Brett Adcock wants to replace your 90-minute commute with a 10-minute flight in an electric air taxi. Archer's Midnight aircraft takes off vertically, flies 60 miles at 150 mph, and produces less noise than a helicopter. United Airlines invested and pre-ordered $1 billion worth of aircraft. Stellantis (the company that makes Jeeps and Fiats) is helping build them. The FAA has not yet certified the aircraft for passenger service, which means Archer has spent $1.1 billion without generating a dollar of commercial revenue. This is either the future of urban transportation or the most expensive science project in aviation history. The FAA will decide which.
Founded
2018
HQ
San Jose, California
Total Raised
$1.1 billion+
Founder
Brett Adcock, Adam Goldstein
Status
Public (NYSE: ACHR)
Website
www.archer.comTHE ORIGIN STORY
Brett Adcock and Adam Goldstein (who previously co-founded Vettery, a hiring platform sold for $100M+) founded Archer in 2018 with the belief that electric aviation was technically feasible and commercially viable. They designed the Midnight aircraft — a piloted, four-passenger eVTOL with 12 tilting rotors.
United Airlines invested and placed conditional orders for $1 billion worth of aircraft. Stellantis (Fiat/Chrysler/Peugeot parent) partnered to help with manufacturing.
Archer went public via SPAC in 2021.
WHAT THEY ACTUALLY DO
Archer is building electric vertical takeoff and landing (eVTOL) aircraft — essentially electric air taxis. The Midnight aircraft is designed to carry 4 passengers plus a pilot on trips up to 60 miles at 150 mph.
Think Uber but flying. Revenue will come from operating air taxi services in major cities (initially partnering with United Airlines).
The aircraft is all-electric, producing zero emissions and significantly less noise than helicopters.
THE PRODUCTS
Midnight (4-passenger eVTOL aircraft), Archer Air Taxi Service (planned commercial operations)
HOW THEY GREW
Certify with the FAA, then launch commercial air taxi services in partnership with United Airlines. Archer plans to start operations in New York (a city where helicopter commuting already exists) and expand to other congested metros.
Stellantis will help with manufacturing scale — producing hundreds of aircraft per year at automotive-grade efficiency.
THE HARD PART
Certification and commercialization. The FAA certification process for a new type of aircraft is extremely rigorous and slow.
Archer needs FAA type certification before it can carry paying passengers. Competition from Joby Aviation, Lilium, and others is intense.
The aircraft has not yet generated revenue — all income projections depend on successful certification and manufacturing scale-up. The stock has been volatile since the SPAC debut.
MONEY TRAIL
Series A
2020 · Led by
$47M raised
SPAC
2021 · Led by
$3.8B raised
United Airlines
2023 · Led by
$1.0B raised
WHO BACKED THEM
United Airlines, Stellantis, Boeing, Baron Capital, ARK Invest
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