The company, which went public in September 2021 via a special purpose acquisition merger (SPAC), on Tuesday announced a $300 million equity raise from institutional investors like Blackrock and Wellington. The raise brings Archer’s total funding to around $3.36 billion. This fresh capital comes off the back of a $430 million round in December to fund its new Archer Defense program.
As part of that program, Archer signed an exclusive deal with weapons manufacturer Anduril to jointly develop a hybrid gas-and-electric-powered VTOL aircraft for critical defense applications. Together, the two are targeting a program of record from the Department of Defense, which is a budgeted acquisition program with guaranteed funding over a set period.