ARCHER AVIATION INC., 10-K filed on 3/2/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 25, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2025    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 6.5
Entity Common Stock, Shares Outstanding   744,538,832  
Documents Incorporated by Reference
Part III of this Form 10-K (the “Annual Report”) incorporates by reference certain information from the Registrant's Definitive Proxy Statement (“Proxy Statement”) relating to the 2026 Annual Meeting of Stockholders or an amendment to this report under cover of Form 10-K/A to be filed within 120 days of the end of its fiscal year ended December 31, 2025.
    
Entity Central Index Key 0001824502    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
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 $11.50 per share    
Trading Symbol ACHR WS    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location San Jose, California
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,021,500 $ 834,500
Restricted cash 7,300 6,800
Short-term investments 943,200 0
Prepaid expenses 47,300 12,500
Other current assets 56,800 4,600
Total current assets 2,076,100 858,400
Property and equipment, net 253,600 126,800
Intangible assets, net 80,200 300
Right-of-use assets 40,800 8,100
Goodwill 100 0
Other long-term assets 15,100 7,600
Total assets 2,465,900 1,001,200
Current liabilities    
Accounts payable 30,200 14,600
Current portion of lease liabilities 5,300 3,700
Accrued expenses and other current liabilities 68,100 52,800
Current portion of debt 800 0
Total current liabilities 104,400 71,100
Debt, net of current portion 79,500 64,000
Lease liabilities, net of current portion 36,300 11,300
Warrant liabilities 29,900 89,400
Other long-term liabilities 13,000 12,800
Total liabilities 263,100 248,600
Commitments and contingencies (Note 7)
Stockholders’ equity    
Class A common stock, $0.0001 par value; 1,400,000,000 and 1,400,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 744,046,194 and 503,777,464 shares issued and outstanding as of December 31, 2025 and 2024, respectively 100 100
Additional paid-in capital 4,507,900 2,438,400
Accumulated deficit (2,303,800) (1,685,600)
Accumulated other comprehensive loss (1,400) (300)
Total stockholders’ equity 2,202,800 752,600
Total liabilities and stockholders’ equity $ 2,465,900 $ 1,001,200
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
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) 744,046,194 503,777,464
Common stock, outstanding (in shares) 744,046,194 503,777,464
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 300 $ 0 $ 0
Operating expenses      
Cost of revenue 300 0 0
Research and development 493,900 357,700 276,400
General and administrative 235,400 152,000 168,400
Other warrant expense 0 0 2,100
Total operating expenses 729,600 509,700 446,900
Loss from operations (729,300) (509,700) (446,900)
Other income (expense), net 58,600 (48,800) (26,900)
Interest income, net 52,800 21,900 16,400
Loss before income taxes (617,900) (536,600) (457,400)
Income tax expense (300) (200) (500)
Net loss $ (618,200) $ (536,800) $ (457,900)
Net loss per share, basic (in dollars per share) $ (0.99) $ (1.42) $ (1.69)
Net loss per share, diluted (in dollars per share) $ (0.99) $ (1.42) $ (1.69)
Weighted-average common shares, basic (in shares) 624,307,768 376,734,395 270,408,132
Weighted-average common shares, diluted (in shares) 624,307,768 376,734,395 270,408,132
v3.25.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ (618.2) $ (536.8) $ (457.9)
Other comprehensive loss:      
Unrealized gain (loss) on available-for-sale securities, net of tax (1.3) 0.0 0.8
Foreign currency translation gain (loss) 0.2 (0.3) 0.0
Total other comprehensive loss (1.1) (0.3) 0.8
Comprehensive loss, net of tax $ (619.3) $ (537.1) $ (457.1)
v3.25.4
Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Millions
Total
Common Stock
Class A
Common Stock
Class B
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Common stock, beginning balance (in shares) at Dec. 31, 2022   177,900,738 63,738,197      
Beginning balance at Dec. 31, 2022 $ 493.3 $ 0.0 $ 0.0 $ 1,185.0 $ (690.9) $ (0.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Conversion of Class B common stock to Class A common stock (in shares)   26,449,869 (26,449,869)      
Issuance of Class A common stock (in shares)   1,985,559        
Issuance of Class A common stock 11.6     11.6    
Issuance of restricted stock units and restricted stock expense (in shares)   7,405,542        
Issuance of restricted stock units and restricted stock expense (6.6)     (6.6)    
Exercise of stock options (in shares)   1,149,934 877,287      
Exercise of stock options 0.2     0.2    
Issuance of warrants and warrant expense 46.0     46.0    
Exercise of warrants (in shares)   2,942,778        
Common stock withheld related to net share settlement of equity awards (in shares)   (1,378,367)        
Common stock withheld related to net share settlement of equity awards (3.5)     (3.5)    
Common stock issued under employee stock purchase plan (in shares)   1,228,632        
Common stock issued under employee stock purchase plan 2.9     2.9    
Common stock issued under stock purchase agreement (in shares)   18,650,273        
Common stock issued under stock purchase agreement 89.6     89.6    
Common stock issued under at-the-market program (in shares)   3,109,097        
Common stock issued under at-the-market program 19.5     19.5    
PIPE financing (in shares)   26,173,286        
PIPE financing 139.0     139.0    
Stock-based compensation 32.2     32.2    
Net loss (457.9)       (457.9)  
Other comprehensive (loss) income 0.8         0.8
Common stock, ending balance (in shares) at Dec. 31, 2023   265,617,341 38,165,615      
Ending balance at Dec. 31, 2023 367.1 $ 0.0 $ 0.0 1,515.9 (1,148.8) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Conversion of Class B common stock to Class A common stock (in shares)   43,434,962 (43,434,962)      
Issuance of Class A common stock (in shares)   1,685,994        
Issuance of Class A common stock 5.9     5.9    
Issuance of restricted stock units and restricted stock expense (in shares)   13,774,204 5,002,306      
Issuance of restricted stock units and restricted stock expense $ 46.5     46.5    
Exercise of stock options (in shares) 999,115 732,072 267,041      
Exercise of stock options $ 0.0          
Issuance of warrants and warrant expense 55.2     55.2    
Exercise of warrants (in shares)   13,242,767        
Common stock issued under employee stock purchase plan (in shares)   1,723,996        
Common stock issued under employee stock purchase plan 4.8     4.8    
Common stock issued under stock purchase agreement (in shares)   17,401,153        
Common stock issued under stock purchase agreement 53.5     53.5    
Common stock issued under at-the-market program (in shares)   32,971,617        
Common stock issued under at-the-market program 137.8     137.8    
PIPE financing (in shares)   113,193,358        
PIPE financing 565.8 $ 0.1   565.7    
Stock-based compensation 53.1     53.1    
Net loss (536.8)       (536.8)  
Other comprehensive (loss) income $ (0.3)         (0.3)
Common stock, ending balance (in shares) at Dec. 31, 2024 503,777,464 503,777,464 0      
Ending balance at Dec. 31, 2024 $ 752.6 $ 0.1 $ 0.0 2,438.4 (1,685.6) (0.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of Class A common stock (in shares)   15,045,913        
Issuance of Class A common stock 126.8     126.8    
Issuance of restricted stock units and restricted stock expense (in shares)   14,937,101        
Issuance of restricted stock units and restricted stock expense $ 22.5     22.5    
Exercise of stock options (in shares) 416,394 416,394        
Exercise of stock options $ 0.0          
Issuance of warrants and warrant expense 4.3     4.3    
Exercise of warrants (in shares)   61,000        
Common stock issued under employee stock purchase plan (in shares)   1,154,358        
Common stock issued under employee stock purchase plan 7.4     7.4    
Common stock issued under at-the-market program (in shares)   3,921,875        
Common stock issued under at-the-market program 46.4     46.4    
PIPE financing (in shares)   2,982,089        
PIPE financing 9.6     9.6    
Registered direct offerings (in shares)   201,750,000        
Registered direct offerings 1,731.2     1,731.2    
Stock-based compensation 121.3     121.3    
Net loss (618.2)       (618.2)  
Other comprehensive (loss) income $ (1.1)         (1.1)
Common stock, ending balance (in shares) at Dec. 31, 2025 744,046,194 744,046,194 0      
Ending balance at Dec. 31, 2025 $ 2,202.8 $ 0.1 $ 0.0 $ 4,507.9 $ (2,303.8) $ (1.4)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (618,200) $ (536,800) $ (457,900)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 20,000 11,700 6,500
Debt discount and issuance cost amortization 100 0 700
Stock-based compensation expense 223,500 108,800 45,200
Change in fair value of warrant liabilities and other warrant costs (59,500) 49,500 32,900
Gain on issuance of common stock 0 (1,500) (3,600)
Non-cash lease expense 4,500 3,000 3,800
Research and development warrant expense 3,300 8,100 17,500
General and administrative warrant expense 0 200 0
Other warrant expense 0 0 2,100
Technology and dispute resolution agreements expense 0 5,600 70,300
Amortization (accretion) of short-term investments purchased at a premium (discount) 600 0 (2,300)
Changes in operating assets and liabilities:      
Prepaid expenses (12,200) (4,000) 1,900
Other current assets (6,200) (4,100) 800
Other long-term assets (3,100) (2,400) (5,000)
Accounts payable 8,800 (100) 9,200
Accrued expenses and other current liabilities 16,500 (4,300) 2,300
Operating lease right-of-use assets and lease liabilities, net (6,100) (3,300) 2,400
Other long-term liabilities (4,900) 1,000 1,600
Net cash used in operating activities (432,900) (368,600) (271,600)
Cash flows from investing activities      
Purchase of property and equipment (78,800) (82,000) (44,300)
Purchase of short-term investments (1,048,100) 0 0
Proceeds from maturities of short-term investments 103,000 0 465,000
Acquisition of intangible assets (26,200) 0 0
Business acquisition, net (125,900) 0 0
Net cash provided by (used in) investing activities (1,176,000) (82,000) 420,700
Cash flows from financing activities      
Proceeds from issuance of debt 0 57,500 7,500
Repayment of long-term debt 0 0 (10,000)
Payment of debt issuance costs 0 (700) (300)
Payments for taxes related to net share settlement of equity awards 0 0 (3,500)
Proceeds from PIPE financing 10,000 590,100 145,000
Proceeds from shares issued under at-the-market program 46,300 138,300 20,700
Proceeds from shares issued under employee stock purchase plan 7,400 4,800 2,900
Proceeds from issuance of common stock 1,801,800 55,000 95,000
Payment of offering costs in connection with financing activities (69,100) (24,600) (7,200)
Net cash provided by financing activities 1,796,400 820,400 250,100
Net increase in cash, cash equivalents, and restricted cash 187,500 369,800 399,200
Cash, cash equivalents, and restricted cash, beginning of period 841,300 471,500 72,300
Cash, cash equivalents, and restricted cash, end of period 1,028,800 841,300 471,500
Supplemental Cash Flow Information:      
Cash paid for interest 4,100 2,500 800
Non-cash investing and financing activities:      
Purchases of property and equipment included in accounts payable and accrued expenses 12,400 7,800 10,800
Purchases of property and equipment in common stock 7,400 0 0
Purchases of intangible assets in common stock 9,800 0 0
Payment of offering costs in connection with financing activities in common stock $ 1,900 $ 0 $ 0
v3.25.4
Description of Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2025
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 company focused on the development of advanced aviation technologies and aircraft. The Company’s primary product is an electric vertical take-off and landing (“eVTOL”) aircraft. The Company plans to operate two primary lines of business: (i) a commercial business, which is expected to include the sale of commercial aircraft and related technologies and services, a direct-to-consumer air taxi services in select metropolitan areas worldwide, and aviation hangar leases at Hawthorne Municipal Airport, California (“Hawthorne Airport”); and (ii) a defense business, which is expected to include the sale of aircraft and related technologies for defense applications.
Business Combination
The Company went public through a de-SPAC transaction in September 2021 as a result of the merger agreement that was entered into in February 2021 (the “Business Combination Agreement”) by Archer Aviation Inc., a Delaware corporation (that existed prior to the closing of the Business Combination (as defined below), “Legacy Archer”), Atlas Crest Investment Corp., a Delaware Corporation (“Atlas”) and Artemis Acquisition Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Atlas (“Merger Sub”). A business combination of Legacy Archer and Atlas was effected by the merger of Merger Sub with and into Legacy Archer, with Legacy Archer surviving the merger as a wholly-owned subsidiary of Atlas (collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”). Following the Business Combination on September 16, 2021, Legacy Archer changed its name to Archer Aviation Operating Corp., and Atlas changed its name to Archer Aviation Inc. and it became the successor registrant with the Securities and Exchange Commission (“SEC”). The Company’s Class A common stock and public warrants are listed on the NYSE under the symbols “ACHR” and “ACHR WS,” respectively.
