mile trips (~10-min recharge between)
Engines / Propellers12 total (6 tilt + 6 lift)

What's Next

First passenger revenue flights in UAE under GCAA RTC program

The GCAA's Restricted Type Certificate program, signed May 7, 2026, gives Archer a streamlined path to limited commercial operations in Abu Dhabi as early as Q3 2026 — ahead of U.S. commercial certification. Abu Dhabi Aviation is the planned launch operator. Eight commercial-readiness workstreams (aircraft, ops, maintenance, crew training, airspace, vertiports, security, oversight) are in progress with the GCAA.

Q3–Q4 2026

Complete Phase 4 FAA testing — piloted transition flight is the key milestone

With Phase 3 formally closed and TIA unlocked, Archer is now in Phase 4 formal for-credit FAA testing. The most closely-watched remaining milestone is a publicly demonstrated PILOTED transition flight — where a human pilot manually shifts Midnight from VTOL to forward-flight mode under FAA observation — slated for H2 2026. Completion of Phase 4 and the full for-credit test campaign is the prerequisite for a U.S. type certificate.

H2 2026

Stand up initial U.S. operating footprints ahead of eIPP and LA28

With Florida, New York, and Texas selected for the White House's eIPP, Archer needs to establish local teams, vertiport infrastructure, and procedures supporting supervised Midnight operations in H2 2026. Longer-range, Archer is the named official air taxi provider of the 2028 LA Olympics — giving it a high-profile commercial anchor to build U.S. capacity toward.

H2 2026

Advance the Anduril Thunder / Halo autonomous VTOL toward 2027 first flight

Following the July 20, 2026 unveiling of the jointly-developed autonomous, series hybrid-electric tilt-rotor platform, Archer and Anduril need to convert multiple full-scale surrogate test flights into a production aircraft, with first flight of the production Thunder defense variant targeted for 2027. Archer separately plans to name commercial 'Halo' launch partners, opening a dual-use revenue path beyond piloted Midnight air-taxi operations.

2027

Recent News

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Operations & Revenue

StatusPre-commercial — Phase 4 FAA testing underway; UAE RTC in progress

Archer formally closed FAA Phase 3 in April 2026 (first eVTOL ever), unlocking TIA and entering Phase 4 formal for-credit testing. 70%+ of for-credit flight-test points are complete with Midnight aircraft. The key remaining FAA milestone is a publicly demonstrated PILOTED transition flight (VTOL→forward-flight mode) — still not publicly completed as of late June 2026 and slated for H2 2026. In the UAE, the GCAA transitioned Midnight to a Restricted Type Certificate (RTC) program on May 7, 2026, targeting initial certification as early as Q3 2026 — meaning Abu Dhabi Aviation is likely to host the first Midnight passenger revenue flights ahead of U.S. commercial operations. Archer ended Q1 2026 with $951M cash and $1.8B total liquidity.

Revenue Streams

Launch Edition & Air Taxi Operations

Archer's main planned business is operating Midnight in air taxi networks, starting with its Launch Edition model that deploys aircraft, pilots, technicians, and engineering support into early-adopter markets such as Abu Dhabi before broader scaled service.

Defense & Dual-Use Aircraft

Archer is building a defense business around DoD work and its jointly-developed autonomous VTOL platform with Anduril, unveiled July 20, 2026 as the Group 5 'Thunder' attack rotorcraft (Anduril's defense variant) and 'Halo' (Archer's commercial variant). The dual-use, series hybrid-electric tilt-rotor is aimed at wingman, logistics, cargo, medevac, and other military or government missions, with first flight of the production aircraft targeted for 2027.

Electric Powertrain Sales

Archer has started monetizing its vertically integrated electric propulsion stack by selling its proprietary powertrain to third parties, beginning with Anduril and EDGE Group for the Omen autonomous air vehicle.

Key Metrics

Employees

~1,160

Est. Annual Revenue

Pre-commercial passenger operations; Q1 2026 net loss ~$218M; $951M cash, $1.8B total liquidity at Q1 end (Q2 2026 results due Aug 6, 2026)

FAA Certification Status

Phase 3 closed April 2026 (first eVTOL ever); in Phase 4 (formal for-credit testing); TIA unlocked; 70%+ for-credit test points complete; piloted transition flight still pending (slated H2 2026)

Liquidity

~$1.8B at Q1 2026 end ($951M cash + $849M other); Q2 2026 results due Aug 6, 2026

Market Cap

~$3.7B (Jul 9, 2026; ~$4.87/share, well off a 52-week high of $14.62)

United Airlines Order

Up to 200 aircraft + option for 100 more

Optimal Trip Distance

~20 miles

Timeline

2026Reaches 100% FAA Means of Compliance acceptance

Archer said it received FAA acceptance of 100% of Midnight's Means of Compliance, calling it the first eVTOL company to reach that milestone. It also said its U.S. eIPP and UAE pilot programs were on track for 2026, with first passenger-carrying flights targeted that year.

2026Passes 700 Midnight test flights

Archer reports that its Midnight fleet has surpassed 700 test flights and that 70% of for-credit FAA certification flight test points have been completed with Midnight aircraft.

2026FAA Phase 3 formally closed — first eVTOL ever; Phase 4 begins

In April 2026 Archer formally closed Phase 3 of the FAA's 4-phase type certification process — the first eVTOL developer to do so. Phase 3 closure confirms that all Means of Compliance are accepted and unlocks Type Inspection Authorization (TIA), allowing FAA personnel and designated representatives to fly aboard Midnight during formal for-credit test flights. Archer has been running parallel Phase 4 groundwork for months; the next key milestone is a publicly demonstrated piloted transition flight (VTOL→forward-flight mode), which is slated for H2 2026.

