Archer Aviation races toward air taxi launch despite stock market slump
Archer Aviation is forging ahead with plans to launch its electric air taxi service, despite recent stock market struggles. The company has raised hundreds of millions to fund expansion, including a major airport purchase. Yet its stock price has fallen over 20% this year, even as rival Joby Aviation outperforms the market.
Both firms still await full regulatory approval to begin commercial flights in key cities.
Archer is working to certify its Midnight eVTOL aircraft with the FAA. The company aims for Part 135 air taxi approval between 2024 and 2025, though timelines depend on testing and regulatory reviews. Three separate certifications—Type, Production, and Operational—are required before service can start. The Operational certification has already been secured.
To fund its growth, Archer has raised $850 million through stock offerings in June. Another $650 million offering is planned to finance the purchase of Hawthorne Airport. These moves have diluted existing shareholders’ stakes.
Beyond the US, Archer is seeking certification in countries like Saudi Arabia and Japan. The company is also exploring an alternative route through the White House’s eVTOL Integration Pilot Program (eIPP).
Archer currently holds a $5 billion valuation, though it has yet to establish itself as a market leader. The company’s stock performance lags behind competitors, even as it advances toward certification. Regulatory approvals will determine when its air taxi service can finally take off.
