Archer Aviation (NYSE: ACHR) stock posted explosive gains in Tuesday’s trading, which saw the market close at 1 p.m. for the Christmas Eve holiday. The company’s share price ended the abbreviated daily trading session up 15.1%.
Archer Aviation surged today following some big news in the defense industry. According to a report from The Financial Times, Palantir (NASDAQ: PLTR) is teaming up with defense-tech innovator Anduril to form a new consortium that aims to make big waves in the defense space — and it could have implications for Archer.
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Palantir and Anduril are reportedly aiming to create a new power block in the defense industry. The FT‘s report says the two companies are talking to businesses including OpenAI, SpaceX, Scale AI, and Saronic to form a defense consortium that aims to challenge industry stalwarts, including RTX, Lockheed Martin, and Boeing.
Palantir and Anduril are innovation-focused players in the defense industry, with the former company being a leader in artificial intelligence (AI) software and the latter working on unmanned vehicles and robotics. The list of companies that the two partners are said to be approaching for their consortium suggests they’re aiming to build a network of disruptive, next-gen tech players with the ability to outcompete current industry leaders in emerging categories. Archer Aviation investors are understandably excited.
On Dec. 12, Archer published a press release announcing that it had entered a partnership with Anduril to develop flying electric vehicles for the defense industry. Anduril has already won U.S. defense contracts, and the team-up has the potential to be a powerful catalyst for Archer. While Archer wasn’t specifically named as a potential partner approached for the proposed defense consortium with Palantir, it seemingly makes for a natural candidate.
Archer Aviation recently said that it expects to begin production at its Georgia plant in the beginning of 2025, and CEO Adam Goldstein has said he expects commercial flights to begin next year. With a promising outlook on the defense front and the potential for commercial flights to kick off next year, Archer stock could keep rallying.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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