2026UAE GCAA transitions Midnight to Restricted Type Certificate program

On May 7, 2026, the UAE General Civil Aviation Authority (GCAA) transitioned Archer's Midnight into a Restricted Type Certificate (RTC) program — an established, streamlined pathway to limited commercial operations. Archer is the first eVTOL manufacturer to enter an RTC track with the GCAA. Progress has been made across eight commercial-readiness workstreams (aircraft certification, operations, maintenance, flight-crew training, airspace, vertiports, security, and oversight). The GCAA reaffirmed it remains on pace to certify Midnight as early as Q3 2026, making Abu Dhabi Aviation likely to host the first Midnight passenger revenue flights.

2026Selected for U.S. eIPP pilot markets

The U.S. Department of Transportation and FAA selected Archer's partners in Florida, New York, and Texas for the White House's eVTOL Integration Pilot Program, clearing the way for Midnight trial operations in those states as soon as the second half of 2026.

2026Delaware-to-Texas redomestication fails at annual meeting

Ahead of its June 26, 2026 virtual annual meeting, Archer filed a proxy asking stockholders to approve redomesticating from Delaware to Texas by conversion — citing Texas's business-friendly corporate-law framework, its deepening operational footprint there, and roughly $250K/year in franchise-tax savings. At the meeting the proposal failed to win the required majority of all outstanding shares: it drew about 234.1 million votes for and 44.5 million against but was undercut by roughly 201.8 million broker non-votes, so Archer remains incorporated in Delaware. Stockholders did elect both Class II director nominees and ratified PwC as auditor.

2026Launches ACES eVTOL charging consortium with BETA and Macquarie

On July 16, 2026, Archer, BETA Technologies and Macquarie Capital launched ACES — America's Consortium for Electric Skyways — to build interoperable charging infrastructure at up to 250 airport and vertiport sites across the U.S. by 2030. The network uses BETA's chargers built on the Combined Charging Standard (CCS), the open standard endorsed by the General Aviation Manufacturers Association and broadly adopted across the eVTOL industry, with initial sites prioritized in California, Texas, Florida and New York where Archer and BETA plan to operate. Macquarie Capital advises the consortium and will help arrange the capital to fund site acquisition and construction.

2026Archer and Anduril unveil Thunder and Halo autonomous VTOL platform

On July 20, 2026 at the Farnborough International Airshow, Archer and Anduril unveiled a jointly-developed autonomous, dual-use series hybrid-electric tilt-rotor VTOL platform. Anduril's defense variant — 'Thunder', a Group 5 autonomous attack rotorcraft — is designed as a pilotless 'loyal wingman' to fly in formation with crewed AH-64 Apache and MV-75 helicopters, while Archer's commercial variant, 'Halo', is designed to carry roughly 400 kg of payload over 500+ km with fully autonomous takeoff and cruise. The companies said they have completed multiple test flights with full-scale surrogate aircraft, with first flight of the production Thunder planned for 2027. Archer shares jumped about 20% on the news.

2025UAE Launch Edition flight campaign begins

Archer turned its Abu Dhabi Launch Edition into an active deployment program: Midnight completed an in-country UAE flight test campaign across the full eVTOL envelope, Archer began receiving payments from Abu Dhabi Aviation, and the company continued working with local regulators and training partners ahead of commercial operations.

2024Midnight completes transition flight

Midnight completed a full transition flight in June 2024, flying at 100+ mph and becoming one of the largest eVTOL aircraft to achieve this milestone. Archer said Midnight was then in the implementation phase of FAA type certification and that piloted flight testing was on track to begin later that year.

2023Midnight first flight and manufacturing facility

Midnight production-intent aircraft completes its first hover flight (flight testing began October 2023). Opens a ~400,000-square-foot high-volume manufacturing facility in Covington, Georgia, designed to scale to up to 650 aircraft per year by 2030.

2022Stellantis manufacturing partnership

Partners with Stellantis (parent of Fiat, Chrysler, Jeep) to leverage its automotive manufacturing expertise for mass production of eVTOL aircraft. In June 2023 the partnership moved to an 'execution phase' under which Stellantis became Archer's exclusive contract manufacturer and committed up to ~$400M (≈$370M of manufacturing labor plus ~$20M of capital expenditures) toward scaling Midnight production at the Covington, Georgia plant through 2030 — on top of Stellantis's separate equity investments in Archer.

2021Goes public and United Airlines partnership

Goes public on NYSE via SPAC merger with Atlas Crest Investment Corp. (closed September 16, 2021) at a ~$3.8B equity valuation. United Airlines places a conditional pre-order worth up to $1B for 200 Midnight aircraft, with a $500M option for 100 more. Reveals the Maker demonstration aircraft.

2018Founded by Brett Adcock and Adam Goldstein

Brett Adcock and Adam Goldstein (who previously co-founded Vettery, a hiring marketplace sold for $100M) launch Archer Aviation to develop eVTOL aircraft for urban air mobility.

Funding

Cumulative disclosed raise · dated rounds

$1B$2B$3B202020212022202320242025$2.9B raised
RoundDateAmountInvestorsSource
Early Funding2019–2020$80M+Marc Benioff, Ken Moelis, early venture investors
SPAC IPO (Atlas Crest Investment Corp.)September 2021~$858M (incl. $600M PIPE)Public offering (NYSE: ACHR), United Airlines, Stellantis, Exor, Baron Capital, Mubadala
Stellantis Investment2023–2024$150MStellantis N.V.
Registered Direct OfferingsFebruary, June & November 2025$1.8B gross proceedsInstitutional and strategic investors through three registered direct offerings