ARCHER AVIATION INC., 10-Q filed on 5/11/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
May 06, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-39668  
Entity Registrant Name Archer Aviation Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-2730902  
Entity Address, Address Line One 190 West Tasman Drive  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95134  
City Area Code 650  
Local Phone Number 272-3233  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   759,598,009
Entity Central Index Key 0001824502  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Class A    
Entity Information [Line Items]    
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Trading Symbol ACHR  
Security Exchange Name NYSE  
Warrants    
Entity Information [Line Items]    
Title of 12(b) Security Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share  
Trading Symbol ACHR WS  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 951.1 $ 1,021.5
Restricted cash 7.3 7.3
Short-term investments 824.8 943.2
Prepaid expenses 58.1 47.3
Other current assets 58.5 56.8
Total current assets 1,899.8 2,076.1
Property and equipment, net 278.6 253.6
Intangible assets, net 81.6 80.2
Right-of-use assets 39.3 40.8
Goodwill 2.4 0.1
Other long-term assets 21.1 15.1
Total assets 2,322.8 2,465.9
Current liabilities    
Accounts payable 25.4 30.2
Current portion of lease liabilities 4.7 5.3
Accrued expenses and other current liabilities 73.7 68.1
Current portion of debt 1.4 0.8
Total current liabilities 105.2 104.4
Debt, net of current portion 78.8 79.5
Lease liabilities, net of current portion 36.9 36.3
Warrant liabilities 7.1 29.9
Other long-term liabilities 15.4 13.0
Total liabilities 243.4 263.1
Commitments and contingencies (Note 9)
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025. 0.0 0.0
Class A common stock, $0.0001 par value; 1,400,000,000 shares authorized; 757,911,866 and 744,046,194 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 0.1 0.1
Additional paid-in capital 4,604.0 4,507.9
Accumulated deficit (2,521.5) (2,303.8)
Accumulated other comprehensive loss (3.2) (1.4)
Total stockholders’ equity 2,079.4 2,202.8
Total liabilities and stockholders’ equity $ 2,322.8 $ 2,465.9
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares) 10,000,000 10,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 1,400,000,000 1,400,000,000
Common stock, issued (in shares) 757,911,866 744,046,194
Common stock, outstanding (in shares) 757,911,866 744,046,194
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 1.6 $ 0.0
Operating expenses    
Cost of revenue 1.3 0.0
Research and development 171.7 103.7
General and administrative 83.2 40.3
Total operating expenses 256.2 144.0
Loss from operations (254.6) (144.0)
Other income (expense), net 20.6 42.0
Interest income, net 16.4 8.7
Loss before income taxes (217.6) (93.3)
Income tax expense (0.1) (0.1)
Net loss $ (217.7) $ (93.4)
Net loss per share, basic (in dollars per share) $ (0.28) $ (0.17)
Net loss per share, diluted (in dollars per share) $ (0.28) $ (0.17)
Weighted-average common shares outstanding, basic (in shares) 766,850,002 540,427,085
Weighted-average common shares outstanding, diluted (in shares) 766,850,002 540,427,085
v3.26.1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (217.7) $ (93.4)
Other comprehensive loss:    
Unrealized loss on short-term investments, net of tax (1.8) 0.0
Foreign currency translation gain 0.0 0.1
Total other comprehensive income (loss) (1.8) 0.1
Comprehensive loss, net of tax $ (219.5) $ (93.3)
v3.26.1
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Common stock, beginning balance (in shares) at Dec. 31, 2024   503,777,464      
Beginning balance at Dec. 31, 2024 $ 752.6 $ 0.1 $ 2,438.4 $ (1,685.6) $ (0.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of Class A common stock (in shares)   1,906,161      
Issuance of Class A common stock 16.7   16.7    
Issuance of RSU and restricted stock expense (in shares)   4,544,253      
Issuance of RSU and restricted stock expense 1.9   1.9    
Exercise of stock options (in shares)   168,510      
Issuance of warrants and warrant expense 0.8   0.8    
Exercise of warrants (in shares)   3,000      
PIPE financing (in shares)   2,982,089      
PIPE financing 9.6   9.6    
Registered Direct Offering (in shares)   35,500,000      
Registered Direct Offering 289.5   289.5    
Stock-based compensation 33.5   33.5    
Net loss (93.4)     (93.4)  
Other comprehensive (loss) gain 0.1       0.1
Common stock, ending balance (in shares) at Mar. 31, 2025   548,881,477      
Ending balance at Mar. 31, 2025 $ 1,011.3 $ 0.1 2,790.4 (1,779.0) (0.2)
Common stock, beginning balance (in shares) at Dec. 31, 2025 744,046,194 744,046,194      
Beginning balance at Dec. 31, 2025 $ 2,202.8 $ 0.1 4,507.9 (2,303.8) (1.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of Class A common stock (in shares)   6,547,560      
Issuance of Class A common stock 42.1   42.1    
Issuance of RSU and restricted stock expense (in shares)   6,484,721      
Issuance of RSU and restricted stock expense $ 1.8   1.8    
Exercise of stock options (in shares) 348,957 348,957      
Exercise of stock options $ 0.1   0.1    
Exercise of warrants (in shares)   142,450      
Exercise of warrants 1.8   1.8    
Issuance of Class A common stock in connection with business acquisition (in shares)   341,984      
Issuance of Class A common stock in connection with business acquisition 2.9   2.9    
Stock-based compensation 47.4   47.4    
Net loss (217.7)     (217.7)  
Other comprehensive (loss) gain $ (1.8)       (1.8)
Common stock, ending balance (in shares) at Mar. 31, 2026 757,911,866 757,911,866      
Ending balance at Mar. 31, 2026 $ 2,079.4 $ 0.1 $ 4,604.0 $ (2,521.5) $ (3.2)
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (217,700) $ (93,400)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 7,800 4,100
Stock-based compensation expense 70,400 30,100
Change in fair value of warrant liabilities (22,800) (41,700)
Non-cash lease expense 1,700 800
Research and development warrant expense 0 800
General and administrative warrant expense 1,100 0
Amortization of short-term investments purchased at a premium 1,600 0
Others (300) 0
Changes in operating assets and liabilities:    
Prepaid expenses (5,400) (1,600)
Other current assets 1,900 (1,200)
Other long-term assets (6,500) (1,700)
Accounts payable (5,200) 500
Accrued expenses and other current liabilities 28,000 8,100
Operating lease right-of-use assets and lease liabilities, net (300) (1,000)
Other long-term liabilities (4,000) 1,600
Net cash used in operating activities (149,100) (94,600)
Cash flows from investing activities    
Purchase of property and equipment (32,600) (10,000)
Proceeds from maturities of short-term investments 115,000 0
Business acquisition, net of cash acquired (3,700) 0
Net cash provided by (used in) investing activities 78,700 (10,000)
Cash flows from financing activities    
Repayment of long-term debt (100) 0
Proceeds from PIPE financing 0 10,000
Proceeds from issuance of common stock 0 301,800
Proceeds from exercise of stock options 100 0
Payment of offering costs in connection with financing activities 0 (11,600)
Net cash provided by financing activities 0 300,200
Net change in cash, cash equivalents, and restricted cash (70,400) 195,600
Cash, cash equivalents, and restricted cash, beginning of period 1,028,800 841,300
Cash, cash equivalents, and restricted cash, end of period 958,400 1,036,900
Non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued expenses 14,100 6,700
Purchases of property and equipment in common stock 7,400 0
Purchase of business acquisition in common stock 2,900 0
Payment of offering costs in connection with financing activities in common stock $ 0 $ 1,200
v3.26.1
Description of Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Description of Business
Archer Aviation Inc. (the “Company”), a Delaware corporation headquartered in Silicon Valley, California, is an aerospace and defense company focused on the development of advanced aviation technologies and aircraft. The Company is building a platform to deliver advanced aircraft, technologies and services. The Company’s primary products under development are an electric vertical take-off and landing (“eVTOL”) aircraft primarily intended to be used in major cities as an air taxi and a hybrid, autonomous VTOL aircraft intended for dual-use in both civil and defense applications. The Company plans to operate in two primary sectors: (i) a commercial aviation business, which is expected to include the sale of commercial aircraft and related technologies and services, such as direct-to-consumer air taxi services in select metropolitan areas worldwide; and (ii) a defense business, which is expected to include the sale of aircraft and related technologies for defense applications.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) on a going concern basis. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information
These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026.
The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2025 set forth in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2026 (the “Form 10-K”). The December 31, 2025 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
Liquidity and Going Concern
Since inception, the Company has devoted substantial capital resources to the design and development of its planned aircraft, urban air mobility networks and business lines. These activities have been funded primarily through the net proceeds received from the sale of preferred and common stock to related and third parties (Note 10 - Stockholders' Equity), and issuance of debt (Note 8 - Debt).
Through March 31, 2026, the Company has incurred cumulative operating losses, generated negative cash flows from operating activities, and accumulated a deficit of $2,521.5 million. As of March 31, 2026, the Company had cash, cash equivalents and short-term investments of $1,775.9 million, which management believes will be sufficient to fund the Company’s current operating plan for at least the next 12 months from the date these condensed consolidated financial statements were issued.
There can be no assurance that the Company will be successful in achieving its business plans, that the Company’s current capital will be sufficient to support its ongoing business plans, or that any additional financing will be available in a timely manner or on acceptable terms, if at all. If the Company’s business plans require it to raise additional capital, but the Company is unable to do so, it may be required to alter, or scale back its aircraft design, development and certification programs, as well as its manufacturing capabilities, or be unable to fund capital expenditures. Any such events would have a material adverse effect on the Company’s financial position, results of operations, cash flows, and ability to achieve the Company’s intended business plans.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial
statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties. Such estimates include, but are not limited to (i) realization of deferred tax assets and estimates of tax liabilities, (ii) fair value and useful life of acquired intangible assets, (iii) fair value of assets acquired and liabilities assumed in business combinations, (iv) fair value of share-based payments, (v) fair value and useful lives of long-lived assets, (vi) incremental borrowing rate used for right-of-use assets and lease liabilities, and (vii) assessment of significant development uncertainty existence for internally developed software costs. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Such estimates often require the selection of appropriate valuation methodologies and models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results could materially differ from those estimates due to risks and uncertainties.
Summary of Significant Accounting Policies
Except for the accounting policy updated for cloud computing arrangements as a result of adoption of Accounting Standards Update (“ASU”) 2025-06, there have been no changes to the Company’s significant accounting policies as described in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements included in Part II, Item 8 of the Form 10-K.
Cloud Computing Arrangements
The Company capitalizes certain implementation costs incurred in connection with its cloud computing arrangements that are service contracts. Capitalization of implementation costs begins when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (the "probable-to-complete threshold"). In evaluating whether the probable-to-complete threshold is met, the Company considers whether significant development uncertainty exists based on the presence of technological innovations or novel, unproven functions and features, or substantially unidentified or evolving performance requirements. Costs incurred before both criteria are met, and costs incurred after the software is substantially complete and ready for its intended use, are expensed as incurred.
Capitalized implementation costs are recognized in other long-term assets in the condensed consolidated balance sheet and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which eliminated the use of software project development stages to align with modern software development methods. Under the ASU, capitalization for internal-use software will begin when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform its intended function. The update is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The update can be applied either (1) retrospectively, (2) prospectively, or (3) on a modified prospective basis. The Company early adopted ASU 2025-06 on a prospective basis effective January 1, 2026. The adoption did not have a material impact on the Company's condensed consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories in the notes to the financial statements. The update is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The update can be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any of all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its disclosures within its condensed consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-10, Accounting for Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (ASU 2025-10) to establish authoritative guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance will be effective for the annual
periods beginning with the year ending December 31, 2028 and for interim periods beginning January 1, 2029. Early adoption is permitted. Upon adoption, the guidance can be applied using a modified prospective, modified retrospective, or under a retrospective approach. The Company is currently evaluating the impact of ASU 2025-10 on its disclosures within its condensed consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies the applicability of interim reporting guidance and reorganizes and clarifies interim disclosure requirements under ASC Topic 270, including the addition of a disclosure principle requiring disclosure of material events occurring since the most recent annual reporting period. The guidance will be effective for interim periods beginning January 1, 2028. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2025-11 on its disclosures within its condensed consolidated financial statements.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Recognition
During the three months ended March 31, 2026, the Company recognized total revenue of $1.6 million, of which $1.0 million was attributable to lease-related revenue. No revenue was recognized during the three months ended March 31, 2025.
Contract Liabilities
The Company records contract liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. Contract liabilities consisted of the following (in millions):
As of
March 31,
2026		December 31,
2025
Current portion of contract liabilities
$1.3 $1.3 
Contract liabilities, net of current portion
10.0 10.0 
Total$11.3 $11.3 
Current portion of contract liabilities is recorded in accrued expenses and other current liabilities and contract liabilities, net of current portion is recorded in other long-term liabilities in the Company’s condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the Company’s contract liabilities primarily included a $10.0 million pre-delivery payment received from United Airlines, Inc. (“United”) under the terms of the Amended United Purchase Agreement (defined below) (Refer to Note 12 - Warrants for additional information). No revenue related to these contract liabilities was recognized during the three months ended March 31, 2026 and 2025.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company applies the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, which defines a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurements. The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
Level 2Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
The carrying amounts of the Company’s cash, accounts payable, accrued compensation, and accrued liabilities approximate their fair values due to the short-term nature of these instruments.