Basis of Presentation
The accompanying 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 consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
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 8 - Preferred and Common Stock), and issuance of debt (Note 6 - Debt).
Through December 31, 2025, the Company has incurred cumulative operating losses, generated negative cash flows from operating activities, and accumulated a deficit of $2,303.8 million. As of December 31, 2025, the Company had cash, cash equivalents and short-term investments of $1,964.7 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 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. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.
Use of Estimates
The preparation of the 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 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, and (vi) incremental borrowing rate used for right-of-use assets and lease liabilities. 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.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Cash, Cash Equivalents, and Restricted Cash
Cash consists of cash on deposit with financial institutions. Cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. As of December 31, 2025 and 2024, the Company’s cash and cash equivalents included money market funds of $883.3 million and $729.9 million, respectively.
Restricted cash consists primarily of cash held as security for the Company’s standby letters of credit. Refer to Note 7 - Commitments and Contingencies for additional information.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sum to amounts reported on the consolidated statements of cash flows:
As of December 31,
(in millions)
20252024
Cash and cash equivalents$1,021.5 $834.5 
Restricted cash7.3 6.8 
Total cash, cash equivalents, and restricted cash$1,028.8 $841.3 
Short-term Investments
The Company classifies investments in marketable securities as available-for-sale investments and records these marketable securities at fair value. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. All highly liquid investments with original maturities of 90 days or less from the date of purchase are classified as cash equivalents, while all others are presented within current assets since these investments represent funds available for current operations and the Company has the ability and intent, if necessary, to liquidate any of these investments within one year. Short-term investments are recorded at fair value, with the unrealized gains or losses unrelated to credit loss factors included in accumulated other comprehensive loss, net of tax. Realized gains and losses and declines in value determined to be other than temporary based on the specific identification method are reported in other income (expense), net in the consolidated statements of operations.
The Company periodically reviews whether the securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company records an impairment loss associated with the impaired investment. The impairment loss will be recorded as a write-down of investments in the consolidated balance sheets and a realized loss within other income (expense), net in the consolidated statements of operations. There were no credit-related impairments recognized on the Company’s short-term investments during the periods presented.
For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable interest receivable of $6.7 million, net of the allowance for credit losses, if any, is recorded in other current assets on the consolidated balance sheet as of December 31, 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.
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):
As of December 31, 2025
As of December 31, 2024
DescriptionLevel 1Level 2Level 3Level 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$883.3 $— $— $729.9 $— $— 
Short-term investments:
U.S. Treasuries
703.8 — — — — — 
Corporate debt securities
—239.4 — — — — 
Other current assets
Option to acquire FBO
—— 44.8 — — — 
Total assets measured at fair value
$1,587.1 $239.4 $44.8 $729.9 $— $— 
Liabilities:
Warrant liabilities
Public warrants
$19.9 $— $— $56.0 $— $— 
Private placement warrants
— — 10.0 — — 33.4 
Total liabilities measured at fair value
$19.9 $— $10.0 $56.0 $— $33.4 
Cash and Cash Equivalents
The Company classifies its money market funds as Level 1 because they are valued based on quoted market prices in active markets.
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 tables present 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 following tables present a summary of the Company’s cash equivalents and short-term investments as of December 31, 2024 (in millions):
As of December 31, 2024
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents:
Money market funds$729.9 $— $— $729.9 
Total$729.9 $— $— $729.9 
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 year ended December 31, 2025.
Public Warrants
The measurement of the public warrants as of December 31, 2025 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 $1.15 and $3.22 per warrant as of December 31, 2025 and 2024, respectively.
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 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:
InputDecember 31,
2025		December 31,
2024
Stock price$7.52 $9.75 
Strike price$11.50 $11.50 
Term (in years)
0.71
1.7
Risk-free rate3.5 %4.2 %
Volatility89.1 %92.1 %
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 years ended December 31, 2025 and 2024 (in millions):

Balance as of December 31, 2023
$14.5 
Change in fair value18.9 
Balance as of December 31, 2024
33.4 
Change in fair value(23.4)
Balance as of December 31, 2025
$10.0 
In connection with the change in fair value of the Company’s private placement warrants liability, the Company recognized a gain of $23.4 million and a loss of $18.9 million and a loss $12.0 million during the years ended December 31, 2025, 2024 and 2023, respectively, within other income (expense), net in the consolidated statements of operations. Refer to Note 11 - Warrants for additional information about the private placement warrants.
Option to Acquire FBO
In connection with the acquisition of Hawthorne Airport 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 Company utilizes a Black-Scholes model for the valuation of the option at each reporting period, with changes in fair value recognized in the other income (expense), net in the consolidated statements of operations. The estimated fair value of the option is determined using Level 3 inputs. Inherent in a Black-Scholes model are assumptions related to projected future cash flows of the underlying FBO business, expected volatility, expected life, risk-free interest rate, and dividend yield.
As the option was initially recorded near year-end, changes in fair value subsequent to initial recognition were not material as of December 31, 2025. The option is exercisable through December 31, 2026 and is therefore classified within other current assets in the consolidated balance sheet.
The key inputs into the Black-Scholes model for the option to acquire FBO business are as follows:
InputDecember 8,
2025
Strike price (in millions)
$25.0 
Term (in years)
0.2
Risk-free rate3.8 %
Volatility50.0 %
Dividend yield0.0 %
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 consolidated balance sheets. The fair value of debt as of December 31, 2025 approximates its carrying value (Level 2). Refer to Note 6 - 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.
Property and Equipment, Net
Property and equipment are stated at historical cost less accumulated depreciation. Expenditures for major renewals and betterment are capitalized, while minor replacements, maintenance, and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation is removed from the accounts, and any difference between the selling price and net carrying amount is recorded as a gain or loss in the consolidated statements of operations.
Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Useful Life
(In years)
Building
30-40
Equipment
5
Computer hardware and software
3
Leasehold improvements
Shorter of lease term or the asset standard life
Impairment of Long-Lived Assets
The Company reviews its long-lived assets, consisting primarily of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such triggering events or changes in circumstances may include: a significant decrease in the market price of a long-lived asset, a significant adverse change in the extent or manner in which a long-lived asset is being or intended to be used, a significant adverse change in legal factors or in the business climate, the impact of competition or other factors that could affect the value of a long-lived asset, a significant adverse deterioration in the amount of revenue or cash flows expected to be generated from an asset group, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of a long-lived asset, current or future operating or cash flow losses that demonstrate continuing losses associated with the use of a long-lived asset, or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets including any cash flows upon their eventual disposition to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. The Company did not identify any events or changes in circumstances that would indicate that the Company’s long-lived assets may be impaired and therefore determined there was no impairment of long-lived assets during all periods presented.
Cloud Computing Arrangements
The Company capitalizes certain implementation costs incurred in the application development stage of projects related to its cloud computing arrangements that are service contracts. Capitalized implementation costs are recognized in other long-term assets in the consolidated balance sheets and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. As of December 31, 2025 and 2024, the net carrying amounts of the Company’s capitalized cloud computing implementation costs were $5.3 million and $5.9 million, respectively.
Intangible Assets, Net
Intangible assets consist solely of domain names, acquired patents and other purchased intangible assets, and are recorded at cost, net of accumulated amortization, and if applicable, impairment charges. The intangible assets are amortized over their useful lives ranging from 10 to 30 years on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company has analyzed a variety of factors to determine if any circumstance could trigger an impairment loss, and, at this time and based on the information presently known, no event has occurred and indicated that it is more likely than not that an impairment loss has been incurred. Therefore, the Company did not record any impairment charges for its intangible assets for the years ended December 31, 2025, 2024 and 2023.
As of December 31, 2025 and 2024, the net carrying amounts for intangible assets were $80.2 million and $0.3 million, respectively, and were recorded in the Company’s consolidated balance sheets.
The Company’s purchased intangible assets of December 31, 2025 and 2024 were as follows (in millions):
December 31, 2025December 31, 2024
Gross
Additions
Accumulated Amortization
Net
Gross
Accumulated AmortizationNet
Intangible assets:
Domain name
$0.5 $— $(0.2)$0.3 $0.5 $(0.2)$0.3 
Patents
— 36.0 (0.8)35.2 — — — 
Operating rights
44.8 (0.1)44.7 
Total purchased intangible assets
0.5 80.8 (1.1)80.2 0.5 (0.2)0.3 
The weighted-average useful life of the acquired patents and operating rights for the year ended December 31, 2025 was approximately 10 years and 30 years, respectively. The weighted-average useful life of intangible assets in total for the year ended December 31, 2025 was approximately 21 years.
Amortization expense related to intangible assets are as follows:
Year Ended December 31,
20252024
Domain name (1)
$— $0.1 
Patents
0.8 — 
Operating rights
0.1 — 
Total amortization expense
$0.9 $0.1 
(1) The amortization related to domain name is less than $0.1 million for the year ended December 31, 2025.
The expected future annual amortization expense of intangible assets as of December 31, 2025 is presented below (in millions):
2026$5.2 
20275.2 
20285.2 
20295.2 
20305.2 
Thereafter54.2 
Total
$80.2 
Business Combinations
The Company allocates the acquisition purchase price to the tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. The excess of the purchase price over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. Allocation of the purchase price requires significant estimates in determining the fair value of acquired assets and assumed liabilities, especially with respect to intangible assets. Critical estimates include, but are not limited to, future expected cash flows, discount rates and expenses associated with an asset. These estimates are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. 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 offset to goodwill.
Goodwill
Goodwill results from the purchase consideration paid in excess of the fair value of the net assets recorded in connection with business acquisitions. Goodwill is not amortized but is assessed for potential impairment at least annually during the fourth quarter of each fiscal year or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Goodwill is tested at the reporting unit level, which the Company has determined to be the same as the entity as a whole (entity level). The Company first performs qualitative assessment to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying value, an impairment analysis will be performed.
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):
Year Ended December 31,
20252024
Current portion of contract liabilities
$1.3 $0.9 
Contract liabilities, net of current portion
10.0 11.8 
Total$11.3 $12.7 
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 consolidated balance sheets. As of December 31, 2025 and 2024, the Company’s contract liabilities 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) (see Note 11 - Warrants), and installment payments received under a contract order with the United States Air Force (the “USAF”) for the design, development, and ground test of the Company’s production aircraft, Midnight, of $0.0 million and $1.8 million, respectively. No revenue related to these contract liabilities were recognized during the years ended December 31, 2025, 2024 and 2023.
Revenue
Lease Revenue
The Company accounts for lease arrangements in accordance with ASC 842, Leases. Lease revenue is recognized for arrangements in which the Company is the lessor. The Company’s lease arrangements primarily consist of the lease of hangar space at Hawthorne Airport and are classified as operating leases with lease income recognized as earned over each monthly lease period beginning on the lease commencement date as most the leases are month-to-month.
Lease revenue excludes amounts collected from lessees for taxes and other amounts assessed by governmental authorities. The Company does not have lease arrangements classified as sales-type or direct financing leases.
Operating Expenses
Cost of Revenue
Cost of revenue related to sublease revenue is included within operating expenses and primarily consists of master ground lease payments, utilities, property taxes, and insurance associated with the leased hangar space. Master ground lease payments are accounted for in accordance with ASC 842, Leases, while utilities, property taxes, and insurance are recognized as incurred. These costs are directly attributable to the operation and maintenance of the underlying leased asset used to generate lease revenue.
Research and Development
Research and development (“R&D”) costs are expensed as incurred and are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation expense for employees focused on R&D activities, costs associated with building prototype aircraft, other related costs, depreciation, and an allocation of general overhead. R&D efforts focus on the design and development of the Company’s eVTOL aircraft, including certain of the systems that are used in it.
General and Administrative
General and administrative expenses are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation expense for employees associated with the Company’s administrative services such as finance, legal, human resources, and information technology, other related costs, depreciation, and an allocation of general overhead. General and administrative expenses include charges relating to the Technology and Dispute Resolution Agreements (as defined in Note 7 - Commitments and Contingencies) expense for the years ended December 31, 2025 and 2024, and stock-based compensation expense related to restricted stock units (“RSUs”) granted to the Company’s founders pursuant to the terms and conditions of the Business Combination Agreement immediately prior to closing (each, a “Founder Grant” and collectively, the “Founder Grants”) for the years ended December 31, 2025, 2024 and 2023. Refer to Note 7 - Commitments and Contingencies and Note 9 - Stock-Based Compensation for additional information.
Other Warrant Expense
Other warrant expense consists entirely of non-cash expense related to the warrants issued in conjunction with the execution of the United Purchase Agreement, United Collaboration Agreement, and United Warrant Agreement with United. Refer to Note 11 - Warrants for additional information.
