What Happened to Archer Aviation?
Ticker: ACHRSPAC Year: 2021Merger: 2021
Return
-15.0%
Current Price
$8.5
Peak Price
$14.81
Trust Size
$500M
Summary
Joby rival building electric air taxis. Embroiled in a trade secret lawsuit from Wisk Aero (Boeing-backed). Still pre-revenue with FAA certification years away.
What Happened
Archer Aviation merged with Atlas Crest Financial in September 2021. The company competes with Joby in the eVTOL space and claims its Midnight aircraft can carry 4 passengers 60 miles. But Archer was immediately hit with a trade secret theft lawsuit from Wisk Aero (backed by Boeing), alleging Archer poached engineers and stole designs. The lawsuit settled in 2024. Like Joby, Archer has zero revenue, burns $100M+ quarterly, and has missed its commercial launch timeline. United Airlines invested $1B conditional on certification.
Key People
Timeline
2021-02
SPAC merger announced
2021-04
Wisk Aero files trade secret lawsuit
2021-09
Merger completed
2024-02
Wisk lawsuit settled
2025-01
Still pre-revenue, targeting 2025-2026 launch