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):
As of March 31, 2026
As of December 31, 2025
DescriptionLevel 1Level 2Level 3Level 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$790.2 $— $— $883.3 $— $— 
Short-term investments:
U.S. Treasuries
601.3 — — 703.8 — — 
Corporate debt securities
— 223.5 — — 239.4 — 
Other current assets
Option to acquire FBO
— — 44.8 — — 44.8 
Total assets measured at fair value
$1,391.5 $223.5 $44.8 $1,587.1 $239.4 $44.8 
Liabilities:
Warrant liabilities
Public warrants
$4.9 $— $— $19.9 $— $— 
Private placement warrants
— — 2.2 — — 10.0 
Total liabilities measured at fair value
$4.9 $— $2.2 $19.9 $— $10.0 
Short-term Investments
The Company’s short-term investments consist of high quality investment grade marketable securities and are classified as available-for-sale. The Company classifies its investments in U.S. Treasury securities as Level 1 because they are valued using quoted market prices in active markets. The Company classifies its investments in corporate debt securities as Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.
The following table presents a summary of the Company’s cash equivalents and short-term investments as of March 31, 2026 (in millions):
As of March 31, 2026
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Money market funds$790.2 $— $— $790.2 
Short-term investment
U.S. Treasuries
603.4 — (2.1)601.3 
Corporate debt securities
224.5 — (1.0)223.5 
Total$1,618.1 $— $(3.1)$1,615.0 
The following table presents a summary of the Company’s cash equivalents and short-term investments as of December 31, 2025 (in millions):
As of December 31, 2025
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Money market funds$883.3 $— $— $883.3 
Short-term investment
U.S. Treasuries
704.6 — (0.8)703.8 
Corporate debt securities
239.9 — (0.5)239.4 
Total$1,827.8 $— $(1.3)$1,826.5 
The unrealized losses related to the Company’s short-term investments were primarily due to changes in interest rates and not due to increased credit risk or other valuation concerns. The Company had no other-than-temporary impairments for the three months ended March 31, 2026 and 2025.
Public Warrants
The measurement of the public warrants as of March 31, 2026 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker “ACHR WS”. The quoted price of the public warrants was $0.28 and $1.15 per warrant as of March 31, 2026 and December 31, 2025, respectively, with changes in fair value recognized in the condensed consolidated statements of operations.
Private Placement Warrants
The Company utilizes a Monte Carlo simulation model for the private placement warrants at each reporting period, with changes in fair value recognized in the condensed consolidated statements of operations. The estimated fair value of the private placement warrant liability is determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected volatility, expected exercise term, risk-free interest rate, and dividend yield.
The key inputs into the Monte Carlo simulation model for the private placement warrants are as follows:
InputMarch 31,
2026		December 31,
2025
Stock price$5.17$7.52 
Strike price$11.50$11.50
Term (in years)0.460.71
Risk-free rate3.7 %3.5 %
Volatility97.1 %89.1 %
Dividend yield0.0 %0.0 %
The following table presents the change in fair value of the Company’s Level 3 private placement warrants liability during the three months ended March 31, 2026 (in millions):

Balance as of December 31, 2025
10.0 
Change in fair value(7.8)
Balance as of March 31, 2026
$2.2 
In connection with the change in fair value of the Company’s private placement warrants liability, the Company recognized a gain of $7.8 million and $17.0 million during the three months ended March 31, 2026 and 2025, respectively, within other income (expense), net in the condensed consolidated statements of operations. Refer to Note 12 - Warrants for additional information about the private placement warrants.
Option to Acquire FBO
In connection with the acquisition of Hawthorne Airport as defined below in Note 6 - Business Combinations, on December 8, 2025, the Company recorded an option to acquire a 75% ownership interest in the fixed-base operator (“FBO”) business operating at the airport for an exercise price of $25.0 million. The option is measured at fair value using a Black-Scholes model, with changes in fair value recognized in other income (expense), net in the condensed consolidated statements of operations, and is classified as a Level 3 fair value measurement.
During the three months ended March 31, 2026, there was no material change in the fair value of the option. The option was classified within other current assets in the condensed consolidated balance sheets as it was exercisable prior to December 31, 2026. The option was subsequently exercised and the acquisition was closed on April 1, 2026. Refer to Note 17 - Subsequent Events for additional information.
The key inputs into the Black-Scholes model for the option to acquire FBO business are as follows:
As of
InputMarch 31,
2026		December 8,
2025
Strike price (in millions)
$25.0 $25.0 
Term (in years)0.01
0.2
Risk-free rate3.7 %3.8 %
Volatility64.0 %50.0 %
Dividend yield0.0 %0.0 %
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
Certain financial instruments, including debt, are not measured at fair value on a recurring basis in the condensed consolidated balance sheets. The fair value of debt as of March 31, 2026 approximates its carrying value (Level 2). Refer to Note 8 - Debt for additional information.
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis
Certain assets and liabilities are subject to measurement at fair value on a non-recurring basis if there are indicators of impairment or if they are deemed to be impaired as a result of an impairment review.
v3.26.1
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
As of
March 31,
2026		December 31,
2025
Building$122.0 $118.4 
Equipment
74.6 49.9 
Computer hardware and software
11.5 9.9 
Leasehold improvements
52.2 50.7 
Construction in progress59.5 60.0 
Total property and equipment319.8 288.9 
Less: Accumulated depreciation(41.2)(35.3)
Total property and equipment, net$278.6 $253.6 
The following table presents depreciation expense included in each respective expense category in the condensed consolidated statements of operations (in millions):
Three Months Ended March 31,
20262025
Cost of revenue
$0.4 $— 
Research and development5.4 3.6 
General and administrative0.1 0.1 
Total depreciation expense$5.9 $3.7 
v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The Company’s goodwill and purchased intangible assets of March 31, 2026 and December 31, 2025 is as follows (in millions):
March 31, 2026December 31, 2025
Gross
Additions
Accumulated Amortization
Net
Gross
Accumulated AmortizationNet
Goodwill$0.1 $2.3 $— $2.4 $0.1 $— $0.1 
Intangible assets:
Domain name
$0.5 $— $(0.2)$0.3 $0.5 $(0.2)$0.3 
Patents
36.0 — (1.8)34.2 36.0 (0.8)35.2 
Developed Technology— 2.8 (0.1)2.7 — — — 
Operating rights
44.8 — (0.4)44.4 44.8 (0.1)44.7 
Total purchased intangible assets
$81.3 $2.8 $(2.5)$81.6 $81.3 $(1.1)$80.2 
Amortization expense related to intangible assets is as follows:
Three Months Ended March 31,
20262025
Domain name (1)
$— $— 
Patents
1.0 — 
Developed technology0.1 — 
Operating rights
0.3 — 
Total amortization expense
$1.4 $— 
(1) The amortization related to domain name is less than $0.1 million for the three months ended March 31, 2026 and 2025.
The expected future annual amortization expense of intangible assets as of March 31, 2026 is presented below (in millions):
2026$4.1 
20275.5 
20285.5 
20295.5 
20305.5 
Thereafter55.5 
Total
$81.6 
v3.26.1
Business Combination
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination Business Combination
Acquisition of Hawthorne Airport
On December 8, 2025, the Company completed the acquisition of certain lease agreements, operating rights, and development rights related to Hawthorne Municipal Airport in Hawthorne, California (“Hawthorne Airport”). The acquisition included (i) the master ground lease agreement between Hawthorne Airport, LLC (“HAL”) and the City of Hawthorne covering the lease of the Hawthorne Airport; (ii) certain sublease agreements held by HAL; (iii) certain subleases held by 395 Park Place, LLC (“395 Park Place”) with third parties; (iv) an option to purchase 75.0% of the fixed base operator (“FBO") business operating at Hawthorne Airport from Advanced Air, LLC (“Advanced Air”) prior to December 31, 2026 for $25.0 million; and (v) rights to have 395 Park Place develop additional hangar space at the Hawthorne Airport for $20.4 million with payments to be made in installments based on construction progress. HAL, 395 Park Place and Advanced Air, are referred to herein collectively as the “Sellers”.
The acquisition was completed to allow the Company to establish an operational hub to support the Company’s planned Los Angeles air taxi operations and aviation technology development. The acquisition has been accounted for as a business combination under the acquisition method in accordance with ASC 805, as the acquired assets and activities included inputs and substantive processes capable of producing outputs. Accordingly, the purchase consideration was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values as of the acquisition date.
The total purchase consideration for the acquisition was $127.1 million, which consisted of the following (in millions):
Cash
$125.9 
Fair value of contingent consideration liability on the acquisition date
1.2
Total purchase consideration
$127.1 
Further, the Company may be obligated to issue up to approximately $21.4 million in earn-out shares of the Company’s Class A common stock to certain Seller employees and 395 Park Place upon the achievement of certain performance milestones to be achieved within three years of the acquisition date. Of this amount, approximately $3.75 million was accounted for as contingent consideration and included in the above table as part of total purchase consideration at its estimated fair value of $1.2 million as of the acquisition date. The remaining earn-out amounts are accounted for as post-combination expense, as the related earn-out targets are expected to be achieved through the ongoing efforts of the Sellers and such amounts will be recognized ratably over the various estimated completion dates presuming earn-out targets will be met.
The assumed loan bears interest at a rate of 6.3% per annum and has an initial maturity date of April 2030, with an option to extend the maturity for an additional five years to April 2035 at an adjusted interest rate equal to the five-year U.S. Treasury rate plus 2.7%. The loan agreement contains provisions, representations, warranties, covenants, and indemnities that are customary for secured commercial real estate debt. Refer to Note 8 - Debt for additional information.
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in millions):
Current assets
$0.1 
Option to purchase FBO (included in other current assets)44.8 
Property and equipment, net
50.3 
Right of Use asset15.6 
Intangible assets44.8 
Goodwill
0.1 
Current liabilities
(0.2)
Lease liabilities(11.1)
Other long-term liabilities
(1.2)
Loan assumed (debt)(16.1)
Total
$127.1 
The acquired goodwill is tax deductible and represents the excess of the purchase consideration over the aggregate fair value of identifiable net assets acquired at the acquisition date. The goodwill is primarily attributable to the assembled workforce. During the measurement period, which may not be later than one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding net offset to goodwill.
The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:
Preliminary Fair ValueUseful Life
(in millions)(Years)
Operating rights$44.8 30
Total identified intangible assets
$44.8 
Identifiable intangible assets recognized consist of operating rights, which represent contractual rights to operate and conduct aviation-related activities, including lease of hangar space at the Hawthorne Airport facilities. The operating rights are amortized on a straight-line basis over their estimated useful lives, which generally correspond to the remaining contractual terms of the master ground lease.
As part of the acquisition, as described above, the Company acquired an option to purchase seventy-five percent (75.0%) of the FBO business operating at Hawthorne Airport for a fixed exercise price of $25.0 million, exercisable at any time prior to December 31, 2026. The option represents a contractual right and was recorded at its estimated fair value of $44.8 million as of the acquisition date. The option was subsequently exercised and the acquisition was closed on April 1, 2026. Refer to Note 17 - Subsequent Events for additional information.
The fair value of the FBO business was estimated using an income-based valuation approach, which considers the expected future cash flows based on projected revenues, operating margins and discount rate. See Note 3 - Fair Value Measurements for fair value determination of the option to purchase FBO business.
Unaudited pro forma financial information has not been presented, as the impact to the Company’s consolidated financial statements was not material.
The Company incurred $2.4 million in acquisition-related costs, which were expensed as incurred and recorded within general and administrative expenses in the condensed consolidated statements of operations for the three months ended March 31, 2026.
Other acquisitions
On January 21, 2026, the Company completed the acquisition of 100% of the outstanding shares of a privately-held company for total consideration of $6.1 million in a combination of cash and issuance of Class A common stock. The acquisition was accounted for as a business combination. Accordingly, the purchase consideration was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values as of the acquisition date.
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in millions):
Cash and cash equivalents$2.2 
Property and equipment, net0.4 
Developed technology2.8 
Goodwill2.3 
Tangible net liabilities acquired(0.2)
Deferred tax liabilities(1.4)
Total
$6.1 
The acquired goodwill is not tax deductible and represents the excess of the purchase consideration over the aggregate fair value of identifiable net assets acquired at the acquisition date. The developed technology will be amortized on a straight-line basis over an estimated useful life of 10 years.
v3.26.1
Supplementary Financial Information
 3 Months Ended
Mar. 31, 2026
Offsetting [Abstract]  
Supplementary Financial Information Supplementary Financial Information
Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheets that sum to amounts reported on the condensed consolidated statements of cash flows (in millions):
As of
March 31
2026		December 31
2025
Cash and cash equivalents$951.1 $1,021.5 
Restricted cash7.3 7.3 
Total cash, cash equivalents, and restricted cash$958.4 $1,028.8 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of
March 31
2026		December 31
2025
Accrued engineering services, parts and materials
$22.4 $13.1 
Accrued employee costs17.5 29.7 
Accrued professional services
24.2 14.8 
Current portion of contract liabilities1.3 1.3 
Other current liabilities8.3 9.2 
Total$73.7 $68.1 
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table provides information regarding the Company’s debt (in millions):
As of
March 31,
2026		December 31,
2025
Synovus Bank loan
$65.0 $65.0 
Less: unamortized discount and loan issuance costs(0.8)(0.8)
Carrying amount64.2 64.2 
Banc of California
$16.0 $16.1 
Less: unamortized discount and loan issuance costs— — 
Carrying amount16.0 16.1 
Total carrying amount of debt
80.2 80.3 
Less: Current portion of debt(1.4)(0.8)
Debt, net of current portion
$78.8 $79.5 
Synovus Bank Loan
On October 5, 2023, the Company entered into a credit agreement (the “Credit Agreement”) with Synovus Bank, as administrative agent and lender, and the additional lenders from time to time (collectively, the “Lenders”). Pursuant to the Credit Agreement, the Company may borrow up to an aggregate principal amount of up to $65.0 million through multiple term loan advances (together, the “Synovus Loan”) to fund the construction and development of the Company’s manufacturing facility in Covington, Georgia.