Stock-Based Compensation
The Company’s stock-based compensation awards consist of options granted to employees and non-employees and RSUs granted to employees, directors, and non-employees that convert into shares of the Company’s Class A common stock upon vesting. The Company recognizes stock-based compensation expense in accordance with the provisions of ASC 718, Compensation - Stock Compensation. ASC 718 requires the measurement and recognition of compensation expense for all stock-based compensation awards made to employees, directors, and non-employees to be based on the grant date fair values of the awards.
Fair Value of Common Stock
The fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock, as quoted on the NYSE, on the date of grant.
Leases
The Company accounts for leases in accordance with ASC 842, Leases, and determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments for a term similar to the lease term in a similar economic environment as the lease. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Lease expense for leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. In addition, the Company has elected as an accounting policy, the practical expedient to not separate lease and non-lease components within a contract and instead treat it as a single lease component. Operating leases are included in ROU assets, current portion of lease liabilities, and lease liabilities, net of current portion in the Company’s consolidated balance sheets.
Income Taxes
The Company accounts for its income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more-likely-than-not that the Company will not realize those tax assets through future operations. Significant judgment is applied when assessing the need for valuation allowances and includes the evaluation of historical loss adjusted for the effects of non-recurring items. Areas of estimation include consideration of future taxable income. The Company has placed a full valuation allowance against its federal and state deferred tax assets since the recovery of the assets is uncertain. Should a change in circumstances lead to a change in judgment
about the utilization of deferred tax assets in future years, the adjustment related to valuation allowances would be reported as an increase to income.
The Company utilizes the guidance in ASC 740-10, Income Taxes, to account for uncertain tax positions. ASC 740-10 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the positions will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more-likely-than-not of being realized and effectively settled. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in the income tax provision.
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. 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.
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.
Because the Company reported net losses for all periods presented, all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share. The diluted net loss per common share was the same for Class A and Class B common shares because they are entitled to the same liquidation and dividend rights.
The following table presents the number of antidilutive shares excluded from the calculation of diluted net loss per share:
Year Ended December 31,
202520242023
Options to purchase common stock1,623,752 2,118,011 3,174,114 
Unvested restricted stock units34,166,124 28,658,246 33,397,483 
Warrants33,595,159 38,347,301 52,011,560 
Shares issuable under the Employee Stock Purchase Plan (Note 9)
949,538 527,764 931,412 
Total70,334,573 69,651,322 89,514,569 
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.
The following table presents significant expenses provided to the CODM (in millions):
Year Ended December 31,
202520242023
Revenue
$0.3 $— $— 
Operating expenses
Cost of revenue
0.2 — — 
Depreciation and amortization expense
20.0 11.7 6.5 
Research and development warrant expense
3.3 8.1 17.5 
Stock-based compensation expense
223.5 108.8 45.2 
Technology and dispute resolution agreements expense
— 12.0 70.3 
General and administrative warrant expense
— 0.2 — 
Other research and development expense
378.0 290.9 224.6 
Other general and administrative expense
104.6 78.0 80.7 
Other warrant expense— — 2.1 
Total operating expenses729.6 509.7 446.9 
Loss from operations(729.3)(509.7)(446.9)
Other income (expense), net58.6 (48.8)(26.9)
Interest income, net52.8 21.9 16.4 
Loss before income taxes(617.9)(536.6)(457.4)
Income tax expense(0.3)(0.2)(0.5)
Net loss$(618.2)$(536.8)$(457.9)
Comprehensive Loss
Comprehensive loss includes all changes in equity during the period from non-owner sources. The Company’s comprehensive loss consists of its net loss, its unrealized gains or losses on available-for-sale securities and foreign currency translation gains or losses.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of incremental income tax information related to the income tax rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. The Company adopted this standard effective for its Annual Report on Form 10-K for the year ended December 31, 2025 using a prospective approach. Refer to Note 10 - Income Taxes for further information.
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 consolidated financial statements.
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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, software 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. The update can be applied either (1) retrospectively, (2) prospectively, or (3) on a modified prospective basis. The Company is currently evaluating the impact of ASU 2025-06 on its disclosures within its 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 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 consolidated financial statements.
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
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 December 31,
20252024
Building$118.4 $64.4 
Equipment
49.9 25.6 
Computer hardware and software
9.9 7.7 
Leasehold improvements
50.7 34.2 
Construction in progress60.0 13.3 
Total property and equipment288.9 145.2 
Less: Accumulated depreciation(35.3)(18.4)
Total property and equipment, net$253.6 $126.8 
The following table presents depreciation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202520242023
Cost of revenue
$0.1 $— $— 
Research and development16.5 9.8 5.3 
General and administrative0.4 0.5 0.5 
Total depreciation expense$17.0 $10.3 $5.8 
v3.25.4
Business Combination
 12 Months Ended
Dec. 31, 2025
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 Airport in Hawthorne, California. 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 subleases agreements held by HAL; (iii) certain sublease held by 395 Park Place, LLC (“395 Park Place”) with third parties; (iv) an option to purchase seventy-five per cent (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 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 date 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. See Note 6 - Debt for more details.
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 (other current assets)
44.8 
Property and equipment, net
50.3 
ROU 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 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 2 - Summary of Significant Accounting Policies 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 immaterial acquisition-related costs, which were expensed as incurred and recorded within general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2025.
v3.25.4
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of December 31,
20252024
Accrued engineering services, parts and materials
$13.1 $12.5 
Accrued employee costs29.7 22.2 
Accrued professional services
14.8 6.5 
Contract liabilities - current
1.3 0.9 
Other current liabilities9.2 10.7 
Total$68.1 $52.8 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table provides information regarding the Company’s debt (in millions):
As of December 31,
20252024
Synovus Bank loan
$65.0 $65.0 
Less: unamortized discount and loan issuance costs(0.8)(1.0)
Carrying amount of Synovus loan
64.2 64.0 
Banc of California
$16.1 $— 
Less: unamortized discount and loan issuance costs— — 
Carrying amount of Banc of California loan
16.1 — 
Total carrying amount of debt
80.3 
Less: Current portion of Debt
(0.8)— 
Debt, net of current portion
$79.5 $64.0 
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 secured by funds in a collateral account and the Credit Agreement is guaranteed by certain domestic subsidiaries of the Company. The Company may prepay with 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 December 31, 2025, the Company was in compliance with all the covenants of the Credit Agreement.
The Company has drawn down full $65.0 million of the Synovus Loan as of December 31, 2025. The effective interest rate for the draw downs ranged from 6.0% to 6.5% and 6.7% to 7.2% as of December 31, 2025 and 2024, respectively. The Company incurred issuance costs of $1.0 million related to the loan outstanding as of December 31, 2025. The loan issuance costs will be amortized to interest expense over the contractual term of the Synovus Loan. During the years ended December 31, 2025 and 2024, the Company recognized interest expense of $4.2 million and $0.1 million, respectively, including an immaterial amount related to the amortization of issuance costs within interest income, net in the consolidated statements of operations. The carrying value of the Loan, net of unamortized issuance costs of $0.8 million was $64.2 million as of December 31, 2025.
Banc of California Loan
In connection with the acquisition of Hawthorne Airport acquisition, 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 secured commercial real estate debt.
The future scheduled principal maturities of the Debt as of December 31, 2025 are as follows (in millions):
2026$0.9 
20273.1 
20283.1 
20293.1 
203016.8 
Thereafter54.1 
Total debt payable
$81.1 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Leases
The Company leases office, lab, hangar, and storage facilities under various operating lease agreements with lease periods expiring between 2025 and 2030 and generally containing periodic rent increases and various renewal and termination options.
The Company’s lease costs were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$7.4 $5.0 $5.7 
Short-term lease cost1.1 0.5 0.6 
Total lease cost$8.5 $5.5 $6.3 
The Company’s weighted-average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:
20252024
Weighted-average remaining lease term (in months)14348
Weighted-average discount rate14.1 %14.4 %
The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of December 31, 2025 were as follows (in millions):
2026$14.2 
202712.0 
202811.0 
202910.4 
20309.2 
Thereafter60.7 
Total future lease payments117.5 
Less: leasehold improvement allowance(9.4)
Total net future lease payments108.1 
Less: imputed interest(66.5)
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):
Year Ended December 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases$8.1 $5.2 
Non-cash investing activities
Operating lease liabilities from obtaining right-of-use assets$31.9 $2.1 
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 consolidated balance sheets.
Letters of Credit
On February 28, 2023, in conjunction with a project agreement that the Company entered into with the City of Covington and the Authority for the Company’s manufacturing facilities to be constructed in Covington, Georgia, the Company entered into a standby letter of credit in the amount of $3.5 million in favor of the City of Covington, to guarantee certain performance obligations. The standby letter of credit expires on March 31, 2035.
As of December 31, 2025, 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.
Wisk Litigation and Technology and Dispute Resolution Agreements
On April 6, 2021, Wisk Aero LLC (“Wisk”) brought a lawsuit against the Company in the United States District Court for the Northern District of California alleging misappropriation of trade secrets and patent infringement. The Company filed certain counterclaims for defamation, tortious interference and unfair competition.
On August 10, 2023, the Company, the Boeing Company (“Boeing”) and Wisk entered into a series of agreements that provide for, among other things, certain investments by Boeing into the Company and an autonomous flight technology collaboration between Wisk and the Company, the issuance of certain warrants to Wisk and resolution of the federal and state court litigation between the parties (the “Technology and Dispute Resolution Agreements”).
Pursuant to the Technology and Dispute Resolution Agreements, the Company issued Wisk a warrant to purchase up to 13,176,895 shares of the Company’s Class A Common Stock with an exercise price of $0.01 per share (the “Wisk Warrant”).
The Company recorded the initial vested tranche of shares underlying the warrant within equity at its fair value and recognized technology and dispute resolution agreements expense for the initial vested tranche of shares upon the issuance of the Wisk Warrant. The Company recorded the unvested portion of shares underlying the Wisk Warrant (the “Second Tranche”) as liabilities at their fair value and adjusted the Wisk Warrant to fair value at each reporting period. This liability was subjected to remeasurement at each balance sheet date until exercised, and any change in fair value was recognized as a gain or loss in the Company’s consolidated statements of operations. The initial offsetting entry to the warrant liability was technology and dispute resolution agreements expense. Upon the issuance of shares underlying the Second Tranche, the warrant liability was reclassed to equity at fair value. During the years ended December 31, 2024 and 2023, the Company recorded $10.3 million and $70.3 million, respectively, in general and administrative expenses.
On June 7, 2024, Wisk filed a motion in the United States District Court for the Northern District of California to enforce the Technology and Dispute Resolution Agreements in regards to a dispute between the parties with respect to the Second
Tranche. The Company filed its opposition on July 10, 2024 and a hearing on Wisk’s motion occurred on August 14, 2024. On September 6, 2024, the Court entered an order determining that the shares underlying the Second Tranche were exercisable and that the Company was required to pay Wisk prejudgment interest for the period from March 21, 2024 through the date of the Court’s hearing on the issue, which has been paid by the Company. On November 5, 2024, the Court issued an order denying Wisk’s motion for partial reconsideration of certain aspects of the Court’s August order. The Wisk Warrant was fully vested and exercised in the year ended December 31, 2024.
Delaware Class Action Litigation
On May 17, 2024, two putative stockholders of the Company (and formerly, Atlas) filed class action lawsuits, on behalf of themselves and other similarly-situated stockholders, in the Delaware Court of Chancery against the directors and officers of Atlas, the Company, the Company’s co-founders, 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. Trial is scheduled to begin on May 17, 2027.
Joby Litigation
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. A hearing on this motion has been scheduled for March 24, 2026.
Vertical Litigation
On February 23, 2026, the Company filed a patent infringement lawsuit against Vertical Aerospace Ltd. and Vertical Aerospace Group Ltd. (collectively, “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.
v3.25.4
Preferred and Common Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Preferred and Common Stock Preferred and Common Stock
On December 26, 2024, the Company filed a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to increase the total number of authorized shares of capital stock from 1,010,000,000 to 1,710,000,000, consisting of 1,400,000,000 shares of Class A common stock, 300,000,000 shares of Class B common stock and 10,000,000 shares of preferred stock.
Effective December 31, 2024 (the “Final Conversion Date”), pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation providing for the automatic conversion of the Company’s Class B common stock on the last trading day of the year during which the number of outstanding shares of Class B common stock represents less than 10.0% of the total number of outstanding shares of the Company’s Class A common stock and Class B common stock, each outstanding share of Class B common stock automatically converted into the same number of shares of Class A common stock
(the “Conversion”). No additional shares of Class B common stock have been or will be issued following the Final Conversion Date.
Preferred Stock
As of December 31, 2025, no shares of preferred stock were outstanding, and the Company currently has no plans to issue any shares of preferred stock.
Common Stock
Voting
Holders of the Company’s Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders.
