NEW YORK, July 21, 2026, 14:13 (EDT)
- Joby shares rose 3.2% to $7.71 as U.S. markets stayed open.
- Shares of Archer Aviation Inc. NYSE:ACHR rose 20.3% compared to Friday’s closing price.
- An initial cash-adjusted assessment shows Joby valued at 2.1 times Archer, a decrease from 2.7 times on Friday.
Joby Aviation, Inc. NYSE:JOBY climbed for a second consecutive day, advancing 6.6%. Trading volume had hit 52.4 million shares by early afternoon.
Archer attracted higher bidding interest. An initial estimate indicates it has gained roughly $690 million in market capitalization since Friday.
Joby saw gains of nearly $450 million during the period. Archer’s rise was approximately 50% higher.
The distinction revolves around public exposure. Archer’s surge came after introducing a specific defense offering and hinting at upcoming announcements from partners.
Joby conducted a flight of its hybrid defense demonstrator in November. Archer is aiming for a first flight of its Thunder aircraft in 2027.
| Company | Price | Two-day move | Market cap | March cash and investments | Market cap less cash |
|---|---|---|---|---|---|
| Joby Aviation NYSE:JOBY | $7.71 | up 6.6% | $7.28 bln | $2.47 bln | $4.81 bln |
| Archer Aviation NYSE:ACHR | $5.34 | up 20.3% | $4.11 bln | $1.78 bln | $2.33 bln |
Figures refer to the close on July 17.
Preliminary cash-adjusted figures. Calculations assume share counts remain the same and do not account for debt, warrants, or cash flow changes since March 31.
Joby’s cash-adjusted amount stands at roughly 2.1 times that of Archer. At Friday’s market close, the multiple was close to 2.7 times.
The two-day contraction was pronounced, benefiting the rival that had issued the more recent defense update.
Archer, alongside privately owned Anduril, introduced Thunder on Monday. The company called the aircraft a hybrid-electric autonomous attack rotorcraft.
CEO Adam Goldstein stated, “We couldn’t simply tweak our existing aircraft.” Full-scale surrogate aircraft have already completed flights, and Thunder is scheduled for 2027. Archer Aviation
Joby’s turbine-electric demonstrator completed its flight on November 7, 2025. L3Harris Technologies Inc. NYSE:LHX contributes its defense mission systems expertise.
Joby announced that government mission demonstrations are scheduled for 2026. The aircraft is equipped with Superpilot autonomous flight technology.
Defense was in focus as Farnborough began. Military firms accounted for 50% of the event’s record 1,600 exhibitors.
In March, Joby reported holding $2.47 billion in cash and short-term investments. Operating cash outflows for the quarter totaled $144.4 million.
Capital expenditures accounted for $77.9 million. Revenue reached $24.2 million, with the majority coming from Blade passenger services.
This liquidity came after substantial fundraising efforts. Joby secured $576.3 million net via equity and $669.8 million through convertible notes.
Risks: Joby remains dependent on obtaining FAA type certification to begin commercial passenger flights. The stock could face pressure from potential delays, increased costs or dilution.
Archer’s Thunder schedule and partnership outlook are still projections. Joby continues to have the higher valuation. The next key benchmark will be contract value.
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