The Company is required to make 120 monthly interest payments from November 14, 2023 until maturity, and 84 equal monthly principal installments from November 14, 2026 until maturity. The Credit Agreement matures on the earlier of October 5, 2033 or the date on which the outstanding Synovus Loan has been declared or automatically becomes due and payable pursuant to the terms of the Credit Agreement.
The interest rate on the Synovus Loan is a floating rate per annum equal to secured overnight financing rate (as defined in the Credit Agreement) plus the applicable margin of 2.0%, which increases by 5.0% per annum upon the occurrence of an event of default.
The Company’s obligations under the Credit Agreement are collateralized by funds in a collateral account and the Credit Agreement is guaranteed by certain domestic subsidiaries of the Company. The Company may prepay with a certain premium that links to the passage of time, and in certain circumstances would be required to prepay the Loan under the Credit Agreement without payment of a premium. The Credit Agreement contains customary representations and warranties, customary affirmative and negative covenants, and customary events of default. As of March 31, 2026, the Company was in compliance with all the covenants of the Credit Agreement.
The Company has fully drawn down the $65.0 million of the Synovus Loan as of March 31, 2026. The effective interest rate for the draw downs ranged from 5.9% to 6.4% and 6.0% to 6.5% as of March 31, 2026 and December 31, 2025, respectively. The Company incurred issuance costs of $1.0 million related to the loan outstanding as of March 31, 2026. The loan issuance costs will be amortized to interest expense over the contractual term of the Synovus Loan. During the three months ended March 31, 2026 and 2025, the Company recognized interest expense of $1.2 million and $1.1 million, respectively, including an immaterial amount related to the amortization of issuance costs within interest income, net in the condensed consolidated statements of operations.
Banc of California Loan
In connection with the acquisition of Hawthorne Airport, the Company assumed the Sellers’ outstanding loan with a principal balance of $16.1 million with Banc of California (the “Banc of California Loan”). The Banc of California Loan bears a fixed interest rate of 6.3% per annum and has an initial maturity date of April 2030, with an option to extend the maturity for an additional five years to April 2035 at an adjusted interest rate equal to the five-year U.S. Treasury rate plus 2.7%. The Banc of California Loan is secured by a leasehold deed of trust on the properties and contains representations, warranties, covenants, and indemnities customary for collateral commercial real estate debt.
The future scheduled principal maturities of the debt as of March 31, 2026 are as follows (in millions):
Remaining 2026$0.8 
20273.1 
20283.1 
20293.1 
203016.8 
Thereafter54.1 
Total debt payable
$81.0 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Leases
The Company leases office, lab, hangar, master ground lease and storage facilities under various operating lease agreements with lease periods expiring between 2026 and 2055 and generally containing periodic rent increases and various renewal and termination options.
The Company’s lease costs were as follows (in millions):
Three Months Ended March 31,
20262025
Operating lease cost$3.2 $1.3 
Short-term lease cost1.0 0.1 
Total lease cost$4.2 $1.4 
The Company’s weighted-average remaining lease term and discount rate as of March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
20262025
Weighted-average remaining lease term (in months)14346
Weighted-average discount rate14.1 %14.4 %
The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of March 31, 2026 were as follows (in millions):
Remaining 2026$8.4 
202712.0 
202811.0 
202910.4 
20309.2 
20312.9 
Thereafter57.8 
Total future lease payments111.7 
Less: leasehold improvement allowance(7.3)
Total net future lease payments104.4 
Less: imputed interest(62.8)
Present value of future lease payments$41.6 
Supplemental cash flow information and non-cash activities related to right-of-use assets and lease liabilities were as follows (in millions):
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases$1.8 $1.5 
Non-cash investing activities
Operating lease liabilities from obtaining right-of-use assets$— $0.2 
Finance Lease
In February 2023, the Company entered into a lease arrangement with the Newton County Industrial Development Authority (the “Authority”) for the Company’s manufacturing facilities to be constructed in Covington, Georgia. In connection with the lease arrangement, the Authority issued a taxable revenue bond (the “Bond”), which was acquired by the Company. The arrangement is structured so that the Company’s lease payments to the Authority equal and offset the Authority’s bond payments to the Company. Accordingly, the Company offsets the finance lease obligation and the Bond on its condensed consolidated balance sheets.
Letters of Credit
As of March 31, 2026, the Company had standby letters of credit in the aggregate outstanding amount of $6.3 million, secured with restricted cash.
Litigation
During the ordinary course of the business, the Company may be subject to legal proceedings, various claims, and litigation. Such proceedings can be costly, time consuming, and unpredictable, and therefore, no assurance can be given that the final outcome of such proceedings will not materially impact the Company’s financial condition or results of operations.
Delaware Class Action Litigation
On May 17, 2024, two putative stockholders of the Company (and formerly, Atlas Crest Investment Corp. (“Atlas”)) filed class action lawsuits, on behalf of themselves and other similarly-situated stockholders, in the Delaware Court of Chancery (the “Court”) against the directors and officers of Atlas, the Company, the Company’s co-founders, Archer Aviation Inc. (prior to its business combination with Atlas, “Legacy Archer”), Moelis & Company Group LP and Moelis & Company LLC.
The complaint asserted claims for breaches of fiduciary duties, aiding and abetting breaches of fiduciary duties, and unjust enrichment, in connection with the merger between Atlas and the Company. The plaintiffs requested damages in an amount to be determined at trial, as well as attorneys’ and experts’ fees. Relatedly, on June 19, 2024, another putative stockholder of the Company filed a class action lawsuit, on behalf of himself and other similarly-situated stockholders, in the Court asserting similar claims as the aforementioned May 17, 2024 complaint against the same defendants named in that May complaint. The Court subsequently consolidated the related class actions and appointed a lead plaintiff.
All defendants filed motions to dismiss the complaint. In response to such motions to dismiss, the plaintiffs voluntarily dismissed their claims against two Atlas directors. Oral argument on the remaining defendants’ motions to dismiss was held on April 17, 2025 and the Court issued a bench ruling on July 21, 2025, granting in part and denying in part the motions to dismiss. The Court dismissed all claims asserted against certain defendants, including among others, the Company’s co-founders, an Atlas director, Legacy Archer, Moelis & Company Group LP and Moelis & Company LLC. The Court also addressed the sufficiency of the plaintiffs’ allegations concerning the pre-merger disclosures that underlie the plaintiffs’ fiduciary duty and unjust enrichment claims, ruling that certain allegations were not adequately pleaded, thereby narrowing the scope of the fiduciary duty and unjust enrichment claims against the remaining defendants, which the Company believes that it has substantial defenses against. The parties have scheduled a mediation on June 4, 2026. Trial has been scheduled to begin on May 17, 2027.
Joby Litigation and ITC Proceeding
On November 18, 2025 Joby Aero, Inc. (“Joby”) filed a complaint in the Superior Court of California in Santa Cruz County against the Company and one of its employees asserting claims of trade-secret misappropriation, breach of contract, interference with Joby’s contracts and prospective economic advantage, and related claims around the Company’s recent hiring of a former Joby employee. On December 18, 2025, the Company removed this action to the United States District Court for the Northern District of California. On January 23, 2026, the Company moved to dismiss the complaint, which motion remains pending. On March 9, 2026, Archer filed its Answer and Counterclaims against Joby, alleging claims for unfair competition and violation of the Lanham Act. Joby filed a motion to dismiss the Counterclaims on April 6, 2026, and that ruling is pending a ruling by the District Court.
On March 9, 2026, the Company filed a complaint with the U.S. International Trade Commission (“ITC”) requesting the ITC prevent Joby from importing certain eVTOL aircraft, power systems for eVTOL aircraft, and components thereof, on the basis that such products infringe certain of the Company's U.S. patents. The ITC instituted an investigation (Inv. No. 337-TA-1499) on April 9, 2026 and the matter is pending before an administrative law judge. The administrative law judge set September 14, 2027 as the target date for the ITC’s final determination.
Vertical Litigation
On February 23, 2026, the Company filed a patent infringement lawsuit against Vertical Aerospace Ltd. and Vertical Aerospace Group Ltd. (together, “Vertical”) in the United States District Court for the Eastern District of Texas. The lawsuit alleges that Vertical’s eVTOL Valo aircraft infringes multiple patents owned by Archer relating to its Midnight eVTOL aircraft. The Company seeks, among other things, an injunction to prevent Vertical from continuing its infringing activities, as well as monetary damages for past infringement. On May 1, 2026, Vertical filed a motion to dismiss the complaint.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Vendor Share Issuances
During the three months ended March 31, 2026 and 2025, the Company issued 6,547,560 and 1,906,161 shares of Class A common stock, respectively, to certain vendors to satisfy $42.1 million and $13.6 million of the Company’s current and future obligations.
v3.26.1
Stock-Based Compensation​
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation​ Stock-Based Compensation
Amended and Restated 2021 Plan
In August 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which was approved by the stockholders of the Company in September 2021 and became effective immediately upon the closing of the business combination with Atlas (the “Business Combination”). In April 2022, the Company amended and restated the 2021 Plan (the “Amended and Restated 2021 Plan”), which was approved by the stockholders of the Company in June 2022. The aggregate number of shares of Class A common stock that may be issued under the plan increased to 34,175,708. In addition, the number of shares of Class A common stock reserved for issuance under the Amended and Restated 2021 Plan will automatically increase on January 1st of each year following this amendment, starting on January 1, 2023 and ending on (and including) January 1, 2031, in an amount equal to the lesser of (i) 5.0% of the total number of shares of Class A and Class B common stock outstanding on December 31 of the preceding year, or (ii) a lesser number of shares of Class A common stock determined by the Board of Directors prior to the date of the increase (the “EIP Evergreen Provision”). The EIP Evergreen Provision is calculated using the number of legally outstanding shares of common stock and includes shares, such as unvested shares pursuant to early exercised stock options, that are not considered outstanding for accounting purposes. In accordance therewith, the number of shares of Class A common stock reserved for issuance under the Amended and Restated 2021 Plan increased by 37,202,288 shares on January 1, 2026. The Amended and Restated 2021 Plan provides for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and other awards to employees, directors, and non-employees.
In connection with the adoption of the 2021 Plan, the Company ceased issuing awards under its 2019 Equity Incentive Plan (the “2019 Plan”). Following the closing of the Business Combination, the Company assumed the outstanding stock options under the 2019 Plan and converted such stock options into options to purchase the Company’s common stock. Such stock options will continue to be governed by the terms of the 2019 Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire.
Annual Equity Awards
Subject to the achievement of certain performance goals established by the Company from time to time, the Company’s employees are eligible to receive an annual incentive bonus that will entitle them to an annual grant of restricted stock units (“RSUs”) that are fully vested on the date of grant. Furthermore, all the annual equity awards are contingent and issued only upon approval by the Company’s Board of Directors or the Compensation Committee. During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense of $7.3 million and $3.8 million, respectively, related to these annual equity awards.
Stock Options
A summary of the Company’s stock option activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of December 31, 2025
1,623,752 $0.14 4.8$12.0 
Exercised(348,957)0.14 2.3 
Expired/forfeited— — 
Outstanding as of March 31, 2026
1,274,795 0.14 4.56.4 
Vested and exercisable as of March 31, 2026
1,274,795 0.14 4.56.4 
There were no options granted for the three months ended March 31, 2026 and 2025.
The Company recognized stock-based compensation expense of less than $0.1 million and $0.6 million for stock options for the three months ended March 31, 2026 and 2025, respectively.
As of March 31, 2026, there was no unrecognized stock-based compensation expense related to unvested stock options.
Restricted Stock Units
A summary of the Company’s RSU activity is as follows:
Number of
Shares
Weighted
Average
Grant Fair Value
Outstanding as of December 31, 2025
34,166,124 $7.36 
Granted8,489,230 7.37 
Performance based adjustment (1)
(199,201)13.84 
Vested(6,683,694)6.83 
Forfeited (502,634)10.41 
Outstanding as of March 31, 2026
35,269,825 6.60 
(1) Represents units adjusted for the vesting of the first tranche of PSUs (defined below) granted in 2024.
During the three months ended March 31, 2026, the Company granted 3,061,625 RSUs under the Amended and Restated 2021 Plan, representing the annual equity awards for 2025. The RSUs were fully vested on the date of grant and settled in Class A common stock on a one-for-one basis. In addition, the Company granted 4,208,220 RSUs under the Amended and Restated 2021 Plan, which generally vest over a three- or four-year period with a one-year cliff and remain subject to forfeiture if vesting conditions are not met. Upon vesting, RSUs are settled in Class A common stock on a one-for-one basis. The shares of Class A common stock underlying RSU grants are not issued and outstanding until the applicable vesting date.
During the three months ended March 31, 2026, the Company granted 1,219,484 RSUs under the Amended and Restated 2021 Plan to certain executives, which vest over a three-year period with a payout based on the Company’s relative performance of total shareholder return (“TSR”) compared with the annualized TSR of certain peer companies for the service period (the “PSUs”). The award payout can range from 0.0% to 200.0% of the initial grant and is measured on each anniversary of the grant date. Upon vesting, the PSUs are settled in Class A common stock on a one-for-one basis. If an executive’s employment ends due to disability, death, termination without cause or resignation for good reason, the executive (or beneficiary) remains eligible under the award and, if the award is earned, will receive a proration of the PSUs based on active
employment during the annual service periods. In all other cases, the award will not vest and all rights to the PSUs will terminate.
The Company determined the fair value of the PSUs using a Monte Carlo simulation model on the grant date. The Company will recognize compensation expense for the PSUs on a straight-line basis over the three-year performance period.
