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Archer teams up with Anduril and raises $430 million to build defense aircraft

Funding to defense tech companies has boomed in 2024 as geopolitical tensions rise, advancements in AI abound, and investors seek out a new growth area

As part of that program, Archer has signed an exclusive partnership with weapons manufacturer Anduril to jointly develop a hybrid gas-and-electric-powered VTOL aircraft for critical defense applications. The companies shared few other details about the aircraft, but said that Archer will build them at its Georgia factory, where it is currently working with Stellantis to mass produce its Midnight electric VTOLs at scale starting this month. Anduril’s iconic, and at times controversial, founder Palmer Luckey – who previously founded Oculus VR and sold it to Meta for $2 billion – has ambitions to turn his company into the next great American defense contractor.

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