Dividends
Holders of Class A common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board of Directors in its discretion out of funds legally available therefor. No dividends on common stock have been declared by the Company’s Board of Directors through December 31, 2025, and the Company does not expect to pay dividends in the foreseeable future.
Preemptive Rights
Stockholders have no preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to Class A common stock.
Liquidation
In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock will be entitled to receive an equal amount per share of all of the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of any preferred stock have been satisfied.
PIPE Financing
On August 10, 2023, the Company entered into subscription agreements with certain investors providing for the private placement of 26,173,286 shares of the Company’s Class A common stock for net proceeds of approximately $139.0 million, after deducting offering costs.
On August 8, 2024, the Company entered into subscription agreements with certain investors providing for the private placement of the Company’s Class A common stock at a purchase price of $3.35 per share (the “First 2024 PIPE Financing”), pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. A portion of the First 2024 PIPE Financing closed on August 12, 2024 for 49,283,582 shares of the Company’s Class A common stock for net proceeds of approximately $158.0 million, after deducting offering costs. The remaining portion of the First 2024 PIPE Financing covering an aggregate of 2,982,089 shares of the Company’s Class A common stock to be issued and sold to Stellantis N.V. (“Stellantis”) for gross proceeds of approximately $10.0 million closed on January 6, 2025.
On December 11, 2024, the Company entered into subscription agreements with certain investors providing for the private placement of the Company’s Class A common stock at a purchase price of $6.65 per share (the “Second 2024 PIPE Financing”), pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. A portion of the Second 2024 PIPE Financing closed on December 13, 2024 for 63,909,776 shares of the Company’s Class A common stock for net proceeds of approximately $407.7 million, after deducting offering costs. The remaining portion of the Second 2024 PIPE Financing covering an aggregate of 751,879 shares of the Company’s Class A common stock to be issued and sold to Stellantis
for anticipated gross proceeds of approximately $5.0 million, which remains subject to the satisfaction of certain closing conditions.
At-The-Market Program
In November 2023, the Company filed a shelf registration statement on Form S-3 with the SEC and a related prospectus supplement pursuant to which it may, from time to time, sell shares of its Class A common stock, having an aggregate value of up to $70.0 million, pursuant to a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with a placement agent (the “First ATM Program”). The First ATM Program was fully utilized in May 2024. During the years ended December 31, 2024 and 2023, the Company sold 10,275,033 and 3,109,097 shares of Class A common stock, respectively, under the First ATM Program, for net proceeds of $48.1 million and $19.5 million, respectively.
In May 2024, the Company filed a shelf registration statement on Form S-3 with the SEC that permits the offering of an aggregate of up to $95.0 million of shares of the Company’s Class A common stock or preferred stock, debt securities, warrants, and units (the “2024 Shelf Registration Statement”), including a prospectus for the sale under the Sales Agreement of shares of its Class A common stock, having an aggregate value of up to $70.0 million (the “Second ATM Program”). The Second ATM Program was fully utilized in November 2024, resulting in the sale of 20,644,100 shares of Class A common stock for net proceeds of $68.0 million during the year ended December 31, 2024.
In November 2024, the Company filed a shelf registration statement on Form S-3ASR with the SEC and a related prospectus for the sale under the Sales Agreement of shares of its Class A common stock, having an aggregate value of up to $70.0 million (the “Third ATM Program”). During the year ended December 31, 2024, the Company sold 2,052,484 shares of Class A common stock under the Third ATM Program for net proceeds of $21.7 million. During the year ended December 31, 2025, the Third ATM program was fully utilized, resulting in the sale of 3,921,875 shares for net proceeds of $46.3 million.
The Company pays the placement agent a commission rate of up to 3.0% of the gross proceeds from any shares of Class A common stock sold through the Sales Agreement.
Vendor Share Issuances
During the years ended December 31, 2025, and 2024, the Company issued 15,045,913 and 1,685,994 shares of Class A common stock to certain vendors to satisfy $126.8 million and $5.8 million of the Company’s current and/or future obligations to those vendors, respectively.
Registered Direct Offerings
On February 12, 2025, the Company closed a registered direct offering in which pursuant to the securities purchase agreement dated February 11, 2025, by and between the Company and certain institutional investors, the Company issued and sold 35,500,000 shares of the Company’s Class A common stock for gross proceeds of $301.8 million, after deducting offering costs.
On June 16, 2025, the Company closed a registered direct offering in which pursuant to the securities purchase agreement dated June 12, 2025, by and between the Company and certain institutional investors, the Company issued and sold 85,000,000 shares of the Company’s Class A common stock for gross proceeds of $850.0 million, after deducting offering costs.
On November 10, 2025, the Company closed a registered direct offering in which pursuant to the securities purchase agreement dated November 6, 2025, by and between the Company and certain institutional investors, the Company issued and sold 81,250,000 shares of the Company’s Class A common stock for gross proceeds of $650.0 million, after deducting offering costs.
v3.25.4
Stock-Based Compensation​
 12 Months Ended
Dec. 31, 2025
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. 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 25,191,478 shares on January 1, 2025. 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 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 years ended December 31, 2025, 2024 and 2023, the Company recognized stock-based compensation expense of $21.1 million, $17.8 million and $11.5 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 January 1, 2024
3,174,114 $0.12 6.7$19.1 
Exercised(999,115)$0.08 $4.5 
Expired/forfeited(56,988)$0.10 
Outstanding as of December 31, 2024
2,118,011 $0.13 5.8$20.4 
Exercised(416,394)0.11 3.7 
Expired/forfeited(77,865)0.15 
Outstanding as of December 31, 2025
1,623,752 0.14 4.812.0 
Exercisable as of December 31, 2025
1,613,990 $0.14 4.8$11.9 
Vested and expected to vest as of December 31, 2025
1,623,752 0.14 4.812.0 
There were no options granted for the years ended December 31, 2025, 2024 and 2023.
The Company recognized stock-based compensation expense of $2.2 million, $2.5 million and $2.8 million for stock options for the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025, there was less than $0.1 million 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 January 1, 2024
31,522,483 $4.99 
Granted
18,608,964 $4.78 
Vested
(18,837,707)$4.87 
Forfeited
(2,635,494)$4.06 
Outstanding as of December 31, 2024
28,658,246 $5.02 
Granted23,226,161 9.22 
Performance based adjustment (1)
190,844 6.39 
Vested(15,418,517)5.94 
Forfeited (2,490,610)6.56 
Outstanding as of December 31, 2025
34,166,124 7.36 
(1) Represents units adjusted for the vesting of the first tranche of PSUs (defined below) granted in 2024.
During the year ended December 31, 2025, the Company granted 2,425,322 RSUs under the Amended and Restated 2021 Plan, representing the annual equity awards for 2024. 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 19,918,683 RSUs under the Amended and Restated 2021 Plan, which generally vest over a three- or four-year period with a one-year cliff and remains 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 year ended December 31, 2025, the Company granted 882,156 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 17
2025		July 26
2025
Stock price$10.35 $11.21 
Term (in years)3.03.0
Risk-free interest rate4.2 %3.8 %
Volatility88.2 %87.2 %
Dividend yield0.0 %0.0 %
Immediately prior to closing of the Business Combination, each of the Company’s founders was granted 20,009,224 RSUs under the 2019 Plan pursuant to the terms and conditions of the Business Combination Agreement. One-quarter of each of the Founder Grants was intended 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 of the Founder Grants and so long as the achievement occurs within seven years following the closing of the Business Combination.
The Company accounts for the Founder Grants as four separate tranches, with each tranche consisting of two award conditions, a performance award condition and market award condition. Each tranche vests when either the market condition or performance condition is satisfied (only one condition is satisfied). The Company determined the fair value of the performance award by utilizing the trading price on the Closing Date. When the applicable performance milestone is deemed probable of being achieved, the Company will recognize compensation expense for the portion earned to date over the requisite period. For the market award, the Company determined both the fair value and derived service period using a Monte Carlo simulation model on the Closing Date. The Company will recognize compensation expense for the market award on a straight-line basis over the derived service period. If the applicable performance condition is not probable of being achieved, compensation cost for the value of the award incorporating the market condition is recognized, so long as the requisite service is provided. If the performance milestone becomes probable of being achieved, the full fair value of the award will be recognized, and any remaining expense for the market award will be canceled.
One-quarter of each of the Founder Grants, 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. As of December 31, 2025, there were 10,004,612 RSUs outstanding, representing the remaining two tranches of the outstanding Founder Grant.
For the years ended December 31, 2025, 2024 and 2023, the Company recorded $22.6 million, $33.1 million and $49.7 million of stock-based compensation expense, respectively, for the remaining two tranches of the outstanding Founder Grant in general and administrative expenses in the consolidated statements of operations. Of the amounts recorded during the years ended December 31, 2023 and 2022, approximately $17.3 million and $32.4 million of stock-based compensation expense, respectively, associated with the forfeiture were reversed in July 2023 and recorded during the year ended December 31, 2023.
For the years ended December 31, 2025, 2024 and 2023, the Company recorded $99.1 million, $47.4 million and $27.0 million of stock-based compensation expense, respectively, related to RSUs (excluding the Founder Grants).
As of December 31, 2025, the total remaining stock-based compensation expense for unvested RSUs (including the remaining Founder Grant) was $177.1 million, which is expected to be recognized over a weighted-average period of 1.0 year.
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 4,677,185 on January 1, 2025. As of December 31, 2025, the maximum number of shares authorized for issuance under the ESPP was 15,762,995, of which 11,656,009 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 year ended December 31, 2025, for the six-month ESPP offering periods that ended on May 31, 2025 and November 30, 2025, employees purchased 618,173 shares at a price of $6.21 per share and 536,185 shares at a price of $6.62 per share, respectively.
The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of each award granted under the ESPP. The following table sets forth the key assumptions and fair value results for each award granted in the Company’s six-month offering period that started on December 1, 2025:
InputDecember 1,
2025		June 1,
2025
Stock price$7.46 $10.09 
Term (in years)0.50.5
Risk-free interest rate3.7 %4.3 %
Volatility89.0 %122.0 %
Dividend yield0.0 %0.0 %
Grant date fair value per share$2.94 $4.83 
During the years ended December 31, 2025, 2024 and 2023, the Company recognized stock-based compensation expense of $4.5 million, $2.6 million and $1.2 million for the ESPP, respectively.
As of December 31, 2025, the total remaining stock-based compensation expense was $2.3 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 years ended December 31, 2025, and 2024, the Company recognized stock-based compensation expense of $73.3 million and $5.5 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 year ended December 31, 2025, the Company recognized $0.7 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 consolidated statements of operations for the year ended December 31, 2025.
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 consolidated statements of operations (in millions):
Year Ended December 31,
202520242023
Research and development$95.3 $49.0 $28.9 
General and administrative128.2 59.8 16.3 
Total stock-based compensation expense$223.5 $108.8 $45.2 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's loss before income taxes consisted of the following (in millions):
Year Ended December 31,
202520242023
United States
$(619.0)$(537.6)$(458.7)
International
1.1 1.0 1.3 
Total
$(617.9)$(536.6)$(457.4)
The Company recognized foreign current income tax provision of $0.3 million, $0.2 million, and $0.5 million during the years ended December 31, 2025, 2024 and 2023, respectively. The Company did not record any deferred income tax provision for the years ended December 31, 2025, 2024 and 2023. The related increase in the deferred tax assets was offset by the increase in valuation allowance.
As further described in Note 2, Summary of Significant Accounting Policies, the Company has elected to prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures (“ASU 2023-09”). In accordance with the guidance in ASU No. 2023-09 the effective income tax rate for the year ended December 31, 2025, differs from the statutory federal income tax rate as follows (in millions, except percentages):
Year Ended December 31,
2025
Federal income tax at statutory tax rate
$(129.8)21.0 %
Tax credits

Research and development tax credit
(22.8)3.7 
Change in valuation allowance163.2 (26.5)
Nontaxable or nondeductible items
Warrant expense(12.2)2.0 
Nondeductible officers’ compensation12.3 (2.0)
Stock-based compensation expense(12.2)2.0 
Other1.8 (0.2)
Provision for income taxes and Effective tax rate
$0.3 — %
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Year Ended December 31,
20242023
Federal income tax (benefit) at statutory tax rate
21.0 %21.0 %
State and local income taxes (net of federal benefit)0.8 %(2.7)%
Nondeductible expenses(1.0)%(0.1)%
Warrant expense(1.9)%(1.6)%
Nondeductible officers’ compensation(0.7)%0.1 %
Credits5.4 %4.4 %
Change in valuation allowance(23.6)%(21.2)%
Effective tax rate0.0 %(0.1)%
Differences between the state statutory rate and state effective tax rate for the years ended December 31, 2025 and 2024 primarily relate to the limitations imposed on certain share-based compensation under Section 162(m), research and development expenses tax credits and an increase in the valuation allowance.