The following assumptions were used to estimate the fair value, using the Monte Carlo simulation, of the PSUs:
February 9
2026
Stock price$7.37 
Term (in years)3.0
Risk-free interest rate3.5 %
Volatility86.7 %
Dividend yield0.0 %
Immediately prior to closing of the Business Combination, each of the Company’s founders was granted 20,009,224 RSUs under the 2019 Plan (the “Founder Grants”), which are subject to vest upon the achievement of the earlier to occur of (i) a price-based milestone or (ii) a performance-based milestone, with a different set of such price and performance-based milestones applying to each quarter of each Founder Grant and so long as the achievement occurs within seven years following the closing of the Business Combination.
One-quarter of each Founder Grant, totaling 10,004,612 shares of Class B common stock, vested immediately prior to the Closing Date pursuant to the terms and conditions of the Business Combination Agreement. On April 14, 2022, the vested 5,002,306 shares of Class B common stock of the Company’s former co-CEO were cancelled. On July 13, 2023, following the expiration of 15 months from the separation of the former co-CEO from the Company on April 13, 2022, the former officer’s unvested 15,006,918 shares of Class B common stock for the remaining three tranches were forfeited. The Company then reversed the previously recognized stock-compensation expense of $59.1 million associated with these shares. During the year ended December 31, 2024, the Company’s Board of Directors determined that the performance milestone for the second tranche of the outstanding Founder Grant, covering 5,002,306 shares of Class B common stock, was achieved.
The Company accounts for the Founder Grants as four separate tranches, with each tranche consisting of two award conditions, a performance condition and market condition. Each tranche vests upon satisfaction of either condition (but not both). The fair value of the performance award was determined using the trading price on the closing date of the Business Combination (“Closing Date”). When achievement of the applicable performance milestone is deemed probable, the Company recognizes compensation expense for the portion earned to date over the requisite service period. For the market award, the fair value and derived service period were each determined using a Monte Carlo simulation model on the Closing Date, with compensation expense recognized on a straight-line basis over the derived service period. If achievement of the applicable performance condition is not considered probable, compensation cost for the value of the award is recognized based on the fair value of the award incorporating the market condition, until the requisite service is rendered. If the performance milestone subsequently becomes probable of being achieved, the full fair value of the award is recognized.
As of March 31, 2026, 10,004,612 RSUs remain outstanding representing the remaining two tranches of the Founder Grant. For the three months ended March 31, 2026 and 2025, the Company recorded $1.8 million and $1.9 million, respectively, of stock-based compensation expense related to the Founder Grant in general and administrative expenses in the condensed consolidated statements of operations.
For the three months ended March 31, 2026 and 2025, the Company recorded $24.5 million and $16.4 million of stock-based compensation expense, respectively, related to RSUs (excluding the Founder Grants).
As of March 31, 2026, the total remaining stock-based compensation expense for unvested RSUs (including the remaining Founder Grant) was $178.8 million, which is expected to be recognized over a weighted-average period of 1.1 years.
Employee Stock Purchase Plan
In August 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately upon the closing of the Business Combination. The ESPP permits eligible employees to purchase shares of Class A common stock at a price equal to 85.0% of the lower of the fair market value of Class A common stock on the first day of an offering or on the date of purchase. Additionally, the number of shares of Class A common stock reserved for issuance under
the ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by the lesser of (i) 1.0% of the total number of shares of Class A common stock outstanding on December 31 of the preceding year; (ii) 9,938,118 shares of Class A common stock; or (iii) a lesser number of shares of Class A common stock determined by the Board of Directors prior to the date of increase (the “ESPP Evergreen Provision”). The ESPP Evergreen Provision is calculated using the number of legally outstanding shares of common stock and includes shares, such as unvested shares pursuant to early exercised stock options, that are not considered outstanding for accounting purposes. In accordance therewith, the number of shares of Class A common stock reserved for issuance under the ESPP increased by 7,440,457 on January 1, 2026. As of March 31, 2026, the maximum number of shares authorized for issuance under the ESPP was 23,203,452, of which 17,942,108 shares remained available under the ESPP.
The Company currently offers six-month offering periods, and at the end of each offering period, which occurs every six months on May 31 and November 30, employees can elect to purchase shares of the Company’s Class A common stock with contributions of up to 15.0% of their base pay, accumulated via payroll deductions, subject to certain limitations.
During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense of $1.3 million and $0.9 million for the ESPP, respectively.
As of March 31, 2026, the total remaining stock-based compensation expense was $0.9 million for the ESPP, which is expected to be recognized over the current six-month offering period until May 31, 2026.
Vendor Share Issuances
From time to time, the Company issues shares of Class A common stock to certain vendors in exchange for services rendered and/or goods purchased (collectively, the “Vendor Share Issuances”). The Vendor Share Issuances are being consummated by the Company pursuant to the Company’s shelf registration statements filed with the SEC and accompanying prospectuses.
During the three months ended March 31, 2026, and 2025, the Company recognized stock-based compensation expense of $32.9 million and $6.5 million for the Vendor Share Issuances, respectively.
Acquisition-related earn-out stock-based compensation expense
In connection with the acquisition of Hawthorne Airport, during the three months ended March 31, 2026, the Company recognized $2.5 million of stock-based compensation expense related to earn-out shares payable in the Company’s Class A common stock. The related performance targets are expected to be achieved through the ongoing efforts of the Sellers; therefore, the earn-out is accounted for as post-combination expense. The expense is recognized over the expected achievement period based on the estimated grant-date fair value of the awards, assuming the performance targets will be met. The expense is included within general and administrative expense in the condensed consolidated statements of operations for the three months ended March 31, 2026.
Additional Stock-based Compensation information
The Company records stock-based compensation expense for stock-based compensation awards based on the fair value on the date of grant. The stock-based compensation expense is recognized ratably over the course of the requisite service period.
The Company has elected to account for forfeitures as they occur and will record stock-based compensation expense assuming all stockholders will complete the requisite service period. If an employee forfeits an award because they fail to complete the requisite service period, the Company will reverse stock-based compensation expense previously recognized in the period the award is forfeited.
The following table presents stock-based compensation expense included in each respective expense category in the condensed consolidated statements of operations (in millions):
Three Months Ended March 31,
20262025
Research and development$32.1 $11.1 
General and administrative38.3 19.0 
Total stock-based compensation expense$70.4 $30.1 
v3.26.1
Warrants
 3 Months Ended
Mar. 31, 2026
Warrants and Rights Note Disclosure [Abstract]  
Warrants Warrants
Equity Classified Warrants
A summary of the Company’s warrant activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of December 31, 2025
19,340,138 $0.01 2.7$145.2 
Warrants previously deemed expired1,671,202 
Issued142,398 0.01 1.1 
Exercised(142,398)0.01 1.1 
Expired
— 
Outstanding as of March 31, 2026
21,011,340 0.01 2.3108.4 
Vested and exercisable as of March 31, 2026
17,937,082 $0.01 1.5$92.6 
United Airlines, Inc.
On January 29, 2021, the Company entered into the Purchase Agreement (the “United Purchase Agreement”), Collaboration Agreement (the “United Collaboration Agreement”), and Warrant to Purchase Shares Agreement (the “United Warrant Agreement”) with United. Under the terms of the United Purchase Agreement, United has a conditional purchase order for up to 200 of the Company’s aircraft, with an option to purchase an additional 100 aircraft. Those purchases are conditioned upon the Company meeting certain conditions that include, but are not limited to, the certification of the Company’s aircraft by the Federal Aviation Administration (“FAA”) and further negotiation and reaching of mutual agreement on certain material terms related to the purchases. The Company issued 14,741,764 warrants to United to purchase shares of the Company’s Class A common stock. Each warrant provides United with the right to purchase one share of the Company’s Class A common stock at an exercise price of $0.01 per share. The warrants were initially expected to vest in four installments in accordance with the following milestones: the execution of the United Purchase Agreement and the United Collaboration Agreement, the completion of the Business Combination, the certification of the aircraft by the FAA, and the sale of aircraft to United.
On August 9, 2022, the Company entered into Amendment No. 1 to the United Purchase Agreement (the “Amended United Purchase Agreement”) and Amendment No. 1 to the United Warrant Agreement (the “Amended United Warrant Agreement”). In association with the Amended United Purchase Agreement, the Company received a $10.0 million pre-delivery payment from United for 100 of the Company’s aircraft (the “Pre-Delivery Payment”), which was recognized as a contract liability in other long-term liabilities in the Company’s consolidated balance sheets. Pursuant to the Amended United Warrant Agreement, the vesting condition of the fourth milestone of the United Warrant Agreement was modified, and the warrants now vest in four installments in accordance with the following sub-milestones: (i) 737,088 warrants vested upon receipt by the Company of the Pre-Delivery Payment on August 9, 2022; (ii) 2,211,264 warrants vested on February 9, 2023 upon the six-month anniversary of the amendment date; (iii) 3,685.45 warrants shall vest upon the acceptance and delivery of each of the Company’s 160 aircraft; and (iv) 22,112.65 warrants shall vest upon the acceptance and delivery of each of the Company’s 40 aircraft.
The Company accounts for the Amended United Purchase Agreement and the United Collaboration Agreement under ASC 606, Revenue from Contracts with Customers. The Company identified the sale of each aircraft ordered by United as a separate performance obligation in the contract. As the performance obligations have not been satisfied, the Company has not recognized any revenue as of March 31, 2026.
With respect to the warrant vesting milestones outlined above, the Company accounts for them as consideration payable to a customer under ASC 606 related to the future purchase of aircraft by United. The Company determined that the warrants are classified as equity awards based on the criteria of ASC 480, Distinguishing Liabilities from Equity and ASC 718, Compensation — Stock Compensation. Pursuant to ASC 718, the Company measured the grant date fair value of the warrants
to be recognized upon the achievement of each of the original four milestones and the vesting of the related warrants, which was determined to be $13.35, based on a valuation of the Company’s Class A common stock on January 29, 2021.
For the first milestone, issuance of the warrants in conjunction with the execution of the United Purchase Agreement and the United Collaboration Agreement, the Company recorded the grant date fair value of the respective warrant tranche at the vesting date upon satisfaction of the milestone, and the related costs were recorded in other warrant expense due to the absence of historical or probable future revenue. For the second milestone, the completion of the Business Combination transaction, the related costs were also recorded in other warrant expense due to the absence of historical or probable future revenue. A total of 8,845,058 warrants vested from achievement of the first two milestones and were exercised. For the third milestone, the certification of the aircraft by the FAA, the Company will assess whether it is probable that the award will vest at the end of every reporting period. If and when the award is deemed probable of vesting, the Company will begin capitalizing the grant date fair value of the associated warrants as an asset through the vesting date and subsequently amortize the asset as a reduction to revenue as it sells the new aircraft to United.
For the original fourth milestone, the sale of aircraft to United, the Company was initially expected to record the cost associated with the vesting of each portion of warrants within this milestone as a reduction of the transaction price as revenue is recognized for each sale of the aircraft. In connection with the Amended United Warrant Agreement, the Company evaluated the accounting implications associated with the amendment to the fourth milestone in accordance with ASC 606 and ASC 718. For the first sub-milestone, the receipt of the Pre-Delivery Payment, the Company accounted for it as a modification under ASC 718 and recorded the modification date fair value of the associated warrants in other warrant expense upon satisfaction of the sub-milestone on August 9, 2022. For the second sub-milestone, the vesting of warrants on February 9, 2023, the Company accounted for it as a modification under ASC 718 and recorded the modification date fair value of the associated warrants in other warrant expense on a straight-line basis over six months following the amendment date. The modification date fair value of each warrant associated with the first and second sub-milestones was determined to be $4.37, which was the closing price of the Company’s Class A common stock on the modification date. A total of 2,948,352 warrants vested from achievement of the first two sub-milestones under the fourth milestone and were exercised. For the third and fourth sub-milestones, the sale of 160 aircraft and 40 aircraft, respectively, the Company determined that the amendment does not represent a modification under ASC 718. The Company will record the cost associated with the vesting of each portion of the associated warrants as a reduction of the transaction price based on the original grant date fair value as revenue is recognized for each sale of the aircraft.
There was no other warrant expense recognized for the three months ended March 31, 2026 and 2025.
Stellantis N.V.
On January 3, 2023, the Company entered into a manufacturing and collaboration agreement with Stellantis, pursuant to which the Company and Stellantis will collaborate on the development and implementation of the Company’s manufacturing operations for the production of its eVTOL aircraft products (the “Stellantis Collaboration Agreement”). In connection with the Stellantis Collaboration Agreement, the Company entered into a forward purchase agreement (as amended, the “Stellantis Forward Purchase Agreement”) and a warrant agreement (the “Stellantis Warrant Agreement”) with Stellantis on January 3, 2023.
Under the terms of the Stellantis Forward Purchase Agreement, the Company agreed to issue and sell to Stellantis up to $150.0 million of shares of the Company’s Class A common stock pursuant to terms and conditions of the Stellantis Forward Purchase Agreement. The shares pursuant to the Stellantis Forward Purchase Agreement were fully issued in July 2024.
Under the terms of the Stellantis Warrant Agreement, Stellantis is entitled to purchase up to 15.0 million shares of the Company’s Class A common stock, at an exercise price of $0.01 per share (the “Stellantis Warrant”). The Stellantis Warrant will vest and become exercisable in three equal tranches upon 12, 24 and 36 months of the grant date, provided that (i) Stellantis has performed certain undertakings set forth in the Stellantis Collaboration Agreement and/or (ii) the VWAP (as defined in the Stellantis Warrant Agreement) for the Class A common stock exceeding certain specified amounts. Pursuant to the terms and conditions of the Stellantis Collaboration Agreement, Stellantis is deemed to have performed the undertakings if the Stellantis Collaboration Agreement has not been terminated by the Company as of the specified vesting date for each tranche.
