Air taxi maker Archer Aviation sinks 14% on $850 million share sale to fund AI software and LA Olympics push

After spiking early this week following President Trump’s executive orders to boost the air taxi business, shares of Archer Aviation have plunged more than 13% on Friday.

The drop-off occurred after Archer announced it sold $850 million worth of shares to finance the development of AI-powered aviation software, its plans to provide air taxi service at the 2028 Los Angeles Olympics, and other programs. In a press release about the share sale, Archer said it now has a pro forma liquidity position of roughly $2 billion.

Air taxi companies, which are rapidly burning cash to develop aircraft and ready themselves for commercial production, have been raising heaps of money this year. Archer rival Joby Aviation received $250 million last month from Toyota. In April, Archer announced a United Airlines partnership to develop an NYC airport shuttle service.

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