Archer Aviation

Archer agreed to buy three Boeing businesses: Wisk, which builds self-flying air taxis, Insitu, which makes military drones, and SkyGrid, which builds airspace software. Insitu alone brings in over 200 million dollars a year across 35 countries, about ten times Archer's current revenue pace. Boeing gets paid in Archer stock and becomes a long-term partner, with the deal expected to close by the end of 2026.

Archer was the first air taxi maker to close Phase 3 of the FAA's four-phase approval process, and the FAA has accepted 100% of its plan for proving the aircraft is safe. Midnight is already flying pilots between California cities, including a nine minute hop that takes over 35 minutes by car. On October 23 Archer mapped out air taxi routes for Dallas, Houston and Austin, with Texas flights expected next year.

Archer brought in 5 million dollars of revenue last quarter and lost 263 million dollars. Cash fell by 215 million dollars in those three months, leaving about 1.56 billion dollars, or roughly two years at this pace. Real air taxi revenue still depends on full FAA approval, which has not landed yet.

Archer pays for growth by selling new stock, and its share count grew from about 579 million to about 782 million in a year, up roughly 35%. The Boeing deal is paid in stock too, adding new shares equal to almost 20% of everything outstanding. The stock has already fallen about half this year to around 4 dollars and swings more than three times as hard as the market.