As the Company has not generated any revenue from the Stellantis Collaboration Agreement, all costs incurred with third parties are recorded based on the nature of the costs incurred. The Company accounts for the warrant in accordance with the provisions of ASC 718. The grant date fair value of each warrant was $1.93, equal to the closing price of the Company’s Class A common stock on the grant date of January 3, 2023. For each tranche of the warrant, the Company recognized compensation costs as the related services are received from Stellantis on a straight-line basis over the associated service period. During the
three months ended March 31, 2026 and 2025, the Company recorded less than $0.1 million and $0.8 million, respectively, in research and development expense in the condensed consolidated statements of operations in connection with the Stellantis Collaboration Agreement. As of March 31, 2026, all of the Stellantis Warrant is fully vested.
FCA US LLC, a wholly-owned subsidiary of Stellantis, transferred to Stellantis a fully vested warrant to purchase 1,671,202 shares of the Company’s Class A common stock at an exercise price of $0.01 per share. This warrant automatically net exercised prior to December 31, 2025 pursuant to the terms of the warrant. Since the issuance of shares was subject to potential regulatory clearance, the warrant was reflected as outstanding as of March 31, 2026. Following confirmation that no regulatory clearance was required, 1,669,783 shares of Class A common stock were issued on April 27, 2026 on a net exercise basis.
Liability Classified Warrants
During the three months ended March 31, 2026, 52 public warrants were exercised and as of March 31, 2026, there were 17,394,945 public warrants that remained outstanding. Public warrants may only be exercised for a whole number of shares. No fractional shares are issued upon exercise of the public warrants. The public warrants became exercisable on October 30, 2021, 12 months after the closing of the initial public offering of Atlas. The public warrants will expire in September 2026 or earlier upon redemption or liquidation.
Once the public warrants become exercisable, the Company may redeem the public warrants:
•in whole and not in part;
•at a price of $0.01 per public warrant;
•upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
•if, and only if, the closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders.
If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.
Each public warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share. The exercise price and number of Class A common stock issuable upon exercise of the public warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. The public warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the public warrants.
As of March 31, 2026, there were 8,000,000 private placement warrants outstanding. The private placement warrants are identical to the public warrants underlying the shares sold in the initial public offering of Atlas, except that the private placement warrants and the shares of Class A common stock issuable upon the exercise of the private placement warrants became transferable, assignable, and salable on October 16, 2021, 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the private placement warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the private placement warrants are held by someone other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants.
The warrants are remeasured to fair value at each reporting date, with changes in fair value recognized in other income (expense), net in the condensed consolidated statements of operations. During the three months ended March 31, 2026 and 2025, the Company recognized a gain of $22.8 million and $41.7 million, respectively.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recognized foreign current income tax provision of $0.1 million during each of the three months ended March 31, 2026 and 2025. The Company did not record any deferred income tax provision for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026 and 2025, the provision for income taxes differed from the
United States federal statutory rate primarily due to foreign taxes currently payable. The Company realized no benefit for the current year losses due to a full valuation allowance against the United States and foreign net deferred tax assets.
In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Based upon the analysis of federal and state deferred tax balances, future tax projections, and the Company’s lack of taxable income in the carryback period, the Company did not believe it is more-likely-than-not that the net deferred tax assets will be realizable. Accordingly, the Company had provided a full valuation allowance against the entire domestic and the majority of the foreign net deferred tax assets as of March 31, 2026 and December 31, 2025. The Company intends to maintain the full valuation allowance against the United States net deferred tax assets until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance.
v3.26.1
Net loss per share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net loss per share Net loss per share
Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding, which includes fully vested and exercisable warrants with a nominal exercise price of $0.01 per share in the weighted-average share count as if outstanding.
For all periods presented, the calculation of basic net loss per share excludes shares issued upon the early exercise of stock options where the vesting conditions have not been satisfied. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company also excludes unvested shares subject to repurchase in the number of shares outstanding in the consolidated balance sheets and statements of stockholders’ equity.
Because the Company reported net losses for all periods presented, diluted loss per share is the same as basic loss per share and all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share.
Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in the computation of basic net loss per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in diluted net loss per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period.
The following table presents the number of antidilutive shares excluded from the calculation of diluted net loss per share:
Three Months Ended March 31,
20262025
Options to purchase common stock1,274,795 1,871,637 
Unvested restricted stock units35,269,825 31,685,118 
Warrants28,469,203 33,344,301 
Shares issuable under the Employee Stock Purchase Plan (Note 11)
1,321,960 688,280 
Total66,335,783 67,589,336 
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
In August 2025, Neon Aero Inc. and its subsidiaries (together “Neon Group”) became related parties of the Company as a result of the Company’s Chief Executive Officer’s ownership interest and position as a director of Neon Aero Inc. As of March 31, 2026, $0.5 million was payable to Neon Group. The total purchases of goods and services from Neon Group for the three months ended March 31, 2026 was $2.3 million.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates as a single operating segment and one reportable segment, as the CODM reviews financial information
presented on a consolidated basis. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. Given the Company’s pre-commercialization operating stage, it currently has no concentration exposure to products, services, or customers. Segment asset information is not regularly provided to the CODM to allocate resources.
The following table presents significant expenses provided to the CODM (in millions):
Three Months Ended March 31,
20262025
Revenue$1.6 $— 
Operating expenses
Depreciation and amortization expense
7.8 4.1 
Research and development warrant expense
— 0.8 
Stock-based compensation expense
70.4 30.1 
General and administrative warrant expense
1.1 — 
Other cost of revenue0.9 — 
Other research and development expense
133.3 88.2 
Other general and administrative expense
42.7 20.8 
Total operating expenses256.2 144.0 
Loss from operations(254.6)(144.0)
Other income (expense), net20.6 42.0 
Interest income, net16.4 8.7 
Loss before income taxes(217.6)(93.3)
Income tax expense(0.1)(0.1)
Net loss$(217.7)$(93.4)
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 1, 2026, the Company completed the acquisition of 75% ownership interest in the fixed-base operator business at Hawthorne Airport for $25.0 million, which is expected to serve as a key operational hub in the Company’s planned Los Angeles air taxi operations. The Company is currently in the process of completing the preliminary purchase price allocation, which will be included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Unaudited Interim Financial Information
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) on a going concern basis. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information
These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026.
The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended December 31, 2025 set forth in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2026 (the “Form 10-K”). The December 31, 2025 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
Use of Estimates
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial
statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties. Such estimates include, but are not limited to (i) realization of deferred tax assets and estimates of tax liabilities, (ii) fair value and useful life of acquired intangible assets, (iii) fair value of assets acquired and liabilities assumed in business combinations, (iv) fair value of share-based payments, (v) fair value and useful lives of long-lived assets, (vi) incremental borrowing rate used for right-of-use assets and lease liabilities, and (vii) assessment of significant development uncertainty existence for internally developed software costs. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Such estimates often require the selection of appropriate valuation methodologies and models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results could materially differ from those estimates due to risks and uncertainties.
Cloud Computing Arrangements
Cloud Computing Arrangements
The Company capitalizes certain implementation costs incurred in connection with its cloud computing arrangements that are service contracts. Capitalization of implementation costs begins when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (the "probable-to-complete threshold"). In evaluating whether the probable-to-complete threshold is met, the Company considers whether significant development uncertainty exists based on the presence of technological innovations or novel, unproven functions and features, or substantially unidentified or evolving performance requirements. Costs incurred before both criteria are met, and costs incurred after the software is substantially complete and ready for its intended use, are expensed as incurred.
Capitalized implementation costs are recognized in other long-term assets in the condensed consolidated balance sheet and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which eliminated the use of software project development stages to align with modern software development methods. Under the ASU, capitalization for internal-use software will begin when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform its intended function. The update is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The update can be applied either (1) retrospectively, (2) prospectively, or (3) on a modified prospective basis. The Company early adopted ASU 2025-06 on a prospective basis effective January 1, 2026. The adoption did not have a material impact on the Company's condensed consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories in the notes to the financial statements. The update is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The update can be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any of all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its disclosures within its condensed consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-10, Accounting for Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (ASU 2025-10) to establish authoritative guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance will be effective for the annual
periods beginning with the year ending December 31, 2028 and for interim periods beginning January 1, 2029. Early adoption is permitted. Upon adoption, the guidance can be applied using a modified prospective, modified retrospective, or under a retrospective approach. The Company is currently evaluating the impact of ASU 2025-10 on its disclosures within its condensed consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies the applicability of interim reporting guidance and reorganizes and clarifies interim disclosure requirements under ASC Topic 270, including the addition of a disclosure principle requiring disclosure of material events occurring since the most recent annual reporting period. The guidance will be effective for interim periods beginning January 1, 2028. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2025-11 on its disclosures within its condensed consolidated financial statements.
Contract Liabilities
Current portion of contract liabilities is recorded in accrued expenses and other current liabilities and contract liabilities, net of current portion is recorded in other long-term liabilities in the Company’s condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the Company’s contract liabilities primarily included a $10.0 million pre-delivery payment received from United Airlines, Inc. (“United”) under the terms of the Amended United Purchase Agreement (defined below) (Refer to Note 12 - Warrants for additional information). No revenue related to these contract liabilities was recognized during the three months ended March 31, 2026 and 2025.
Fair Value Measurements
The Company applies the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, which defines a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurements. The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
Level 2Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
The carrying amounts of the Company’s cash, accounts payable, accrued compensation, and accrued liabilities approximate their fair values due to the short-term nature of these instruments.
Short-term Investments
The Company’s short-term investments consist of high quality investment grade marketable securities and are classified as available-for-sale. The Company classifies its investments in U.S. Treasury securities as Level 1 because they are valued using quoted market prices in active markets. The Company classifies its investments in corporate debt securities as Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.
Public Warrants
The measurement of the public warrants as of March 31, 2026 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker “ACHR WS”.
Private Placement Warrants
The Company utilizes a Monte Carlo simulation model for the private placement warrants at each reporting period, with changes in fair value recognized in the condensed consolidated statements of operations. The estimated fair value of the private placement warrant liability is determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected volatility, expected exercise term, risk-free interest rate, and dividend yield.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
Certain financial instruments, including debt, are not measured at fair value on a recurring basis in the condensed consolidated balance sheets. The fair value of debt as of March 31, 2026 approximates its carrying value (Level 2).
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis
Certain assets and liabilities are subject to measurement at fair value on a non-recurring basis if there are indicators of impairment or if they are deemed to be impaired as a result of an impairment review.
Net Loss Per Share
Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding, which includes fully vested and exercisable warrants with a nominal exercise price of $0.01 per share in the weighted-average share count as if outstanding.
For all periods presented, the calculation of basic net loss per share excludes shares issued upon the early exercise of stock options where the vesting conditions have not been satisfied. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company also excludes unvested shares subject to repurchase in the number of shares outstanding in the consolidated balance sheets and statements of stockholders’ equity.
Because the Company reported net losses for all periods presented, diluted loss per share is the same as basic loss per share and all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share.
Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in the computation of basic net loss per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in diluted net loss per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period.
