$Archer Aviation (ACHR.US)$ shares are trading 8% higher in early afternoon trading and are 38% higher over the trailing week.
Archer last week announced an exclusive partnership with Anduril Industries to develop hybrid Vertical Take-Off and Landing (VTOL) aircraft for defense applications, targeting potential U.S. Department of Defense programs.
To fund this initiative and support general operations, Archer raised $430 million in additional equity, bringing its total capital raised to nearly $2 billion. Major investors include Stellantis, United Airlines, Wellington Management and the UAE's 2PointZero.
The company says the new Archer Defense program will address urgent national security needs, leveraging scalable production and rapid innovation.
Meanwhile, Ark Invest recently boosted its stake in Archer, acquiring over 5 million shares, valued at approximately $36.5 million. Archer also advances eVTOL air taxis in Abu Dhabi, targeting a 2026 launch.
According to data from Benzinga Pro, ACHR has a 52-week high of $10.33 and a 52-week low of $2.82.
