NEW YORK, July 22, 2026, 09:07 EDT — Archer Aviation (ACHR.O) has named Japan’s Marubeni as its initial partner for the global Halo service debut, but did not announce the value of the order following a sharp 20% rise in its shares.
Archer Aviation Inc. NYSE:ACHR traded steady around $5.26 ahead of Wednesday’s session. The firm recently introduced Halo, an autonomous commercial aircraft. A launch partner was announced, but details on order value were not provided.
Archer’s market value increased by approximately $661 million on Monday after a 19.6% jump in its share price, based on its most recently disclosed share count. The enterprise value climbed about 39% after accounting for net cash.
The gap is significant. Archer’s cash-rich balance sheet amplifies fluctuations in how its operations are valued. The rise in enterprise value on Monday was about double the percentage increase in the share price.
Marubeni Aerospace Corporation has been selected as the strategic launch partner for Halo by Archer. The collaboration includes market analysis, exploration of use cases, and consideration of potential deployment of Halo. Details such as the number of aircraft, pricing, deposits, and delivery timeline have not been revealed.
The release stated that the referenced agreements are still subject to conditions. Final contracts and additional requirements must be met. The terms are subject to potential revision.
Based on the most recently disclosed share count, the updated valuation appears as follows:
| Metric | Friday, July 17 | Monday, July 20 | Tuesday, July 21 |
|---|---|---|---|
| Closing share price | $4.44 | $5.31 | $5.28 |
| Equity value | $3.37 billion | $4.03 billion | $4.01 billion |
| Cash-adjusted enterprise value* | $1.68 billion | $2.34 billion | $2.31 billion |
| Change from Friday | — | +39% | +38% |
Initial estimate. Equity value is based on 759.6 million shares disclosed as of May 6. Cash-adjusted enterprise value includes $80.2 million in debt and deducts $1.7759 billion in liquidity as of March 31. This does not account for subsequent cash movements or any change in share count.
Monday’s share increase was 4.4 times the operating cash outflow from the first quarter and accounted for roughly 37% of Archer’s available cash in March.
Halo and Thunder utilize the same airframe, hybrid powertrain and principal systems. Payload configurations vary with each mission. Archer is positioning Halo for uses in freight, offshore energy, humanitarian supply and maritime sectors.
The defense model, Thunder, is scheduled for its initial flight in 2027. Developers have already run multiple tests with full-size surrogate aircraft.
“They identified a need, and we built a very specific aircraft for that need,” Chief Executive Adam Goldstein told Reuters. Monday’s announcement of the platform did not specify any contract value. Reuters
Monday’s market action may have been intensified by trading dynamics. According to Barron’s, roughly 20% of the available shares were shorted. The S&P 500 declined 0.2% on the same day.
Archer reported liquidity of $1.776 billion and debt totaling $80.2 million at the end of March. Operating cash consumption for the first quarter was $149.1 million. Revenue stood at $1.6 million.
The company projects an adjusted EBITDA loss between $170 million and $200 million for the second quarter, with the midpoint above the first-quarter loss of $172.5 million.
As a result, Halo increases market access but does not contribute to booked economics at this stage. Investors are expected to pay attention to firm orders, deposit commitments, and progress on delivery milestones. These metrics will serve as the upcoming measure of the revaluation announced on Monday.
Risks: Halo and Thunder are still in the development stage. Delays in testing, certification, or procurement, as well as dilution, may impact the valuation. Gains from short covering could also quickly unwind.
Related articles: NYSE:ACHR