Segments
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates as a single operating segment and one reportable segment, as the CODM reviews financial information
presented on a consolidated basis. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. Given the Company’s pre-commercialization operating stage, it currently has no concentration exposure to products, services, or customers. Segment asset information is not regularly provided to the CODM to allocate resources.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Liabilities
The Company records contract liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. Contract liabilities consisted of the following (in millions):
As of
March 31,
2026		December 31,
2025
Current portion of contract liabilities
$1.3 $1.3 
Contract liabilities, net of current portion
10.0 10.0 
Total$11.3 $11.3 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):
As of March 31, 2026
As of December 31, 2025
DescriptionLevel 1Level 2Level 3Level 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$790.2 $— $— $883.3 $— $— 
Short-term investments:
U.S. Treasuries
601.3 — — 703.8 — — 
Corporate debt securities
— 223.5 — — 239.4 — 
Other current assets
Option to acquire FBO
— — 44.8 — — 44.8 
Total assets measured at fair value
$1,391.5 $223.5 $44.8 $1,587.1 $239.4 $44.8 
Liabilities:
Warrant liabilities
Public warrants
$4.9 $— $— $19.9 $— $— 
Private placement warrants
— — 2.2 — — 10.0 
Total liabilities measured at fair value
$4.9 $— $2.2 $19.9 $— $10.0 
Schedule of Cash, Cash Equivalents and Short-term Investments
The following table presents a summary of the Company’s cash equivalents and short-term investments as of March 31, 2026 (in millions):
As of March 31, 2026
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Money market funds$790.2 $— $— $790.2 
Short-term investment
U.S. Treasuries
603.4 — (2.1)601.3 
Corporate debt securities
224.5 — (1.0)223.5 
Total$1,618.1 $— $(3.1)$1,615.0 
The following table presents a summary of the Company’s cash equivalents and short-term investments as of December 31, 2025 (in millions):
As of December 31, 2025
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Money market funds$883.3 $— $— $883.3 
Short-term investment
U.S. Treasuries
704.6 — (0.8)703.8 
Corporate debt securities
239.9 — (0.5)239.4 
Total$1,827.8 $— $(1.3)$1,826.5 
Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placement Warrants
The key inputs into the Monte Carlo simulation model for the private placement warrants are as follows:
InputMarch 31,
2026		December 31,
2025
Stock price$5.17$7.52 
Strike price$11.50$11.50
Term (in years)0.460.71
Risk-free rate3.7 %3.5 %
Volatility97.1 %89.1 %
Dividend yield0.0 %0.0 %
The key inputs into the Black-Scholes model for the option to acquire FBO business are as follows:
As of
InputMarch 31,
2026		December 8,
2025
Strike price (in millions)
$25.0 $25.0 
Term (in years)0.01
0.2
Risk-free rate3.7 %3.8 %
Volatility64.0 %50.0 %
Dividend yield0.0 %0.0 %
Schedule of Change in Fair Value of Private Placement Warrants
The following table presents the change in fair value of the Company’s Level 3 private placement warrants liability during the three months ended March 31, 2026 (in millions):

Balance as of December 31, 2025
10.0 
Change in fair value(7.8)
Balance as of March 31, 2026
$2.2 
v3.26.1
Property and Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment Net and Depreciation Expense
Property and equipment, net, consisted of the following (in millions):
As of
March 31,
2026		December 31,
2025
Building$122.0 $118.4 
Equipment
74.6 49.9 
Computer hardware and software
11.5 9.9 
Leasehold improvements
52.2 50.7 
Construction in progress59.5 60.0 
Total property and equipment319.8 288.9 
Less: Accumulated depreciation(41.2)(35.3)
Total property and equipment, net$278.6 $253.6 
The following table presents depreciation expense included in each respective expense category in the condensed consolidated statements of operations (in millions):
Three Months Ended March 31,
20262025
Cost of revenue
$0.4 $— 
Research and development5.4 3.6 
General and administrative0.1 0.1 
Total depreciation expense$5.9 $3.7 
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The Company’s goodwill and purchased intangible assets of March 31, 2026 and December 31, 2025 is as follows (in millions):
March 31, 2026December 31, 2025
Gross
Additions
Accumulated Amortization
Net
Gross
Accumulated AmortizationNet
Goodwill$0.1 $2.3 $— $2.4 $0.1 $— $0.1 
Intangible assets:
Domain name
$0.5 $— $(0.2)$0.3 $0.5 $(0.2)$0.3 
Patents
36.0 — (1.8)34.2 36.0 (0.8)35.2 
Developed Technology— 2.8 (0.1)2.7 — — — 
Operating rights
44.8 — (0.4)44.4 44.8 (0.1)44.7 
Total purchased intangible assets
$81.3 $2.8 $(2.5)$81.6 $81.3 $(1.1)$80.2 
Schedule of Purchased Intangible Assets
The Company’s goodwill and purchased intangible assets of March 31, 2026 and December 31, 2025 is as follows (in millions):
March 31, 2026December 31, 2025
Gross
Additions
Accumulated Amortization
Net
Gross
Accumulated AmortizationNet
Goodwill$0.1 $2.3 $— $2.4 $0.1 $— $0.1 
Intangible assets:
Domain name
$0.5 $— $(0.2)$0.3 $0.5 $(0.2)$0.3 
Patents
36.0 — (1.8)34.2 36.0 (0.8)35.2 
Developed Technology— 2.8 (0.1)2.7 — — — 
Operating rights
44.8 — (0.4)44.4 44.8 (0.1)44.7 
Total purchased intangible assets
$81.3 $2.8 $(2.5)$81.6 $81.3 $(1.1)$80.2 
Schedule of Amortization Expense
Amortization expense related to intangible assets is as follows:
Three Months Ended March 31,
20262025
Domain name (1)
$— $— 
Patents
1.0 — 
Developed technology0.1 — 
Operating rights
0.3 — 
Total amortization expense
$1.4 $— 
(1) The amortization related to domain name is less than $0.1 million for the three months ended March 31, 2026 and 2025.
Schedule of Expected Future Annual Amortization Expense of Intangible Asset
The expected future annual amortization expense of intangible assets as of March 31, 2026 is presented below (in millions):
2026$4.1 
20275.5 
20285.5 
20295.5 
20305.5 
Thereafter55.5 
Total
$81.6 
v3.26.1
Business Combination (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Total Purchase Consideration
The total purchase consideration for the acquisition was $127.1 million, which consisted of the following (in millions):
Cash
$125.9 
Fair value of contingent consideration liability on the acquisition date
1.2
Total purchase consideration
$127.1 
Schedule of Fair Values of Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in millions):
Current assets
$0.1 
Option to purchase FBO (included in other current assets)44.8 
Property and equipment, net
50.3 
Right of Use asset15.6 
Intangible assets44.8 
Goodwill
0.1 
Current liabilities
(0.2)
Lease liabilities(11.1)
Other long-term liabilities
(1.2)
Loan assumed (debt)(16.1)
Total
$127.1 
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in millions):
Cash and cash equivalents$2.2 
Property and equipment, net0.4 
Developed technology2.8 
Goodwill2.3 
Tangible net liabilities acquired(0.2)
Deferred tax liabilities(1.4)
Total
$6.1 
Schedule of Intangible Assets Acquired
The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which each intangible asset will be amortized:
Preliminary Fair ValueUseful Life
(in millions)(Years)
Operating rights$44.8 30
Total identified intangible assets
$44.8 
v3.26.1
Supplementary Financial Information (Tables)
 3 Months Ended
Mar. 31, 2026
Offsetting [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheets that sum to amounts reported on the condensed consolidated statements of cash flows (in millions):
As of
March 31
2026		December 31
2025
Cash and cash equivalents$951.1 $1,021.5 
Restricted cash7.3 7.3 
Total cash, cash equivalents, and restricted cash$958.4 $1,028.8 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of
March 31
2026		December 31
2025
Accrued engineering services, parts and materials
$22.4 $13.1 
Accrued employee costs17.5 29.7 
Accrued professional services
24.2 14.8 
Current portion of contract liabilities1.3 1.3 
Other current liabilities8.3 9.2 
Total$73.7 $68.1 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table provides information regarding the Company’s debt (in millions):
As of
March 31,
2026		December 31,
2025
Synovus Bank loan
$65.0 $65.0 
Less: unamortized discount and loan issuance costs(0.8)(0.8)
Carrying amount64.2 64.2 
Banc of California
$16.0 $16.1 
Less: unamortized discount and loan issuance costs— — 
Carrying amount16.0 16.1 
Total carrying amount of debt
80.2 80.3 
Less: Current portion of debt(1.4)(0.8)
Debt, net of current portion
$78.8 $79.5 
Schedule of Maturities of Long-term Debt
The future scheduled principal maturities of the debt as of March 31, 2026 are as follows (in millions):
Remaining 2026$0.8 
20273.1 
20283.1 
20293.1 
203016.8 
Thereafter54.1 
Total debt payable
$81.0 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease Costs
The Company’s lease costs were as follows (in millions):
Three Months Ended March 31,
20262025
Operating lease cost$3.2 $1.3 
Short-term lease cost1.0 0.1 
Total lease cost$4.2 $1.4 
The Company’s weighted-average remaining lease term and discount rate as of March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
20262025
Weighted-average remaining lease term (in months)14346
Weighted-average discount rate14.1 %14.4 %
Supplemental cash flow information and non-cash activities related to right-of-use assets and lease liabilities were as follows (in millions):
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases$1.8 $1.5 
Non-cash investing activities
Operating lease liabilities from obtaining right-of-use assets$— $0.2 
Schedule of Operating Lease Maturities
The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of March 31, 2026 were as follows (in millions):
Remaining 2026$8.4 
202712.0 
202811.0 
202910.4 
20309.2 
20312.9 
Thereafter57.8 
Total future lease payments111.7 
Less: leasehold improvement allowance(7.3)
Total net future lease payments104.4 
Less: imputed interest(62.8)
Present value of future lease payments$41.6 
v3.26.1
Stock-Based Compensation​ (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of the Company’s stock option activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of December 31, 2025
1,623,752 $0.14 4.8$12.0 
Exercised(348,957)0.14 2.3 
Expired/forfeited— — 
Outstanding as of March 31, 2026
1,274,795 0.14 4.56.4 
Vested and exercisable as of March 31, 2026
1,274,795 0.14 4.56.4 
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity
A summary of the Company’s RSU activity is as follows:
Number of
Shares
Weighted
Average
Grant Fair Value
Outstanding as of December 31, 2025
34,166,124 $7.36 
Granted8,489,230 7.37 
Performance based adjustment (1)
(199,201)13.84 
Vested(6,683,694)6.83 
Forfeited (502,634)10.41 
Outstanding as of March 31, 2026
35,269,825 6.60 
(1) Represents units adjusted for the vesting of the first tranche of PSUs (defined below) granted in 2024.
Schedule of Share-Based Payment Award, Valuation Assumptions
The following assumptions were used to estimate the fair value, using the Monte Carlo simulation, of the PSUs:
February 9
2026
Stock price$7.37 
Term (in years)3.0
Risk-free interest rate3.5 %
Volatility86.7 %
Dividend yield0.0 %
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
The following table presents stock-based compensation expense included in each respective expense category in the condensed consolidated statements of operations (in millions):
Three Months Ended March 31,
20262025
Research and development$32.1 $11.1 
General and administrative38.3 19.0 
Total stock-based compensation expense$70.4 $30.1 
v3.26.1
Warrants (Tables)
 3 Months Ended
Mar. 31, 2026
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Warrant Activity
A summary of the Company’s warrant activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of December 31, 2025
19,340,138 $0.01 2.7$145.2 
Warrants previously deemed expired1,671,202 
Issued142,398 0.01 1.1 
Exercised(142,398)0.01 1.1 
Expired
— 
Outstanding as of March 31, 2026
21,011,340 0.01 2.3108.4 
Vested and exercisable as of March 31, 2026
17,937,082 $0.01 1.5$92.6 
v3.26.1
Net loss per share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents the number of antidilutive shares excluded from the calculation of diluted net loss per share:
Three Months Ended March 31,
20262025
Options to purchase common stock1,274,795 1,871,637 
Unvested restricted stock units35,269,825 31,685,118 
Warrants28,469,203 33,344,301 
Shares issuable under the Employee Stock Purchase Plan (Note 11)
1,321,960 688,280 
Total66,335,783 67,589,336 
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information Respect to the Company’s Single Operating Segment
The following table presents significant expenses provided to the CODM (in millions):
Three Months Ended March 31,
20262025
Revenue$1.6 $— 
Operating expenses
Depreciation and amortization expense
7.8 4.1 
Research and development warrant expense
— 0.8 
Stock-based compensation expense
70.4 30.1 
General and administrative warrant expense
1.1 — 
Other cost of revenue0.9 — 
Other research and development expense
133.3 88.2 
Other general and administrative expense
42.7 20.8 
Total operating expenses256.2 144.0 
Loss from operations(254.6)(144.0)
Other income (expense), net20.6 42.0 
Interest income, net16.4 8.7 
Loss before income taxes(217.6)(93.3)
Income tax expense(0.1)(0.1)
Net loss$(217.7)$(93.4)
v3.26.1
Description of Business and Basis of Presentation (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated deficit $ 2,521.5 $ 2,303.8
cash, cash equivalents and short-term investments $ 1,775.9  
v3.26.1
Revenue - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Aug. 09, 2022
Capitalized Contract Cost [Line Items]        
Revenue $ 1,600,000 $ 0    
Lease related revenue 1,000,000.0      
United Airlines Inc.        