The Company’s significant components of its deferred tax assets and liabilities are as follows (in millions):
As of December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards$296.3 $133.0 
Accrued expenses5.8 4.3 
Operating lease liabilities9.3 3.3 
Stock-based compensation expense5.4 2.1 
Warrants8.6 7.8 
Capitalized research and development expenses
116.4 132.3 
Credits107.1 71.5 
Depreciation and amortization
1.3 3.7 
Other0.7 0.3 
Gross deferred tax assets550.9 358.3 
Less: valuation allowance(541.8)(353.3)
Deferred tax assets, net of valuation allowance9.1 5.0 
Deferred tax liabilities:
Depreciation and amortization— (3.2)
Right-of-use assets(9.1)(1.8)
Total deferred tax liabilities(9.1)(5.0)
Total net deferred tax assets$— $— 
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 and future tax projections and the Company’s lack of taxable income in the carryback period, the Company recorded a valuation allowance of $541.8 million against the federal and state deferred tax assets. The valuation allowance increased by $188.5 million, $127.0 million, and $96.6 million during the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025 and 2024, the Company has U.S. federal net operating loss (“NOL”) carryforwards of $1,372.4 million and $616.5 million, respectively, which can be carried forward indefinitely. As of December 31, 2025 and 2024, the
Company has state NOL carryforwards of $146.8 million and $58.2 million, respectively, which will both begin to expire in 2038.
In the ordinary course of its business, the Company incurs costs that, for tax purposes, are determined to be qualified R&D expenditures within the meaning of Section 41 of the Internal Revenue Code of 1986, as amended (the “Code”) and are, therefore, eligible for the Increasing Research Activities credit under Section 41 of the Code. The U.S. federal R&D tax credit carryforward is $77.2 million and $53.2 million for December 31, 2025 and 2024, respectively. The U.S. federal R&D tax credit carryforward begins to expire in 2039. The state R&D tax credit carryforward is $45.0 million and $27.9 million for December 31, 2025 and 2024, respectively, which can be carried forward indefinitely.
The following table shows the changes in the gross amount of unrecognized tax benefits (in millions):
Balance as of December 31, 2022
$1.5 
Increases related to prior year tax positions
0.5 
Balance as of December 31, 2023
2.0 
Increases related to current year tax positions2.0 
Balance as of December 31, 2024
4.0 
Increases related to current year tax positions3.0 
Balance as of December 31, 2025
$7.0 
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of December 31, 2025 and 2024 is zero due to the valuation allowance that would otherwise be recorded on the deferred tax asset associated with the recognized position. During the years ended December 31, 2025, 2024 and 2023, the Company recognized no interest and penalties related to uncertain tax positions.
In accordance with Section 382 and Section 383 of the Code, a corporation that undergoes an “ownership change” (generally defined as a cumulative change of more than 50.0% in the equity ownership of certain stockholders over a rolling three-year period) is subject to limitations on its ability to utilize its pre-change NOLs and R&D tax credits to offset post-change taxable income and post-change tax liabilities, respectively. The Company’s existing NOLs and R&D credits may be subject to limitations arising from previous ownership changes, and the ability to utilize NOLs could be further limited by Section 382 and Section 383 of the Code. In addition, future changes in the Company’s stock ownership, some of which may be outside of the Company’s control, could result in an ownership change under Section 382 and Section 383 of the Code. The amount of such limitations, if any, has not been determined.
The Company is subject to taxation and files income tax returns with the U.S. federal government and various state jurisdictions. As a result of the Company’s net operating loss and credit carryforwards all of its years are subject to federal and state examination. The Company is not under audit by any tax jurisdictions at this time. During the year ended December 31, 2025, the Company did not have any significant income tax payments made or refunds received from any jurisdiction.
v3.25.4
Warrants
 12 Months Ended
Dec. 31, 2025
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 January 1, 2025
20,753,630 $0.01 3.5$202.1 
Issued314,760 0.01 2.4 
Exercised(57,050)0.01 0.4 
Expired
(1,671,202)
Outstanding as of December 31, 2025
19,340,138 0.01 2.7145.2 
Vested and exercisable as of December 31, 2025
11,139,976 $0.01 1.9$83.7 
United Airlines, Inc.
On January 29, 2021, the Company entered into the United Purchase Agreement, the United Collaboration Agreement, and 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 December 31, 2025.
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 year ended December 31, 2025 and 2024. For the year ended December 31, 2023, the Company recorded $2.1 million in other warrant expense in the consolidated statements of operations related to the second sub-milestone under the fourth milestone, and a total of 2,211,264 warrants vested from achievement of this milestone.
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. As further described below, 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 is currently in pre-revenue stage and is not generating 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 determined to be $1.93, which was the closing price of the Company’s Class A common stock on January 3, 2023. For each tranche of the
warrant, the Company will recognize compensation costs as the related services are received from Stellantis on a straight-line basis over the associated service period. During the years ended December 31, 2025 and 2024, the Company recorded $3.3 million and $8.1 million of research and development expense, respectively, in the consolidated statements of operations in connection with the Stellantis Collaboration Agreement.
On June 23, 2023, the Company issued 6,337,039 shares of Class A common stock to Stellantis in connection with the first milestone under the Stellantis Forward Purchase Agreement and received approximately $25.0 million in gross proceeds. On August 10, 2023, Stellantis waived certain conditions provided for in the Stellantis Forward Purchase Agreement relating to the Company’s actual achievement pursuant to Milestone 2 (as defined in the Stellantis Forward Purchase Agreement). In connection with this waiver, the Company submitted an election notice to draw down upon the $70.0 million applicable to Milestone 2, which equals 12,313,234 shares of the Company’s Class A common stock. This drawdown was completed on October 16, 2023. On June 27, 2024, the Company elected to draw down the $55.0 million remaining available under the Stellantis Forward Purchase Agreement associated with Milestone 3 (as defined in the Stellantis Forward Purchase Agreement). In accordance therewith, on July 1, 2024, the Company issued 17,401,153 shares of Class A common stock to Stellantis for gross proceeds of approximately $55.0 million.
During the year ended December 31, 2025, FCA US LLC (“FCA”), 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. The warrant was not exercised and expired as of December 31, 2025.
Liability Classified Warrants
During the year end December 31, 2025, 3,950 public warrants were exercised and as of December 31, 2025, there were 17,394,997 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 December 31, 2025, 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 consolidated statements of operations. During the year ended December 31, 2025, the Company
recognized a gain of $59.5 million. During the years ended December 31, 2024 and 2023, the Company recognized losses of $49.5 million and $32.9 million, respectively.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party TransactionsIn August 2025, Neon Aero Inc. and its subsidiaries (together “Neon Group”) became related parties of the Company due to the Company’s Chief Executive Officer’s ownership interest and position as a director of Neon Aero Inc. As of December 31, 2025, $0.6 million was payable to Neon Group. The total purchases of goods and services from Neon Group since August 2025 was $4.1 million
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Tosha Perkins [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 1, 2025, Tosha Perkins, Chief Administrative Officer of the Company, adopted a trading arrangement, which expires December 31, 2026, and provides for the sale of up to 166,667 shares of Class A common stock pursuant to the terms of the plan.
Name Tosha Perkins
Title Chief Administrative Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 1, 2025
Expiration Date December 31, 2026
Arrangement Duration 395 days
Aggregate Available 166,667
Eric Lentell [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 23, 2025, Eric Lentell, Chief Legal and Strategy Officer of the Company, amended a trading arrangement entered into on September 3, 2025, which expires on September 1, 2026, and provides for the potential sale of 100,000 shares of Class A common stock pursuant to the terms of the plan.
Name Eric Lentell
Title Chief Legal and Strategy Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 23, 2025
Expiration Date September 1, 2026
Arrangement Duration 252 days
Aggregate Available 100,000
Michael Spellacy [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 30, 2025, Michael Spellacy, a member of the Board of Directors of the Company, adopted trading arrangement, which expires on December 31, 2026, and provides for the potential sale of 54,644 shares of Class A common stock held by Mr. Spellacy and 334,244 shares held by Achill Holdings, LLC, which is controlled by Mr. Spellacy, pursuant to the terms of the plan.
Name Michael Spellacy
Title member of the Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 30, 2025
Expiration Date December 31, 2026
Arrangement Duration 366 days
Shares Held by Mr. Spellacy [Member] | Michael Spellacy [Member]  
Trading Arrangements, by Individual  
Aggregate Available 54,644
Shares Held by Achill Holdings, LLC [Member] | Michael Spellacy [Member]  
Trading Arrangements, by Individual  
Aggregate Available 334,244
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We understand the importance of maintaining an active cybersecurity risk management and strategy program. As an emerging technology company, we understand that we may face cyber threats that range from common cyberattacks, such as ransomware, to more advanced attacks such as advanced persistent threats perpetrated by nation-state actors and other highly organized actors. Our cybersecurity risk management program is guided by industry standards, such as the National Institute of Standards and Technology (“NIST”). We strategically partner with industry leading external vendors to perform cybersecurity assessments, as well as regular penetration testing to better understand our potential vulnerabilities, threat vectors, and impact on critical assets or operations. As part of these processes, our cybersecurity team identifies and prioritizes risks to devise our annual cybersecurity mitigation strategy and address operational risks. Our cybersecurity program is organized around the following key areas:
Risk Management and Strategy
We maintain a cybersecurity risk management program to assess, identify, and address significant cybersecurity risks, incorporating them into our broader enterprise risk management processes. Our program is guided by recognized industry standards and is designed to be risk-based and adaptable as our business, technology, and threat landscape evolve. We rely on a combination of internal resources and, when appropriate, third-party service providers to support activities such as security assessments, vulnerability detection, and testing.
Key elements of our cybersecurity program include:
•Risk assessment and prioritization processes aim to identify cybersecurity risks, including those related to third-party service providers, and to facilitate remediation planning and tracking.
•Employee security awareness and training are designed to improve cybersecurity hygiene and help employees recognize and report suspected threats, such as phishing and social engineering.
•Technical and administrative safeguards to minimize the likelihood and impact of cybersecurity incidents, including endpoint security, identity and access management, and network protection.
•Monitoring and detection practices, including the use of security tooling and, when appropriate, third-party services, are designed to help identify indicators of compromise and support response activities.
•Incident response processes designed to support investigation, containment, remediation, recovery, and escalation, including consideration of cybersecurity incident materiality and related disclosure requirements.
Cybersecurity Service Providers and Third-party Consultants. In addition to our internal cybersecurity team, we engage cybersecurity consultants and other third parties to assess and enhance our information security practices. These third parties conduct assessments, penetration testing, and vulnerability assessments to identify weaknesses and recommend improvements. We also utilize third-party tools and technologies to support our efforts to enhance our cybersecurity functions.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We understand the importance of maintaining an active cybersecurity risk management and strategy program. As an emerging technology company, we understand that we may face cyber threats that range from common cyberattacks, such as ransomware, to more advanced attacks such as advanced persistent threats perpetrated by nation-state actors and other highly organized actors. Our cybersecurity risk management program is guided by industry standards, such as the National Institute of Standards and Technology (“NIST”). We strategically partner with industry leading external vendors to perform cybersecurity assessments, as well as regular penetration testing to better understand our potential vulnerabilities, threat vectors, and impact on critical assets or operations. As part of these processes, our cybersecurity team identifies and prioritizes risks to devise our annual cybersecurity mitigation strategy and address operational risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Audit Committee of our Board of Directors provides oversight of cybersecurity risks and receives updates from management on cybersecurity matters.
The Chief Information Security Officer (“CISO”) and management team are responsible for the day-to-day operation of our cybersecurity program, including assessing and managing material risks from cybersecurity threats and reporting relevant matters to the Audit Committee and, as appropriate, the full Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee of our Board of Directors provides oversight of cybersecurity risks and receives updates from management on cybersecurity matters.
The Chief Information Security Officer (“CISO”) and management team are responsible for the day-to-day operation of our cybersecurity program, including assessing and managing material risks from cybersecurity threats and reporting relevant matters to the Audit Committee and, as appropriate, the full Board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Chief Information Security Officer (“CISO”) and management team are responsible for the day-to-day operation of our cybersecurity program, including assessing and managing material risks from cybersecurity threats and reporting relevant matters to the Audit Committee and, as appropriate, the full Board.
Cybersecurity Risk Role of Management [Text Block]
Risk Management and Strategy
We maintain a cybersecurity risk management program to assess, identify, and address significant cybersecurity risks, incorporating them into our broader enterprise risk management processes. Our program is guided by recognized industry standards and is designed to be risk-based and adaptable as our business, technology, and threat landscape evolve. We rely on a combination of internal resources and, when appropriate, third-party service providers to support activities such as security assessments, vulnerability detection, and testing.
