Archer SPAC Financial Model

• Aircraft: "Maker" - eVTOL with 12 motors/propellers, high-aspect-ratio wing, carbon fiber composite airframe.
• Key specs: 60-mile range, 150 mph cruise, 45 dB noise (2,000 ft AGL - claims 100x quieter than helicopter), 4 passengers, zero emissions.
• Battery: "Meru" lithium-ion, 74 kWh / 672 kW max power.
• Cost target: $3.30/seat-mile (comparable to UberX).
• Value prop: 10x faster than car for urban routes (e.g., Manhattan–JFK in 7 min vs. 70 min UberX); priced at ~$50/trip vs. $1,775 helicopter.

• Annual TAM: $1.5 trillion, comprising:
• Shared Mobility: $674B
• Airlines: $177B
• Cargo: $413B
• Military & Defense: $12B
• Key Accelerants (batteries, hardware, comms, software): $198B
• Upside TAM: $3.0 trillion by 2040
• Source: Morgan Stanley Research, "Flying Car Disruptor Series Update," October 2020.
• 2026E revenue of $2.23B represents <0.15% of TAM - no SAM/SOM breakdown provided.
• No SOM or market-share progression chart in deck.

Two segments:

Archer Direct - Aircraft OEM

• Sell eVTOL aircraft to airline/commercial partners.
• Anchor order: $1.0B from United Airlines + option for additional $500M.
• Aircraft delivery starting 2024 (post FAA Type Certificate).
• Future OEM markets (not in base forecast): cargo, DoD/military.

Archer UAM - Aerial Ride Sharing

• Operate own fleet for ride-sharing; revenue per seat-mile.
• Pricing: $3.30/seat-mile → ~$50/trip for a 25-mile route.
• 25 trips/day per aircraft at $3.30/mile over 25 miles → $2.4M revenue/aircraft/year (management projection).
• Operating model: own and operate fleet; costs decline via autonomy, scale manufacturing, battery improvement.
• OEM claimed to be 3x less profitable over aircraft life than UAM operations.

Manufacturing ramp:

• 2021–2026: Standard aerospace manufacturing, 200–1,000 aircraft/year.
• 2026+: High-volume manufacturing via Stellantis partnership, >5,000 aircraft/year.

• Orders: $1.0B from United Airlines (largest eVTOL purchase in history per deck); option for additional $500M.
• No revenue, no delivered aircraft as of deck date (2021).
• Team: 200+ years combined eVTOL experience; key hires from Wisk, Airbus Vahana, Piper, Mazda, Tesla.
• FAA certification: Process started 2020; Type Certificate targeted 2024.
• Battery: Meru flight worthiness testing began 2021.
• No customer count, no pilots, no flight hours cited as traction metrics.

All figures are management projections; no historical actuals.

Per eVTOL rideshare vehicle (annual, steady-state):

• Revenue: $2.4M
• Direct & Indirect Operating Cost: $1.4M
• Operating Income: $1.1M
• Implied operating margin: ~46%

Ride share economics basis:

• 25-mile trip at $3.30/seat-mile = $82.50 gross per trip (or ~$50 cited for NYC–JFK route - implies slightly different distance/pricing assumption)
• 25 trips/day × 365 days = $2.4M/year/aircraft
• Compared to ride-share car: $136,900/year → eVTOL generates ~18x more revenue per vehicle

OEM pricing: Not explicitly stated per-unit; implied from United order ($1B for undisclosed unit count).

Gross margin: Not broken out between segments in the deck; EBITDA margin shown at portfolio level (see §9 financial table).

Competitive landscape (slide 27): Joby, Wisk, Lilium, Volocopter, EHang.

Archer differentiation claimed:

• Only eVTOL with a contracted airline order (United Airlines).
• U.S. FAA certification (vs. EASA or CAA for European/Chinese competitors).
• Designed for mass manufacturing from day one; Stellantis OEM partnership for composites.
• No battery energy advancement needed (unlike Lilium, Volocopter, EHang).
• 4-passenger piloted aircraft - same spec as Joby; differentiated from Wisk (2-pax autonomous) and Lilium (regional).

Moat: Regulatory head-start (FAA intake board approved 2020), United Airlines strategic partnership (equity holder + operational co-development), Stellantis composites partnership, proprietary battery (Meru) and flight software.

Founders:

• Adam Goldstein & Brett Adcock - Co-Founders, Co-CEOs (previously co-founders of Vettery, acquired).
• Marc Lore - First/largest Archer investor; founder of Jet.com ($3.3B Walmart acquisition), Quidsi.com ($500M Amazon acquisition).

SPAC sponsor:

• Ken Moelis - Chairman, Atlas Crest; Founder & CEO, Moelis & Company.
• Michael Spellacy - CEO, Atlas Crest; 25 years in tech/aerospace advisory.

Transaction / capital raise:

• Pro forma enterprise value: $2,713M (~$2.7B)
• Pro forma equity value: $3,750M (375M shares × $10 ACIC share price)
• Cash to Archer balance sheet: $1,037M
• Sources: $500M SPAC cash in trust + $600M PIPE + $2,650M rolled Archer equity
• Est. transaction expenses: $63M
• Pro forma ownership: Existing Archer shareholders 67%, PIPE 16%, Public SPAC 13%, Founder shares 3%
• PIPE investors: United Airlines, Stellantis, Exor, Baron Capital, Federated Hermes Kaufmann, Mubadala, Putnam, Access Industries, Ken Moelis, Marc Lore ($30M combined).

Use of proceeds (2021–2025):

• ~$500M: Organizational buildout & R&D (certification, core tech, autonomy)
• ~$550M: Capital investments (manufacturing facility, in-house component manufacturing)

Valuation anchor: 1.2x 2026E EV/Revenue; 4.2x 2026E EV/EBITDA - presented as discount to comps (e.g., Tesla 2025: 8.7x rev / 46.5x EBITDA).

This is a SPAC/de-SPAC deal, not an operating startup model. The primary deliverable is a SPAC/de-SPAC model with an integrated operating forecast.