Capitalized Contract Cost [Line Items]        
Purchase agreement, pre delivery payment received 10,000,000.0   $ 10,000,000.0 $ 10,000,000.0
Contract with liability, revenue recognized $ 0 $ 0    
v3.26.1
Revenue - Schedule of Contract Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Current portion of contract liabilities $ 1.3 $ 1.3
Contract liabilities, net of current portion 10.0 10.0
Total $ 11.3 $ 11.3
v3.26.1
Fair Value Measurements - Schedule of Fair Value Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: $ 790.2 $ 883.3
Short-term investments 824.8 943.2
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Option to acquire FBO 0.0 0.0
Total assets measured at fair value 1,391.5 1,587.1
Total liabilities measured at fair value 4.9 19.9
Level 1 | U.S. Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 601.3 703.8
Level 1 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0.0 0.0
Level 1 | Public warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 4.9 19.9
Level 1 | Private placement warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0.0 0.0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Option to acquire FBO 0.0 0.0
Total assets measured at fair value 223.5 239.4
Total liabilities measured at fair value 0.0 0.0
Level 2 | U.S. Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0.0 0.0
Level 2 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 223.5 239.4
Level 2 | Public warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0.0 0.0
Level 2 | Private placement warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0.0 0.0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Option to acquire FBO 44.8 44.8
Total assets measured at fair value 44.8 44.8
Total liabilities measured at fair value 2.2 10.0
Level 3 | U.S. Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0.0 0.0
Level 3 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0.0 0.0
Level 3 | Public warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0.0 0.0
Level 3 | Private placement warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 2.2 10.0
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: 790.2 883.3
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: 0.0 0.0
Money market funds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: $ 0.0 $ 0.0
v3.26.1
Fair Value Measurements - Schedule of Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]    
Fair value disclosure $ 790.2 $ 883.3
Debt Securities, Available-for-Sale [Abstract]    
Unrealized Gains 0.0 0.0
Unrealized Losses (3.1) (1.3)
Amortized Cost 1,618.1 1,827.8
Fair Value 1,615.0 1,826.5
U.S. Treasuries    
Debt Securities, Available-for-Sale [Abstract]    
Amortized Cost 603.4 704.6
Unrealized Gains 0.0 0.0
Unrealized Losses (2.1) (0.8)
Fair Value 601.3 703.8
Corporate debt securities    
Debt Securities, Available-for-Sale [Abstract]    
Amortized Cost 224.5 239.9
Unrealized Gains 0.0 0.0
Unrealized Losses (1.0) (0.5)
Fair Value $ 223.5 $ 239.4
v3.26.1
Fair Value Measurements - Narrative (Details)
$ in Millions
 3 Months Ended
Dec. 08, 2025
USD ($)
Mar. 31, 2026
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
Dec. 31, 2025
$ / shares
Class of Warrant or Right [Line Items]        
Change in fair value of warrant liabilities   $ (22.8) $ (41.7)  
Hawthorne Airport Acquisition        
Class of Warrant or Right [Line Items]        
Percentage of business purchase 75.00%      
Payments $ 25.0      
Private Warrants        
Class of Warrant or Right [Line Items]        
Change in fair value of warrant liabilities   $ (7.8) $ 17.0  
Stock price | Public warrants        
Class of Warrant or Right [Line Items]        
Warrant liability, measurement input | $ / shares   0.28   1.15
v3.26.1
Fair Value Measurements - Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placement Warrants (Details)
$ in Millions
Mar. 31, 2026
year
$ / shares
USD ($)
Dec. 31, 2025
$ / shares
year
Dec. 08, 2025
year
USD ($)
Stock price | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input | $ / shares 5.17 7.52  
Strike price | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input | $ / shares 11.50 11.50  
Strike price | Hawthorne Airport Acquisition | Valuation Technique, Black-Scholes-Merton Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input | $ 25.0   25.0
Term (in years) | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input | year 460 710  
Term (in years) | Hawthorne Airport Acquisition | Valuation Technique, Black-Scholes-Merton Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input | year 10.00   0.2
Risk-free rate | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input 0.037 0.035  
Risk-free rate | Hawthorne Airport Acquisition | Valuation Technique, Black-Scholes-Merton Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input 0.037   0.038
Volatility | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input 0.971 0.891  
Volatility | Hawthorne Airport Acquisition | Valuation Technique, Black-Scholes-Merton Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input 0.640   0.500
Dividend yield | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input 0.000 0.000  
Dividend yield | Hawthorne Airport Acquisition | Valuation Technique, Black-Scholes-Merton Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and rights outstanding, measurement input 0.000   0.000
v3.26.1
Fair Value Measurements - Schedule of Change in Fair Value of Private Placement Warrants (Details) - Level 3 - Private Placement Warrants and Accrued Technology and Dispute Resolution Agreement
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 10.0
Change in fair value (7.8)
Ending balance $ 2.2
v3.26.1
Property and Equipment, Net - Schedule of Useful Life for Property and Equipment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 319.8 $ 288.9
Less: Accumulated depreciation (41.2) (35.3)
Total property and equipment, net 278.6 253.6
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment 122.0 118.4
Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 74.6 49.9
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 11.5 9.9
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 52.2 50.7
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 59.5 $ 60.0
v3.26.1
Property and Equipment, Net - Schedule of Depreciation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment [Line Items]    
Total depreciation expense $ 5.9 $ 3.7
Cost of revenue    
Property, Plant and Equipment [Line Items]    
Total depreciation expense 0.4 0.0
Research and development    
Property, Plant and Equipment [Line Items]    
Total depreciation expense 5.4 3.6
General and administrative    
Property, Plant and Equipment [Line Items]    
Total depreciation expense $ 0.1 $ 0.1
v3.26.1
Goodwill and Intangible Assets - Schedule of Purchased Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill, gross $ 0.1 $ 0.1
Goodwill, additions 2.3  
Goodwill, accumulated amortization 0.0 0.0
Goodwill, net 2.4 0.1
Finite-Lived Intangible Assets [Line Items]    
Gross 81.3 81.3
Additions 2.8  
Accumulated Amortization (2.5) (1.1)
Intangible assets, net 81.6 80.2
Domain name    
Finite-Lived Intangible Assets [Line Items]    
Gross 0.5 0.5
Additions 0.0  
Accumulated Amortization (0.2) (0.2)
Intangible assets, net 0.3 0.3
Patents    
Finite-Lived Intangible Assets [Line Items]    
Gross 36.0 36.0
Additions 0.0  
Accumulated Amortization (1.8) (0.8)
Intangible assets, net 34.2 35.2
Developed Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross 0.0 0.0
Additions 2.8  
Accumulated Amortization (0.1) 0.0
Intangible assets, net 2.7 0.0
Operating rights    
Finite-Lived Intangible Assets [Line Items]    
Gross 44.8 44.8
Additions 0.0  
Accumulated Amortization (0.4) (0.1)
Intangible assets, net $ 44.4 $ 44.7
v3.26.1
Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense $ 1.4 $ 0.0
Domain name    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense 0.0 0.0
Domain name | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense 0.1 0.1
Patents    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense 1.0 0.0
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense 0.1 0.0
Operating rights    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense $ 0.3 $ 0.0
v3.26.1
Goodwill and Intangible Assets - Schedule of Expected Future Annual Amortization Expense of Intangible Asset (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 4.1  
2027 5.5  
2028 5.5  
2029 5.5  
2030 5.5  
Thereafter 55.5  
Total $ 81.6 $ 80.2
v3.26.1
Business Combination - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 21, 2026
Dec. 08, 2025
Mar. 31, 2026
Hawthorne Airport Acquisition      
Business Combination [Line Items]      
Percentage of assets purchase   75.00%  
Business acquisition, net of cash acquired   $ 125,900  
Contingent consideration, liability   3,750  
Total purchase consideration   127,100  
Business combination, consideration transferred, equity interest   $ 21,400  
Milestone period   3 years  
Estimated fair value   $ 1,200  
Effective rate   6.30%  
Extension period   5 years  
Basis spread on variable rate   2.70%  
Fair value   $ 44,800  
Acquisition-related costs     $ 2,400
Hawthorne Airport Acquisition | Prior to December 31, 2026      
Business Combination [Line Items]      
Business acquisition, net of cash acquired   25,000  
Hawthorne Airport Acquisition | Based on Construction Progress      
Business Combination [Line Items]      
Contingent consideration, liability   $ 20,400  
Other Acquisitions      
Business Combination [Line Items]      
Total purchase consideration $ 6,100    
Voting equity interest acquired, percentage 100.00%    
Other Acquisitions | Developed technology      
Business Combination [Line Items]      
Useful life 10 years    
v3.26.1
Business Combination - Schedule of Total Purchase Consideration (Details) - Hawthorne Airport Acquisition
$ in Millions
Dec. 08, 2025
USD ($)
Business Combination [Line Items]  
Cash $ 125.9
Fair value of contingent consideration liability on the acquisition date 1.2
Total purchase consideration $ 127.1
v3.26.1
Business Combination - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Jan. 21, 2026
Dec. 31, 2025
Dec. 08, 2025
Business Combination [Line Items]        
Goodwill $ 2.4   $ 0.1  
Hawthorne Airport Acquisition        
Business Combination [Line Items]        
Current assets       $ 0.1
Option to purchase FBO (included in other current assets)       44.8
Property and equipment, net       50.3
Right of Use asset       15.6
Developed technology       44.8
Goodwill       0.1
Current liabilities       (0.2)
Lease liabilities       (11.1)
Other long-term liabilities       (1.2)
Loan assumed (debt)       (16.1)
Total       $ 127.1
Other Acquisitions        
Business Combination [Line Items]        
Cash and cash equivalents   $ 2.2    
Property and equipment, net   0.4    
Developed technology   2.8    
Goodwill   2.3    
Tangible net liabilities acquired   (0.2)    
Deferred tax liabilities   (1.4)    
Total   $ 6.1    
v3.26.1
Business Combination - Schedule of Intangible Assets Acquired (Details) - Hawthorne Airport Acquisition
$ in Millions
Dec. 08, 2025
USD ($)
Business Combination [Line Items]  
Preliminary Fair Value $ 44.8
Operating rights  
Business Combination [Line Items]  
Preliminary Fair Value $ 44.8
Useful Life 30 years
v3.26.1
Supplementary Financial Information - Schedule of Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Offsetting [Abstract]    
Cash and cash equivalents $ 951.1 $ 1,021.5
Restricted cash 7.3 7.3
Total cash, cash equivalents, and restricted cash $ 958.4 $ 1,028.8
v3.26.1
Supplementary Financial Information -Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Offsetting [Abstract]    
Accrued engineering services, parts and materials $ 22.4 $ 13.1
Accrued employee costs 17.5 29.7
Accrued professional services 24.2 14.8
Current portion of contract liabilities 1.3 1.3
Other current liabilities 8.3 9.2
Total $ 73.7 $ 68.1
v3.26.1
Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Long-term debt, gross $ 81.0  
Carrying amount 80.2 $ 80.3
Less: Current portion of debt (1.4) (0.8)
Debt, net of current portion 78.8 79.5
Credit Facility | Synovus Bank loan    
Debt Instrument [Line Items]    
Long-term debt, gross 65.0 65.0
Less: unamortized discount and loan issuance costs (0.8) (0.8)
Carrying amount 64.2 64.2
Credit Facility | Banc of California    
Debt Instrument [Line Items]    
Long-term debt, gross 16.0 16.1
Less: unamortized discount and loan issuance costs 0.0 0.0
Carrying amount $ 16.0 $ 16.1
v3.26.1
Debt - Narrative (Details)
 3 Months Ended 30 Months Ended
Dec. 08, 2025
USD ($)
Oct. 05, 2023
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Nov. 14, 2026
installment
Dec. 31, 2025
USD ($)
Nov. 14, 2023
interest
Debt Instrument [Line Items]                
Long-term debt, gross     $ 81,000,000.0   $ 81,000,000.0      
Hawthorne Airport Acquisition                
Debt Instrument [Line Items]                
Basis spread on variable rate 2.70%              
Effective rate 6.30%              
Synovus Bank loan | Credit Facility                
Debt Instrument [Line Items]                
Long-term debt, gross     65,000,000.0   65,000,000.0   $ 65,000,000.0  
Proceeds from issuance of common stock         $ 1,000,000.0      
Interest expense, debt     $ 1,200,000 $ 1,100,000        
Synovus Bank loan | Credit Facility | Minimum                
Debt Instrument [Line Items]                
Effective rate     5.90%   5.90%   6.00%  
Synovus Bank loan | Credit Facility | Maximum                
Debt Instrument [Line Items]                
Effective rate     6.40%   6.40%   6.50%  
Synovus Bank loan | Secured Debt                
Debt Instrument [Line Items]                
Line of credit, borrowing capacity   $ 65,000,000.0            
Number of monthly interest payment | interest               120
Basis spread on variable rate   2.00%            
Increase in annual interest rate upon event of default   5.00%            
Synovus Bank loan | Secured Debt | Forecast                
Debt Instrument [Line Items]                
Number of monthly installments | installment           84    
Banc of California | Credit Facility                
Debt Instrument [Line Items]                
Long-term debt, gross     $ 16,000,000.0   $ 16,000,000.0   $ 16,100,000  
Banc of California | Credit Facility | Hawthorne Airport Acquisition                
Debt Instrument [Line Items]                
Effective rate 6.30%              
Banc of California | Secured Debt | Hawthorne Airport Acquisition                
Debt Instrument [Line Items]                
Basis spread on variable rate 2.70%              
Line of credit $ 16,100,000              
Additional term 5 years              
v3.26.1
Debt - Schedule of Maturities of Long-term Debt (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Debt Disclosure [Abstract]  
Remaining 2026 $ 0.8
2027 3.1
2028 3.1
2029 3.1
2030 16.8
Thereafter 54.1
Total debt payable $ 81.0
v3.26.1
Commitments and Contingencies - Schedule of Lease Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Operating lease cost $ 3.2 $ 1.3
Short-term lease cost 1.0 0.1
Total lease cost $ 4.2 $ 1.4
Weighted-average remaining lease term (in months) 143 months 46 months
Weighted-average discount rate 14.10% 14.40%
v3.26.1
Commitments and Contingencies - Schedule of Operating Lease Maturities (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remaining 2026 $ 8,400
2027 12,000
2028 11,000
2029 10,400
2030 9,200
2031 2,900
Thereafter 57,800
Total future lease payments 111,700
Less: leasehold improvement allowance (7,300)
Total net future lease payments 104,400
Less: imputed interest (62,800)
Present value of future lease payments $ 41,600
v3.26.1
Commitments and Contingencies - Schedule of Noncash Lease Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash outflows from operating leases $ 1.8 $ 1.5
Non-cash investing activities    
Operating lease liabilities from obtaining right-of-use assets $ 0.0 $ 0.2
v3.26.1
Commitments and Contingencies - Narrative (Details)
$ in Millions
May 17, 2024
lawsuit
Mar. 31, 2026
USD ($)
Delaware Class Action Litigation    
Debt Instrument [Line Items]    
Number of putative stockholders lawsuit | lawsuit 2  
Standby Letters of Credit | Line of Credit    
Debt Instrument [Line Items]    
Line of credit | $   $ 6.3
v3.26.1
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Vendor    
Class of Stock [Line Items]    
Accounts payable $ 42.1 $ 13.6
Common Stock    
Class of Stock [Line Items]    
Common stock attributable to PIPE Financing (in shares) 6,547,560 1,906,161
v3.26.1
Stock-Based Compensation​ - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 01, 2026
shares
Mar. 26, 2024
Jul. 13, 2023
USD ($)
tranche
shares
Apr. 14, 2022
shares
Sep. 16, 2021
tranche
shares
Sep. 15, 2021
shares
Jun. 30, 2022
Aug. 31, 2021
shares
Mar. 31, 2026
USD ($)
tranche
shares
Mar. 31, 2025
USD ($)
shares
Dec. 31, 2024
shares
Dec. 31, 2025
shares
Jun. 10, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Total stock-based compensation expense | $                 $ 70,400,000 $ 30,100,000      
Granted (in shares)                 0 0      
Stock-based compensation expense | $                 $ 70,400,000 $ 30,100,000      
Hawthorne Airport Acquisition | Common Stock                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Stock-based compensation expense | $                 2,500,000        
Vendor                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Total stock-based compensation expense | $                 32,900,000 6,500,000      
General and administrative                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Total stock-based compensation expense | $                 38,300,000 19,000,000.0      
Options to purchase common stock                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Total stock-based compensation expense | $                 100,000 600,000      
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $                 0        