Key elements of our cybersecurity program include:
•Risk assessment and prioritization processes aim to identify cybersecurity risks, including those related to third-party service providers, and to facilitate remediation planning and tracking.
•Employee security awareness and training are designed to improve cybersecurity hygiene and help employees recognize and report suspected threats, such as phishing and social engineering.
•Technical and administrative safeguards to minimize the likelihood and impact of cybersecurity incidents, including endpoint security, identity and access management, and network protection.
•Monitoring and detection practices, including the use of security tooling and, when appropriate, third-party services, are designed to help identify indicators of compromise and support response activities.
•Incident response processes designed to support investigation, containment, remediation, recovery, and escalation, including consideration of cybersecurity incident materiality and related disclosure requirements.
Cybersecurity Service Providers and Third-party Consultants. In addition to our internal cybersecurity team, we engage cybersecurity consultants and other third parties to assess and enhance our information security practices. These third parties conduct assessments, penetration testing, and vulnerability assessments to identify weaknesses and recommend improvements. We also utilize third-party tools and technologies to support our efforts to enhance our cybersecurity functions.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Audit Committee of our Board of Directors provides oversight of cybersecurity risks and receives updates from management on cybersecurity matters.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Chief Information Security Officer (“CISO”) and management team are responsible for the day-to-day operation of our cybersecurity program, including assessing and managing material risks from cybersecurity threats and reporting relevant matters to the Audit Committee and, as appropriate, the full Board.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Audit Committee of our Board of Directors provides oversight of cybersecurity risks and receives updates from management on cybersecurity matters.
The Chief Information Security Officer (“CISO”) and management team are responsible for the day-to-day operation of our cybersecurity program, including assessing and managing material risks from cybersecurity threats and reporting relevant matters to the Audit Committee and, as appropriate, the full Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Business Combination
Business Combination
The Company went public through a de-SPAC transaction in September 2021 as a result of the merger agreement that was entered into in February 2021 (the “Business Combination Agreement”) by Archer Aviation Inc., a Delaware corporation (that existed prior to the closing of the Business Combination (as defined below), “Legacy Archer”), Atlas Crest Investment Corp., a Delaware Corporation (“Atlas”) and Artemis Acquisition Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Atlas (“Merger Sub”). A business combination of Legacy Archer and Atlas was effected by the merger of Merger Sub with and into Legacy Archer, with Legacy Archer surviving the merger as a wholly-owned subsidiary of Atlas (collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”). Following the Business Combination on September 16, 2021, Legacy Archer changed its name to Archer Aviation Operating Corp., and Atlas changed its name to Archer Aviation Inc. and it became the successor registrant with the Securities and Exchange Commission (“SEC”). The Company’s Class A common stock and public warrants are listed on the NYSE under the symbols “ACHR” and “ACHR WS,” respectively.
Business Combinations
The Company allocates the acquisition purchase price to the tangible and intangible assets acquired and liabilities assumed, based on their estimated fair values. The excess of the purchase price over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. Allocation of the purchase price requires significant estimates in determining the fair value of acquired assets and assumed liabilities, especially with respect to intangible assets. Critical estimates include, but are not limited to, future expected cash flows, discount rates and expenses associated with an asset. These estimates are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. 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 offset to goodwill.
Basis of Presentation
Basis of Presentation
The accompanying 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 consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the 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 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, and (vi) incremental borrowing rate used for right-of-use assets and lease liabilities. 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.
Cash and Cash Equivalents Cash consists of cash on deposit with financial institutions. Cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase.
Restricted Cash Restricted cash consists primarily of cash held as security for the Company’s standby letters of credit.
Short-term Investments
Short-term Investments
The Company classifies investments in marketable securities as available-for-sale investments and records these marketable securities at fair value. The Company determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. All highly liquid investments with original maturities of 90 days or less from the date of purchase are classified as cash equivalents, while all others are presented within current assets since these investments represent funds available for current operations and the Company has the ability and intent, if necessary, to liquidate any of these investments within one year. Short-term investments are recorded at fair value, with the unrealized gains or losses unrelated to credit loss factors included in accumulated other comprehensive loss, net of tax. Realized gains and losses and declines in value determined to be other than temporary based on the specific identification method are reported in other income (expense), net in the consolidated statements of operations.
The Company periodically reviews whether the securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company records an impairment loss associated with the impaired investment. The impairment loss will be recorded as a write-down of investments in the consolidated balance sheets and a realized loss within other income (expense), net in the consolidated statements of operations. There were no credit-related impairments recognized on the Company’s short-term investments during the periods presented.
For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable interest receivable of $6.7 million, net of the allowance for credit losses, if any, is recorded in other current assets on the consolidated balance sheet as of December 31, 2025.
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.
Cash and Cash Equivalents
The Company classifies its money market funds as Level 1 because they are valued based on quoted market prices in active markets.
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 December 31, 2025 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 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 consolidated balance sheets. The fair value of debt as of December 31, 2025 approximates its carrying value (Level 2). Refer to Note 6 - 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.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment are stated at historical cost less accumulated depreciation. Expenditures for major renewals and betterment are capitalized, while minor replacements, maintenance, and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation is removed from the accounts, and any difference between the selling price and net carrying amount is recorded as a gain or loss in the consolidated statements of operations.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company reviews its long-lived assets, consisting primarily of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such triggering events or changes in circumstances may include: a significant decrease in the market price of a long-lived asset, a significant adverse change in the extent or manner in which a long-lived asset is being or intended to be used, a significant adverse change in legal factors or in the business climate, the impact of competition or other factors that could affect the value of a long-lived asset, a significant adverse deterioration in the amount of revenue or cash flows expected to be generated from an asset group, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of a long-lived asset, current or future operating or cash flow losses that demonstrate continuing losses associated with the use of a long-lived asset, or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets including any cash flows upon their eventual disposition to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. The Company did not identify any events or changes in circumstances that would indicate that the Company’s long-lived assets may be impaired and therefore determined there was no impairment of long-lived assets during all periods presented.
Cloud Computing Arrangements
Cloud Computing Arrangements
The Company capitalizes certain implementation costs incurred in the application development stage of projects related to its cloud computing arrangements that are service contracts. Capitalized implementation costs are recognized in other long-term assets in the consolidated balance sheets and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.
Intangible Assets, Net
Intangible Assets, Net
Intangible assets consist solely of domain names, acquired patents and other purchased intangible assets, and are recorded at cost, net of accumulated amortization, and if applicable, impairment charges. The intangible assets are amortized over their useful lives ranging from 10 to 30 years on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company has analyzed a variety of factors to determine if any circumstance could trigger an impairment loss, and, at this time and based on the information presently known, no event has occurred and indicated that it is more likely than not that an impairment loss has been incurred.
Goodwill
Goodwill
Goodwill results from the purchase consideration paid in excess of the fair value of the net assets recorded in connection with business acquisitions. Goodwill is not amortized but is assessed for potential impairment at least annually during the fourth quarter of each fiscal year or between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Goodwill is tested at the reporting unit level, which the Company has determined to be the same as the entity as a whole (entity level). The Company first performs qualitative assessment to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is more likely than not that the fair value of its reporting unit is less than its carrying value, an impairment analysis will be performed.
Contract Liabilities
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):
Year Ended December 31,
20252024
Current portion of contract liabilities
$1.3 $0.9 
Contract liabilities, net of current portion
10.0 11.8 
Total$11.3 $12.7 
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 consolidated balance sheets. As of December 31, 2025 and 2024, the Company’s contract liabilities 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) (see Note 11 - Warrants), and installment payments received under a contract order with the United States Air Force (the “USAF”) for the design, development, and ground test of the Company’s production aircraft, Midnight, of $0.0 million and $1.8 million, respectively. No revenue related to these contract liabilities were recognized during the years ended December 31, 2025, 2024 and 2023.
Revenue
Revenue
Lease Revenue
The Company accounts for lease arrangements in accordance with ASC 842, Leases. Lease revenue is recognized for arrangements in which the Company is the lessor. The Company’s lease arrangements primarily consist of the lease of hangar space at Hawthorne Airport and are classified as operating leases with lease income recognized as earned over each monthly lease period beginning on the lease commencement date as most the leases are month-to-month.
Lease revenue excludes amounts collected from lessees for taxes and other amounts assessed by governmental authorities. The Company does not have lease arrangements classified as sales-type or direct financing leases.
Operating Expenses
Cost of Revenue
Cost of revenue related to sublease revenue is included within operating expenses and primarily consists of master ground lease payments, utilities, property taxes, and insurance associated with the leased hangar space. Master ground lease payments are accounted for in accordance with ASC 842, Leases, while utilities, property taxes, and insurance are recognized as incurred. These costs are directly attributable to the operation and maintenance of the underlying leased asset used to generate lease revenue.
Research and Development
Research and Development
Research and development (“R&D”) costs are expensed as incurred and are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation expense for employees focused on R&D activities, costs associated with building prototype aircraft, other related costs, depreciation, and an allocation of general overhead. R&D efforts focus on the design and development of the Company’s eVTOL aircraft, including certain of the systems that are used in it.
General and Administrative
General and Administrative
General and administrative expenses are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation expense for employees associated with the Company’s administrative services such as finance, legal, human resources, and information technology, other related costs, depreciation, and an allocation of general overhead. General and administrative expenses include charges relating to the Technology and Dispute Resolution Agreements (as defined in Note 7 - Commitments and Contingencies) expense for the years ended December 31, 2025 and 2024, and stock-based compensation expense related to restricted stock units (“RSUs”) granted to the Company’s founders pursuant to the terms and conditions of the Business Combination Agreement immediately prior to closing (each, a “Founder Grant” and collectively, the “Founder Grants”) for the years ended December 31, 2025, 2024 and 2023.
Other Warrant Expense
Other Warrant Expense
Other warrant expense consists entirely of non-cash expense related to the warrants issued in conjunction with the execution of the United Purchase Agreement, United Collaboration Agreement, and United Warrant Agreement with United.
Stock-Based Compensation and Fair Value of Common Stock
Stock-Based Compensation
The Company’s stock-based compensation awards consist of options granted to employees and non-employees and RSUs granted to employees, directors, and non-employees that convert into shares of the Company’s Class A common stock upon vesting. The Company recognizes stock-based compensation expense in accordance with the provisions of ASC 718, Compensation - Stock Compensation. ASC 718 requires the measurement and recognition of compensation expense for all stock-based compensation awards made to employees, directors, and non-employees to be based on the grant date fair values of the awards.
Fair Value of Common Stock
The fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock, as quoted on the NYSE, on the date of grant.
Leases
Leases
The Company accounts for leases in accordance with ASC 842, Leases, and determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments for a term similar to the lease term in a similar economic environment as the lease. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Lease expense for leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. In addition, the Company has elected as an accounting policy, the practical expedient to not separate lease and non-lease components within a contract and instead treat it as a single lease component. Operating leases are included in ROU assets, current portion of lease liabilities, and lease liabilities, net of current portion in the Company’s consolidated balance sheets.
Income Taxes
Income Taxes
The Company accounts for its income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more-likely-than-not that the Company will not realize those tax assets through future operations. Significant judgment is applied when assessing the need for valuation allowances and includes the evaluation of historical loss adjusted for the effects of non-recurring items. Areas of estimation include consideration of future taxable income. The Company has placed a full valuation allowance against its federal and state deferred tax assets since the recovery of the assets is uncertain. Should a change in circumstances lead to a change in judgment
about the utilization of deferred tax assets in future years, the adjustment related to valuation allowances would be reported as an increase to income.
The Company utilizes the guidance in ASC 740-10, Income Taxes, to account for uncertain tax positions. ASC 740-10 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the positions will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more-likely-than-not of being realized and effectively settled. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in the income tax provision.
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. 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.
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.
Because the Company reported net losses for all periods presented, all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share. The diluted net loss per common share was the same for Class A and Class B common shares because they are entitled to the same liquidation and dividend rights.
Segments
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.
Comprehensive Loss
Comprehensive Loss
Comprehensive loss includes all changes in equity during the period from non-owner sources. The Company’s comprehensive loss consists of its net loss, its unrealized gains or losses on available-for-sale securities and foreign currency translation gains or losses.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of incremental income tax information related to the income tax rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. The Company adopted this standard effective for its Annual Report on Form 10-K for the year ended December 31, 2025 using a prospective approach. Refer to Note 10 - Income Taxes for further information.
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 consolidated financial statements.
