NEW YORK, July 20, 2026, 1:06 p.m. EDT
Shares in Archer Aviation rose 18.8% to $5.28 as of 12:51 p.m. EDT on Monday, with regular trading hours still underway on the NYSE.
The increase came after Thunder, developed in partnership with private defense contractor Anduril, made its first appearance at Farnborough. The autonomous hybrid aircraft is designed for both military and commercial applications.
The initial estimate indicates the rally boosted Archer’s equity value by roughly $640 million, representing 36% of its cash and short-term investments as of March.
The Monday announcement did not specify a defense client or disclose the contract amount. The market’s response indicates investors factored in potential future deals ahead of Thunder’s maiden flight.
Engaging in defense projects may help Archer lessen its dependence on the passenger air taxi sector. That market has faced obstacles such as certification setbacks and substantial capital requirements.
Thunder, classified as a Group 5 autonomous attack rotorcraft, is equipped with a series hybrid-electric propulsion system and features two tilting rotors. The aircraft is capable of operating without a runway and accommodates modular payload configurations.
Several full-size surrogate aircraft have carried out a series of test flights. The inaugural flight of Thunder is targeted for 2027. Archer will announce its commercial partners later this week.
“We couldn’t simply tweak our existing aircraft,” Chief Executive Adam Goldstein said. He referred to the initiative as a clean-sheet design. Archer Aviation
The market response set Archer apart from its closest publicly traded rivals.
| Company | Price | Intraday change | Market value |
|---|---|---|---|
| Archer Aviation | $5.28 | rising 18.8% | $4.05 billion |
| Joby Aviation NYSE:JOBY | $7.46 | up 3.2% | $7.04 billion |
| Vertical Aerospace NYSE:EVTL | $1.58 | gaining 6.8% | $0.35 billion |
Intraday data delayed as of 12:51 p.m. EDT.
Archer led Joby by 15.6 percentage points and surpassed Vertical by 12.0 points. The margin suggests a bid focused on the company itself.
Archer reported $1.776 billion in cash and short-term investments at the close of March. Operating activities consumed $149.1 million in cash over the quarter, while capital expenditures totaled $32.6 million.
The company reported a loss of $217.7 million against revenue of $1.6 million. Archer forecast an adjusted EBITDA loss for the second quarter between $170 million and $200 million.
Archer stated in May it anticipated incremental government grants throughout 2026. Monday’s release did not confirm any contract had been obtained.
This week brings the next assessment. Investors are set to track announced customers and finalized deals, while also monitoring if the company maintains its target for 2027 flights.
Risks: Thunder has yet to complete a flight in its definitive configuration. The contract amount was not revealed. Archer continues to operate at a loss and requires significant cash.
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