Archer Aviation (NYSE: ACHR) stock is down over 20% in 2026 and trades roughly 56% below its 52-week high of $14.60. Those glaring red numbers, however, don't tell you the full story. Indeed, the irony in Archer's recent decline is that, even while it trades in the red, its business has never looked stronger.
At its core, Archer Aviation is developing an electric vertical takeoff and landing (eVTOL) aircraft called Midnight. This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » This small electric aircraft is being designed to lift straight off a rooftop and fly you to your destination in about 10 to 15 minutes. If Archer can get Midnight through the FAA's regulatory process, which it has been progressing through steadily, commercialization of this air taxi could unlock untold billions in revenue.
That's been Archer's primary story. But recently, it's added another node to its growth thesis: defense. In one sense, Archer has always had defense in mind.
It partnered with defense technology company Anduril in 2024, and it has worked with the Department of Defense through the Air Force's AFWERX program since 2021. But that side of its business has perhaps never looked more substantial than it does today. In July 2026, Archer and Anduril unveiled a jointly developed autonomous platform for defense and commercial applications.
Anduril revealed its defense variant, Thunder, while Archer revealed a commercial variant, Halo. These aircraft use a hybrid-electric powertrain, so they're not, strictly speaking, eVTOLs. That's not a bad thing: The hybrid design gives them a greater range than an aircraft that runs on battery power, like Midnight.
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