Archer Announces Partnership with Anduril to Develop Hybrid VTOL Military Aircraft & $430 Million Capital Raise
Archer has raised $430 million in additional equity to help fund Archer Defense and for other general corporate purposes.
(Santa Clara, California) Electric vertical takeoff and landing (eVTOL) company Archer Aviation (NYSE: ACHR) announced this morning that it has entered into an exclusive agreement with defense company Anduril to jointly develop a next-generation, hybrid vertical takeoff and landing (VTOL) aircraft for defense applications, and that it has raised $430 million in additional equity capital to help fund its new Archer Defense program and for other general corporate purposes.
Rendering of an Archer vTOL landing on a dedicated pad courtesy of Archer Aviation on X, .
The $430 million raise included participation from key existing investors Stellantis (NYSE: STLA) and United Airlines (NASDAQ: UAL), as well as new institutional investors, including Wellington Management and Abu Dhabi investment holding company 2PointZero, a subsidiary of the UAE’s largest listed entity, IHC (ADX: IHC).
Archer Defense will be led by Archer’s head of Advanced Projects, Joseph Pantaloon, a seasoned leader in military aviation who recently joined the company, bringing nearly 30 years of experience at Lockheed Martin and Sikorsky.
Archer ended Q3’24 with $502M of cash and cash equivalents on its balance sheet and this raise brings Archer’s total capital raised to nearly $2B to date; per today’s press release from Archer following this capital raise, and together with Archer’s other announced financing arrangements, the company believes it is well-positioned with one of the sector’s leading balance sheets and no near-term financing needs.
Photo courtesy of FLYJETS.
Archer’s Founder and CEO Adam Goldstein commented: “The Archer team has deep expertise in the rapid design, engineering, and production of next-generation vertical-lift aircraft. With Anduril by our side, and this new influx of capital, we will accelerate the development and deployment of advanced aerospace technologies at scale.”
"Rapid innovation and scalable production are critical for maintaining technological superiority," said Shane Arnott, SVP of Engineering at Anduril. "Anduril and Archer share a common vision for advancing capabilities that meet urgent national security needs, and we look forward to partnering with Archer to bring advanced vertical lift aircraft to our customers."
