Shares of Archer Aviation Inc. (NYSE: ACHR) surged over 20% in after-hours trading on the back of significant developments. The company secured a substantial equity investment of $215 million from notable industry giants including Stellantis (NYSE: STLA), Boeing (NYSE: BA) and United Airlines (Nasdaq: UAL), as well as key financial institutions like ARK Invest. With this infusion, Archer's total funding now surpasses $1.1 billion, bolstering its journey towards FAA certification and commercial operations set for 2025.

In a pivotal move, Archer received FAA approval for its Midnight eVTOL aircraft to take flight, marking a crucial step towards its ambitious goals. The company also inked a significant collaboration pact with Boeing and Wisk, simultaneously resolving legal disputes, thus positioning itself to harness advanced autonomous flight technology from a prominent industry leader.

Archer's strategic prowess came to the fore as it heads towards making aviation history with an upcoming eVTOL aircraft delivery, a landmark achievement stemming from its contracts with the Department of Defense (DoD). These developments follow closely on the heels of FAA's Administrator joining Archer and the DoD awarding the company the most substantial contract value among eVTOL counterparts.

$ACHR was trading at $7.70 in the extended session, up $1.87 (+32.08%) following the announcement.

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