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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, software 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. The update can be applied either (1) retrospectively, (2) prospectively, or (3) on a modified prospective basis. The Company is currently evaluating the impact of ASU 2025-06 on its disclosures within its 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 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 consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sum to amounts reported on the consolidated statements of cash flows:
As of December 31,
(in millions)
20252024
Cash and cash equivalents$1,021.5 $834.5 
Restricted cash7.3 6.8 
Total cash, cash equivalents, and restricted cash$1,028.8 $841.3 
Schedule of Assets and Liabilities Measured at Fair Value
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):
As of December 31, 2025
As of December 31, 2024
DescriptionLevel 1Level 2Level 3Level 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$883.3 $— $— $729.9 $— $— 
Short-term investments:
U.S. Treasuries
703.8 — — — — — 
Corporate debt securities
—239.4 — — — — 
Other current assets
Option to acquire FBO
—— 44.8 — — — 
Total assets measured at fair value
$1,587.1 $239.4 $44.8 $729.9 $— $— 
Liabilities:
Warrant liabilities
Public warrants
$19.9 $— $— $56.0 $— $— 
Private placement warrants
— — 10.0 — — 33.4 
Total liabilities measured at fair value
$19.9 $— $10.0 $56.0 $— $33.4 
Schedule of Cash, Cash Equivalents and Short-term Investments
The following tables present 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 following tables present a summary of the Company’s cash equivalents and short-term investments as of December 31, 2024 (in millions):
As of December 31, 2024
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents:
Money market funds$729.9 $— $— $729.9 
Total$729.9 $— $— $729.9 
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:
InputDecember 31,
2025		December 31,
2024
Stock price$7.52 $9.75 
Strike price$11.50 $11.50 
Term (in years)
0.71
1.7
Risk-free rate3.5 %4.2 %
Volatility89.1 %92.1 %
Dividend yield0.0 %0.0 %
The key inputs into the Black-Scholes model for the option to acquire FBO business are as follows:
InputDecember 8,
2025
Strike price (in millions)
$25.0 
Term (in years)
0.2
Risk-free rate3.8 %
Volatility50.0 %
Dividend yield0.0 %
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 years ended December 31, 2025 and 2024 (in millions):

Balance as of December 31, 2023
$14.5 
Change in fair value18.9 
Balance as of December 31, 2024
33.4 
Change in fair value(23.4)
Balance as of December 31, 2025
$10.0 
Schedule of Useful Life for Property, Plant and Equipment
Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Useful Life
(In years)
Building
30-40
Equipment
5
Computer hardware and software
3
Leasehold improvements
Shorter of lease term or the asset standard life
Property and equipment, net, consisted of the following (in millions):
As of December 31,
20252024
Building$118.4 $64.4 
Equipment
49.9 25.6 
Computer hardware and software
9.9 7.7 
Leasehold improvements
50.7 34.2 
Construction in progress60.0 13.3 
Total property and equipment288.9 145.2 
Less: Accumulated depreciation(35.3)(18.4)
Total property and equipment, net$253.6 $126.8 
The following table presents depreciation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202520242023
Cost of revenue
$0.1 $— $— 
Research and development16.5 9.8 5.3 
General and administrative0.4 0.5 0.5 
Total depreciation expense$17.0 $10.3 $5.8 
Schedule of Purchased Intangible Assets
The Company’s purchased intangible assets of December 31, 2025 and 2024 were as follows (in millions):
December 31, 2025December 31, 2024
Gross
Additions
Accumulated Amortization
Net
Gross
Accumulated AmortizationNet
Intangible assets:
Domain name
$0.5 $— $(0.2)$0.3 $0.5 $(0.2)$0.3 
Patents
— 36.0 (0.8)35.2 — — — 
Operating rights
44.8 (0.1)44.7 
Total purchased intangible assets
0.5 80.8 (1.1)80.2 0.5 (0.2)0.3 
Schedule of Amortization Expense
Amortization expense related to intangible assets are as follows:
Year Ended December 31,
20252024
Domain name (1)
$— $0.1 
Patents
0.8 — 
Operating rights
0.1 — 
Total amortization expense
$0.9 $0.1 
(1) The amortization related to domain name is less than $0.1 million for the year ended December 31, 2025.
Schedule of Expected Future Annual Amortization Expense of Intangible Asset
The expected future annual amortization expense of intangible assets as of December 31, 2025 is presented below (in millions):
2026$5.2 
20275.2 
20285.2 
20295.2 
20305.2 
Thereafter54.2 
Total
$80.2 
Schedule of Contract Liabilities Contract liabilities consisted of the following (in millions):
Year Ended December 31,
20252024
Current portion of contract liabilities
$1.3 $0.9 
Contract liabilities, net of current portion
10.0 11.8 
Total$11.3 $12.7 
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:
Year Ended December 31,
202520242023
Options to purchase common stock1,623,752 2,118,011 3,174,114 
Unvested restricted stock units34,166,124 28,658,246 33,397,483 
Warrants33,595,159 38,347,301 52,011,560 
Shares issuable under the Employee Stock Purchase Plan (Note 9)
949,538 527,764 931,412 
Total70,334,573 69,651,322 89,514,569 
Schedule of Financial Information Respect to the Company’s Single Operating Segment
The following table presents significant expenses provided to the CODM (in millions):
Year Ended December 31,
202520242023
Revenue
$0.3 $— $— 
Operating expenses
Cost of revenue
0.2 — — 
Depreciation and amortization expense
20.0 11.7 6.5 
Research and development warrant expense
3.3 8.1 17.5 
Stock-based compensation expense
223.5 108.8 45.2 
Technology and dispute resolution agreements expense
— 12.0 70.3 
General and administrative warrant expense
— 0.2 — 
Other research and development expense
378.0 290.9 224.6 
Other general and administrative expense
104.6 78.0 80.7 
Other warrant expense— — 2.1 
Total operating expenses729.6 509.7 446.9 
Loss from operations(729.3)(509.7)(446.9)
Other income (expense), net58.6 (48.8)(26.9)
Interest income, net52.8 21.9 16.4 
Loss before income taxes(617.9)(536.6)(457.4)
Income tax expense(0.3)(0.2)(0.5)
Net loss$(618.2)$(536.8)$(457.9)
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment Net and Depreciation Expense
Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Useful Life
(In years)
Building
30-40
Equipment
5
Computer hardware and software
3
Leasehold improvements
Shorter of lease term or the asset standard life
Property and equipment, net, consisted of the following (in millions):
As of December 31,
20252024
Building$118.4 $64.4 
Equipment
49.9 25.6 
Computer hardware and software
9.9 7.7 
Leasehold improvements
50.7 34.2 
Construction in progress60.0 13.3 
Total property and equipment288.9 145.2 
Less: Accumulated depreciation(35.3)(18.4)
Total property and equipment, net$253.6 $126.8 
The following table presents depreciation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202520242023
Cost of revenue
$0.1 $— $— 
Research and development16.5 9.8 5.3 
General and administrative0.4 0.5 0.5 
Total depreciation expense$17.0 $10.3 $5.8 
v3.25.4
Business Combination (Tables)
 12 Months Ended
Dec. 31, 2025
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 (other current assets)
44.8 
Property and equipment, net
50.3 
ROU 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 
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 
v3.25.4
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of December 31,
20252024
Accrued engineering services, parts and materials
$13.1 $12.5 
Accrued employee costs29.7 22.2 
Accrued professional services
14.8 6.5 
Contract liabilities - current
1.3 0.9 
Other current liabilities9.2 10.7 
Total$68.1 $52.8 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table provides information regarding the Company’s debt (in millions):
As of December 31,
20252024
Synovus Bank loan
$65.0 $65.0 
Less: unamortized discount and loan issuance costs(0.8)(1.0)
Carrying amount of Synovus loan
64.2 64.0 
Banc of California
$16.1 $— 
Less: unamortized discount and loan issuance costs— — 
Carrying amount of Banc of California loan
16.1 — 
Total carrying amount of debt
80.3 
Less: Current portion of Debt
(0.8)— 
Debt, net of current portion
$79.5 $64.0 
Schedule of Maturities of Long-term Debt
The future scheduled principal maturities of the Debt as of December 31, 2025 are as follows (in millions):
2026$0.9 
20273.1 
20283.1 
20293.1 
203016.8 
Thereafter54.1 
Total debt payable
$81.1 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease Costs
The Company’s lease costs were as follows (in millions):
Year Ended December 31,
202520242023
Operating lease cost$7.4 $5.0 $5.7 
Short-term lease cost1.1 0.5 0.6 
Total lease cost$8.5 $5.5 $6.3 
The Company’s weighted-average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:
20252024
Weighted-average remaining lease term (in months)14348
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):
Year Ended December 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases$8.1 $5.2 
Non-cash investing activities
Operating lease liabilities from obtaining right-of-use assets$31.9 $2.1 
Schedule of Operating Lease Maturities
The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of December 31, 2025 were as follows (in millions):
2026$14.2 
202712.0 
202811.0 
202910.4 
20309.2 
Thereafter60.7 
Total future lease payments117.5 
Less: leasehold improvement allowance(9.4)
Total net future lease payments108.1 
Less: imputed interest(66.5)
Present value of future lease payments$41.6 
v3.25.4
Stock-Based Compensation​ (Tables)
 12 Months Ended
Dec. 31, 2025
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 January 1, 2024
3,174,114 $0.12 6.7$19.1 
Exercised(999,115)$0.08 $4.5 
Expired/forfeited(56,988)$0.10 
Outstanding as of December 31, 2024
2,118,011 $0.13 5.8$20.4 
Exercised(416,394)0.11 3.7 
Expired/forfeited(77,865)0.15 
Outstanding as of December 31, 2025
1,623,752 0.14 4.812.0 
Exercisable as of December 31, 2025
1,613,990 $0.14 4.8$11.9 
Vested and expected to vest as of December 31, 2025
1,623,752 0.14 4.812.0 
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 January 1, 2024
31,522,483 $4.99 
Granted
18,608,964 $4.78 
Vested
(18,837,707)$4.87 
Forfeited
(2,635,494)$4.06 
Outstanding as of December 31, 2024
28,658,246 $5.02 
Granted23,226,161 9.22 
Performance based adjustment (1)
190,844 6.39 
Vested(15,418,517)5.94 
Forfeited (2,490,610)6.56 
Outstanding as of December 31, 2025
34,166,124 7.36 
(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 17
2025		July 26
2025
Stock price$10.35 $11.21 
Term (in years)3.03.0
Risk-free interest rate4.2 %3.8 %
Volatility88.2 %87.2 %
Dividend yield0.0 %0.0 %
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions The following table sets forth the key assumptions and fair value results for each award granted in the Company’s six-month offering period that started on December 1, 2025:
InputDecember 1,
2025		June 1,
2025
Stock price$7.46 $10.09 
Term (in years)0.50.5
Risk-free interest rate3.7 %4.3 %
Volatility89.0 %122.0 %
Dividend yield0.0 %0.0 %
Grant date fair value per share$2.94 $4.83 
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 consolidated statements of operations (in millions):
Year Ended December 31,
202520242023
Research and development$95.3 $49.0 $28.9 
General and administrative128.2 59.8 16.3 
Total stock-based compensation expense$223.5 $108.8 $45.2 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes
The Company's loss before income taxes consisted of the following (in millions):
Year Ended December 31,
202520242023
United States
$(619.0)$(537.6)$(458.7)
International
1.1 1.0 1.3 
Total
$(617.9)$(536.6)$(457.4)
Schedule of Effective Income Tax Rate Reconciliation In accordance with the guidance in ASU No. 2023-09 the effective income tax rate for the year ended December 31, 2025, differs from the statutory federal income tax rate as follows (in millions, except percentages):
Year Ended December 31,
2025
Federal income tax at statutory tax rate
$(129.8)21.0 %
Tax credits

Research and development tax credit
(22.8)3.7 
Change in valuation allowance163.2 (26.5)
Nontaxable or nondeductible items
Warrant expense(12.2)2.0 
Nondeductible officers’ compensation12.3 (2.0)
Stock-based compensation expense(12.2)2.0 
Other1.8 (0.2)
Provision for income taxes and Effective tax rate
$0.3 — %
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Year Ended December 31,
20242023
Federal income tax (benefit) at statutory tax rate
21.0 %21.0 %
State and local income taxes (net of federal benefit)0.8 %(2.7)%
Nondeductible expenses(1.0)%(0.1)%
Warrant expense(1.9)%(1.6)%
Nondeductible officers’ compensation(0.7)%0.1 %
Credits5.4 %4.4 %
Change in valuation allowance(23.6)%(21.2)%
Effective tax rate0.0 %(0.1)%
Schedule of Deferred Tax Assets and Liabilities
The Company’s significant components of its deferred tax assets and liabilities are as follows (in millions):
As of December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards$296.3 $133.0 
Accrued expenses5.8 4.3 
Operating lease liabilities9.3 3.3 
Stock-based compensation expense5.4 2.1 
Warrants8.6 7.8 
Capitalized research and development expenses
116.4 132.3 
Credits107.1 71.5 
Depreciation and amortization
1.3 3.7 
Other0.7 0.3 
Gross deferred tax assets550.9 358.3 
Less: valuation allowance(541.8)(353.3)
Deferred tax assets, net of valuation allowance9.1 5.0 
Deferred tax liabilities:
Depreciation and amortization— (3.2)
Right-of-use assets(9.1)(1.8)
Total deferred tax liabilities(9.1)(5.0)
Total net deferred tax assets$— $— 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table shows the changes in the gross amount of unrecognized tax benefits (in millions):
Balance as of December 31, 2022
$1.5 
Increases related to prior year tax positions
0.5 
Balance as of December 31, 2023
2.0 
Increases related to current year tax positions2.0 
Balance as of December 31, 2024
4.0 
Increases related to current year tax positions3.0 
Balance as of December 31, 2025
$7.0 
v3.25.4
Warrants (Tables)
 12 Months Ended
Dec. 31, 2025
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 January 1, 2025
20,753,630 $0.01 3.5$202.1 
Issued314,760 0.01 2.4 
Exercised(57,050)0.01 0.4 
Expired
(1,671,202)
Outstanding as of December 31, 2025
19,340,138 0.01 2.7145.2 
Vested and exercisable as of December 31, 2025
11,139,976 $0.01 1.9$83.7 
v3.25.4
Description of Business and Basis of Presentation (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated deficit $ 2,303.8 $ 1,685.6
cash, cash equivalents and short-term investments $ 1,964.7  
v3.25.4
Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 08, 2025
USD ($)
Dec. 31, 2025
USD ($)
$ / shares
segment
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
Aug. 09, 2022
USD ($)
Cash and Cash Equivalents [Line Items]          
Interest receivable   $ 6,700,000      
Change in fair value of warrant liabilities and other warrant costs   (59,500,000) $ 49,500,000 $ 32,900,000  
Capitalized cloud computing implementation costs   5,300,000 5,900,000    
Impairment of intangible assets   0 0 0  
Intangible assets, net   $ 80,200,000 300,000    
Useful life   21 years      
Number of operating segments | segment   1      
Number of reportable segments | segment   1      
United Airlines Inc.          