Unvested restricted stock units                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Total stock-based compensation expense | $                 24,500,000 16,400,000      
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $                 $ 178,800,000        
Issued (in shares)         20,009,224       8,489,230        
Milestone achievement period         7 years                
Vested (in shares)                 6,683,694        
Forfeited (in shares)                 502,634        
Shares outstanding (in shares)                 35,269,825     34,166,124  
Founder grants, number of tranches | tranche         4                
Weighted-average period                 1 year 1 month 6 days        
Unvested restricted stock units | General and administrative                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Total stock-based compensation expense | $                 $ 1,800,000 1,900,000      
Performance Stock Units                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Performance period   3 years                      
Employee Stock                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Percentage of outstanding stock maximum               1.00%          
Total stock-based compensation expense | $                 1,300,000 900,000      
Purchase price of common stock, percent               85.00%          
Number of additional shares authorized (in shares)               9,938,118          
Offering period occurrence               6 months          
Unvested stock options | $                 $ 900,000        
Class A                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Percent of employees' gross pay               15.00%          
Class B | Unvested restricted stock units                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period (in years)     15 months                    
Vested (in shares)           10,004,612              
Forfeited (in shares)       5,002,306             5,002,306    
Shares outstanding (in shares)     15,006,918                    
Number of tranches forfeited | tranche     3                    
Share-based payment arrangement, reversal of expense | $     $ 59,100,000                    
Outstanding number of shares (in shares)                 10,004,612        
Class B | Unvested restricted stock units | General and administrative                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Number of tranches outstanding | tranche                 2        
2021 Stock Plan | Unvested restricted stock units                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Issued (in shares)                 4,208,220        
2021 Stock Plan | Class A                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Capital shares reserved for future issuance (in shares) 37,202,288                       34,175,708
Percentage of outstanding stock maximum             5.00%            
Annual Equity Awards                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Total stock-based compensation expense | $                 $ 7,300,000 $ 3,800,000      
Amended and Restated 2021 Plan                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Conversion ratio                 1        
Amended and Restated 2021 Plan | Share-based Payment Arrangement, Tranche One                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period (in years)                 1 year        
Amended and Restated 2021 Plan | Quarterly Equity Awards                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Conversion ratio                 1        
Amended and Restated 2021 Plan | Unvested restricted stock units | Minimum                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period (in years)                 3 years        
Amended and Restated 2021 Plan | Unvested restricted stock units | Maximum                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period (in years)                 4 years        
Amended and Restated 2021 Plan | Unvested restricted stock units | Quarterly Equity Awards                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Issued (in shares)                 3,061,625        
Amended and Restated 2021 Plan | Unvested restricted stock units | Based on Company’s Relative Performance of Total Shareholder Return                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Issued (in shares)                 1,219,484        
Award vesting period (in years)                 3 years        
Amended and Restated 2021 Plan | Performance Stock Units | Based on Company’s Relative Performance of Total Shareholder Return                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Conversion ratio                 1        
Amended and Restated 2021 Plan | Performance Stock Units | Based on Company’s Relative Performance of Total Shareholder Return | Minimum                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Payout range percentage                 0.00%        
Amended and Restated 2021 Plan | Performance Stock Units | Based on Company’s Relative Performance of Total Shareholder Return | Maximum                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Payout range percentage                 200.00%        
2021 Employee Stock Purchase Plan | Class A                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Number of additional shares authorized (in shares) 7,440,457                        
Number of shares authorized (in shares)                 23,203,452        
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)                 17,942,108        
v3.26.1
Stock-Based Compensation​ - Schedule of Employee and Non Employee Stock Option (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding beginning balance (in shares) 1,623,752  
Exercised (in shares) (348,957)  
Expired/forfeited (in shares) 0  
Outstanding ending balance (in shares) 1,274,795 1,623,752
Vested and exercisable (in shares) 1,274,795  
Weighted Average Exercise Price    
Beginning balance (in dollars per share) $ 0.14  
Exercised (in dollars per share) 0.14  
Expired/forfeited (in dollars per share) 0  
Ending balance (in dollars per share) 0.14 $ 0.14
Vested and exercisable (in dollars per share) $ 0.14  
Employee and Non Employee stock option Additional Disclosures    
Weighted average remaining contractual life (in years) 4 years 6 months 4 years 9 months 18 days
Vested and exercisable, weighted average remaining contractual term (Years) 4 years 6 months  
Aggregate intrinsic value $ 6.4 $ 12.0
Exercised, aggregate intrinsic value 2.3  
Vested and exercisable, aggregate intrinsic value $ 6.4  
v3.26.1
Stock-Based Compensation​ - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock units - $ / shares
 3 Months Ended
Sep. 16, 2021
Mar. 31, 2026
Number of Shares    
Outstanding beginning balance (in shares)   34,166,124
Granted (in shares) 20,009,224 8,489,230
Performance based adjustment (in shares)   (199,201)
Vested (in shares)   (6,683,694)
Forfeited (in shares)   (502,634)
Outstanding ending balance (in shares)   35,269,825
Weighted Average Grant Fair Value    
Outstanding beginning balance (in dollars per share)   $ 7.36
Granted (in dollars per share)   7.37
Performance based adjustment (in dollars per share)   13.84
Vested (in dollars per share)   6.83
Forfeited (in dollars per share)   10.41
Outstanding ending balance (in dollars per share)   $ 6.60
v3.26.1
Stock-Based Compensation​ - Schedule of Share-Based Payment Award, Valuation Assumptions (Details) - Performance Stock Units
Feb. 09, 2026
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock price (in dollars per share) $ 7.37
Term (in years) 3 years
Risk-free interest rate 3.50%
Volatility 86.70%
Dividend yield 0.00%
v3.26.1
Stock-Based Compensation​ - Schedule of Stock-based Compensation Expense Included in Respective Expense Category (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 70.4 $ 30.1
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 32.1 11.1
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 38.3 $ 19.0
v3.26.1
Warrants - Schedule of Warrant Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Number of Shares    
Warrants previously deemed expired (in shares) 1,671,202  
Warrants    
Number of Shares    
Outstanding beginning balance (in shares) 19,340,138  
Issued (in shares) 142,398  
Exercised (in shares) (142,398)  
Expired (in shares) 0  
Outstanding ending balance (in shares) 21,011,340 19,340,138
Vested and exercisable (in shares) 17,937,082  
Weighted Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 0.01  
Issued (in dollars per share) 0.01  
Exercised (in dollars per share) 0.01  
Outstanding ending balance (in dollars per share) 0.01 $ 0.01
Vested and exercisable (in dollars per share) $ 0.01  
Weighted Average Remaining Contractual Life (Years)    
Outstanding (in years) 2 years 3 months 18 days 2 years 8 months 12 days
Vested and exercisable (in years) 1 year 6 months  
Aggregate Intrinsic Value (In millions)    
Outstanding at period start $ 145.2  
Issued 1.1  
Exercised 1.1  
Outstanding at period end 108.4 $ 145.2
Vested and exercisable $ 92.6  
v3.26.1
Warrants - United Airlines (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 8 Months Ended
Aug. 09, 2022
USD ($)
aircraft
installment
$ / shares
shares
Jan. 29, 2021
installment
aircraft
milestone
$ / shares
shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
Sep. 16, 2021
shares
Dec. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of conditional purchased aircraft | aircraft   200        
Option to purchase of additional aircraft | aircraft   100        
Warrants price per share (in dollars per share) | $ / shares     $ 0.01      
Class of warrant or right, vested during the period (in shares)         2,948,352  
Loss on disposal of property and equipment | $     $ 0.0 $ 0.0    
First Two Milestones            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Class of warrant or right, vested during the period (in shares)     8,845,058      
Sub Milestone One and Two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Class of warrant or right, fair value of each warrant (in dollars per share) | $ / shares $ 4.37          
Class A            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Valuation of common stock, per share (in dollars per share) | $ / shares   $ 13.35        
United Airlines Inc.            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of conditional purchased aircraft | aircraft 100          
Purchase agreement, pre delivery payment received | $ $ 10.0   $ 10.0     $ 10.0
United Airlines Inc. | Warrants For Collaboration Agreement With United Airlines Inc.            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Warrants, issued or issuable (in shares)   14,741,764        
Warrants price per share (in dollars per share) | $ / shares   $ 0.01        
Number of vesting installments | installment 4 4        
Warrants, vesting period 6 months          
Number of vesting milestones | milestone   4        
United Airlines Inc. | Warrants For Collaboration Agreement With United Airlines Inc. | Class A            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of securities called by each warrant or right (in shares)   1        
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone One            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Class of warrant or right, vested and expected to vest (in shares) 737,088          
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone Two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Class of warrant or right, vested and expected to vest (in shares) 2,211,264          
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone Three            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of conditional purchased aircraft | aircraft 160          
Class of warrant or right, vested and expected to vest (in shares) 3,685.45          
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone Four            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of conditional purchased aircraft | aircraft 40          
Class of warrant or right, vested and expected to vest (in shares) 22,112.65          
v3.26.1
Warrants - Stellantis N.V. (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
Apr. 27, 2026
shares
Jan. 03, 2023
USD ($)
tranche
$ / shares
shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Warrants price per share (in dollars per share)     $ 0.01  
Research and development | $     $ 171.7 $ 103.7
Stellantis N.V.        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Warrants price per share (in dollars per share)   $ 0.01    
Warrants, weighted average grant date fair value (in dollars per share)   $ 1.93    
Stellantis N.V. | Warrant Exercisable Period One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Founder grants, number of tranches | tranche   3,000    
Award vesting period (in years)   12 months    
Stellantis N.V. | Warrant Exercisable Period Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period (in years)   24 months    
Stellantis N.V. | Warrant Exercisable Period Three        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period (in years)   36 months    
Stellantis N.V. | Warrants For Collaboration Agreement With FCA US LLC        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Research and development | $     $ 0.1 $ 0.8
Stellantis N.V. | Class A        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Sale of stock value | $   $ 150.0    
Number of securities called by warrants or rights (in shares) | shares   15,000,000.0    
Stock price (in dollars per share)   $ 1.93    
FCA US LLC | Warrants For Collaboration Agreement With FCA US LLC        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of securities called by warrants or rights (in shares) | shares     1,671,202  
Warrants price per share (in dollars per share)     $ 0.01  
FCA US LLC | Warrants For Collaboration Agreement With FCA US LLC | Subsequent Event        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Conversion of stock (in shares) | shares 1,669,783      
v3.26.1
Warrants - Liability Classified Warrants (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Class of Warrant or Right [Line Items]    
Warrants price per share (in dollars per share) $ 0.01  
Change in fair value of warrant liabilities $ (22.8) $ (41.7)
Public warrants    
Class of Warrant or Right [Line Items]    
Exercise of warrants (in shares) 52  
Warrant outstanding (in shares) 17,394,945  
Exercisable term from closing of initial public offering 12 months  
Warrants price per share (in dollars per share) $ 0.01  
Redemption period 30 days  
Warrant redemption condition minimum share price (in dollars per share) $ 18.00  
Threshold trading days 20 days  
Threshold consecutive trading days 30 days  
Threshold number of business days before sending notice of redemption to warrant holders 3 days  
Number of securities called by each warrant or right (in shares) 1  
Public warrants | Class A    
Class of Warrant or Right [Line Items]    
Warrants price per share (in dollars per share) $ 11.50  
Private placement warrants    
Class of Warrant or Right [Line Items]    
Warrant outstanding (in shares) 8,000,000  
Exercisable term after business combination 30 days  
v3.26.1
Income Taxes (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense $ 100,000 $ 100,000
Deferred income tax expense (benefit) $ 0 $ 0
v3.26.1
Net loss per share - Narrative (Details)
Mar. 31, 2026
$ / shares
Earnings Per Share [Abstract]  
Warrants price per share (in dollars per share) $ 0.01
v3.26.1
Net loss per share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation (in shares) 66,335,783 67,589,336
Options to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation (in shares) 1,274,795 1,871,637
Unvested restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation (in shares) 35,269,825 31,685,118
Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation (in shares) 28,469,203 33,344,301
Shares issuable under the Employee Stock Purchase Plan (Note 11)    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation (in shares) 1,321,960 688,280
v3.26.1
Related Party Transactions (Details) - Rotating Composite Technologies
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Related Party Transaction [Line Items]  
Payable $ 0.5
Cost of revenue $ 2.3
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.26.1
Segment Reporting - Schedule of Financial Information Respect to the Company’s Single Operating Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 1.6 $ 0.0
Operating expenses    
Depreciation and amortization expense 7.8 4.1
Research and development warrant expense 0.0 0.8
Stock-based compensation expense 70.4 30.1
General and administrative warrant expense 1.1 0.0
Total operating expenses 256.2 144.0
Loss from operations (254.6) (144.0)
Other income (expense), net 20.6 42.0
Interest income, net 16.4 8.7
Loss before income taxes (217.6) (93.3)
Income tax expense (0.1) (0.1)
Net loss (217.7) (93.4)
Reportable Segment    
Segment Reporting Information [Line Items]    
Revenue 1.6 0.0
Operating expenses    
Depreciation and amortization expense 7.8 4.1
Research and development warrant expense 0.0 0.8
Stock-based compensation expense 70.4 30.1
General and administrative warrant expense 1.1 0.0
Other cost of revenue 0.9 0.0
Other research and development expense 133.3 88.2
Other general and administrative expense 42.7 20.8
Total operating expenses 256.2 144.0
Loss from operations (254.6) (144.0)
Other income (expense), net 20.6 42.0
Interest income, net 16.4 8.7
Loss before income taxes (217.6) (93.3)
Income tax expense (0.1) (0.1)
Net loss $ (217.7) $ (93.4)
v3.26.1
Subsequent Events (Details) - Hawthorne Airport Acquisition - USD ($)
$ in Millions
Apr. 01, 2026
Dec. 08, 2025
Subsequent Event [Line Items]    
Percentage of business purchase   75.00%
Payments   $ 25.0
Subsequent Event    
Subsequent Event [Line Items]    
Percentage of business purchase 75.00%  
Payments $ 25.0