Cash and Cash Equivalents [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 0  
United States Air Force          
Cash and Cash Equivalents [Line Items]          
Purchase agreement, installment payment received   0.0 1,800,000    
Patents          
Cash and Cash Equivalents [Line Items]          
Intangible assets, net   $ 35,200,000 0    
Useful life   10 years      
Operating rights          
Cash and Cash Equivalents [Line Items]          
Intangible assets, net   $ 44,700,000    
Useful life   30 years      
Minimum          
Cash and Cash Equivalents [Line Items]          
Finite-lived intangible asset, useful life   10 years      
Maximum          
Cash and Cash Equivalents [Line Items]          
Finite-lived intangible asset, useful life   30 years      
Hawthorne Airport Acquisition          
Cash and Cash Equivalents [Line Items]          
Percentage of business purchase 75.00%        
Payments $ 25,000,000.0        
Public warrants | Stock price          
Cash and Cash Equivalents [Line Items]          
Warrant liability, measurement input | $ / shares   1.15 3.22    
Private Warrants          
Cash and Cash Equivalents [Line Items]          
Change in fair value of warrant liabilities and other warrant costs   $ (23,400,000) $ 18,900,000 $ 12,000,000.0  
Money market funds          
Cash and Cash Equivalents [Line Items]          
Cash equivalents:     729,900,000    
Money market funds | Recurring          
Cash and Cash Equivalents [Line Items]          
Cash equivalents:   883,300,000      
Money market funds | Level 1          
Cash and Cash Equivalents [Line Items]          
Cash equivalents:     729,900,000    
Money market funds | Level 1 | Recurring          
Cash and Cash Equivalents [Line Items]          
Cash equivalents:   $ 883,300,000 $ 729,900,000    
v3.25.4
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 1,021.5 $ 834.5    
Restricted cash 7.3 6.8    
Total cash, cash equivalents, and restricted cash $ 1,028.8 $ 841.3 $ 471.5 $ 72.3
v3.25.4
Summary of Significant Accounting Policies - Schedule of Fair Value Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments $ 943,200 $ 0
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Option to acquire FBO 0 0
Total assets measured at fair value 1,587,100 729,900
Total liabilities measured at fair value 19,900 56,000
Level 1 | U.S. Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 703,800 0
Level 1 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Level 1 | Public warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 19,900 56,000
Level 1 | Private placement warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Option to acquire FBO 0 0
Total assets measured at fair value 239,400 0
Total liabilities measured at fair value 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
Level 2 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 239,400 0
Level 2 | Public warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0 0
Level 2 | Private placement warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Option to acquire FBO 44,800 0
Total assets measured at fair value 44,800 0
Total liabilities measured at fair value 10,000 33,400
Level 3 | U.S. Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 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
Level 3 | Public warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 0 0
Level 3 | Private placement warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liabilities 10,000 33,400
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents:   729,900
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents:   729,900
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents: 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
v3.25.4
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]    
Unrealized Gains   $ 0.0
Unrealized Losses   0.0
Amortized Cost   729.9
Fair Value   729.9
Recurring    
Debt Securities, Available-for-Sale [Abstract]    
Unrealized Gains $ 0.0  
Unrealized Losses (1.3)  
Amortized Cost 1,827.8  
Fair Value 1,826.5  
U.S. Treasuries | Recurring    
Debt Securities, Available-for-Sale [Abstract]    
Amortized Cost 704.6  
Unrealized Gains 0.0  
Unrealized Losses (0.8)  
Fair Value 703.8  
Corporate debt securities | Recurring    
Debt Securities, Available-for-Sale [Abstract]    
Amortized Cost 239.9  
Unrealized Gains 0.0  
Unrealized Losses (0.5)  
Fair Value 239.4  
Money market funds    
Cash equivalents:    
Cash equivalents:   $ 729.9
Money market funds | Recurring    
Cash equivalents:    
Cash equivalents: $ 883.3  
v3.25.4
Summary of Significant Accounting Policies - Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placement Warrants (Details)
Dec. 31, 2025
$ / shares
year
Dec. 08, 2025
$ / shares
year
Dec. 31, 2024
year
$ / shares
Stock price | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and Rights Outstanding, Measurement Input 7.52   9.75
Strike price | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and Rights Outstanding, Measurement Input 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   25,000,000.0  
Term | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and Rights Outstanding, Measurement Input | year 0.71   1,700
Term | 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   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 0.035   0.042
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   0.038  
Volatility | Valuation Technique, Monte Carlo Pricing Model      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Warrants and Rights Outstanding, Measurement Input 0.891   0.921
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   0.500  
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  
v3.25.4
Summary of Significant Accounting Policies - Schedule of Change in Fair Value of Private Placement Warrants (Details) - Level 3 - Private Placement Warrants and Accrued Technology and Dispute Resolution Agreement - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 33.4 $ 14.5
Change in fair value (23.4) 18.9
Ending balance $ 10.0 $ 33.4
v3.25.4
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment (Details)
Dec. 31, 2025
Building | Minimum  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 30 years
Building | Maximum  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 40 years
Equipment  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 5 years
Computer hardware  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 3 years
Computer software  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 3 years
v3.25.4
Summary of Significant Accounting Policies - Schedule of Purchased Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Gross $ 0.5 $ 0.5
Additions 80.8  
Accumulated Amortization (1.1) (0.2)
Intangible assets, net 80.2 0.3
Domain name    
Property, Plant and Equipment [Line Items]    
Gross 0.5 0.5
Additions 0.0  
Accumulated Amortization (0.2) (0.2)
Intangible assets, net 0.3 0.3
Patents    
Property, Plant and Equipment [Line Items]    
Gross 0.0 0.0
Additions 36.0  
Accumulated Amortization (0.8) 0.0
Intangible assets, net 35.2 0.0
Operating rights    
Property, Plant and Equipment [Line Items]    
Gross
Additions 44.8  
Accumulated Amortization (0.1)
Intangible assets, net $ 44.7
v3.25.4
Summary of Significant Accounting Policies - Schedule of Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense $ 900 $ 100
Domain name    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense 0 100
Domain name | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense 100  
Patents    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense 800 0
Operating rights    
Finite-Lived Intangible Assets [Line Items]    
Total amortization expense $ 100 $ 0
v3.25.4
Summary of Significant Accounting Policies - Schedule of Expected Future Annual Amortization Expense of Intangible Asset (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
2026 $ 5.2  
2027 5.2  
2028 5.2  
2029 5.2  
2030 5.2  
Thereafter 54.2  
Intangible assets, net $ 80.2 $ 0.3
v3.25.4
Summary of Significant Accounting Policies - Schedule of Contract Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Current portion of contract liabilities $ 1.3 $ 0.9
Contract liabilities, net of current portion 10.0 11.8
Total $ 11.3 $ 12.7
v3.25.4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 70,334,573 69,651,322 89,514,569
Options to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 1,623,752 2,118,011 3,174,114
Unvested restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 34,166,124 28,658,246 33,397,483
Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 33,595,159 38,347,301 52,011,560
Shares issuable under the Employee Stock Purchase Plan (Note 9)      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 949,538 527,764 931,412
v3.25.4
Summary of Significant Accounting Policies - Schedule of Financial Information Respect to the Company’s Single Operating Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Revenue $ 300 $ 0 $ 0
Operating expenses      
Cost of revenue 200 0 0
Depreciation and amortization expense 20,000 11,700 6,500
Research and development warrant expense 3,300 8,100 17,500
Stock-based compensation expense 223,500 108,800 45,200
Technology and dispute resolution agreements expense 0 12,000 70,300
General and administrative warrant expense 0 200 0
Other research and development expense 378,000 290,900 224,600
Other general and administrative expense 104,600 78,000 80,700
Other warrant expense 0 0 2,100
Total operating expenses 729,600 509,700 446,900
Loss from operations (729,300) (509,700) (446,900)
Other income (expense), net 58,600 (48,800) (26,900)
Interest income, net 52,800 21,900 16,400
Loss before income taxes (617,900) (536,600) (457,400)
Income tax expense (300) (200) (500)
Net loss $ (618,200) $ (536,800) $ (457,900)
v3.25.4
Property and Equipment, Net - Schedule of Useful Life for Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 288.9 $ 145.2
Less: Accumulated depreciation (35.3) (18.4)
Total property and equipment, net 253.6 126.8
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment 118.4 64.4
Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 49.9 25.6
Computer hardware    
Property, Plant and Equipment [Line Items]    
Total property and equipment 9.9 7.7
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 50.7 34.2
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 60.0 $ 13.3
v3.25.4
Property and Equipment, Net - Schedule of Depreciation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 17.0 $ 10.3 $ 5.8
Cost of revenue      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 0.1 0.0 0.0
Research and development      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 16.5 9.8 5.3
General and administrative      
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 0.4 $ 0.5 $ 0.5
v3.25.4
Business Combination - Narrative (Details) - Hawthorne Airport Acquisition
$ in Thousands
Dec. 08, 2025
USD ($)
Business Combination [Line Items]  
Percentage of assets purchase 75.00%
Business acquisition, net $ 125,900
Contingent consideration, liability 3,750
Total purchase consideration 127,100
Consideration transferred $ 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
Prior to December 31, 2026  
Business Combination [Line Items]  
Business acquisition, net 25,000
Based on Construction Progress  
Business Combination [Line Items]  
Contingent consideration, liability $ 20,400
v3.25.4
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
v3.25.4
Business Combination - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 08, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Goodwill $ 100   $ 0
Hawthorne Airport Acquisition      
Business Combination [Line Items]      
Current assets   $ 100  
Option to purchase FBO (other current assets)   44,800  
Property and equipment, net   50,300  
ROU asset   15,600  
Intangible assets   44,800  
Goodwill   100  
Current liabilities   (200)  
Lease liabilities   (11,100)  
Other long-term liabilities   (1,200)  
Loan assumed (debt)   (16,100)  
Total   $ 127,100  
v3.25.4
Business Combination - Schedule of Intangible Assets Acquired (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 08, 2025
Dec. 31, 2025
Business Combination [Line Items]    
Useful Life   21 years
Operating rights    
Business Combination [Line Items]    
Useful Life   30 years
Hawthorne Airport Acquisition    
Business Combination [Line Items]    
Preliminary Fair Value $ 44.8  
Hawthorne Airport Acquisition | Operating rights    
Business Combination [Line Items]    
Preliminary Fair Value $ 44.8  
Useful Life 30 years  
v3.25.4
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Accrued engineering services, parts and materials $ 13.1 $ 12.5
Accrued employee costs 29.7 22.2
Accrued professional services 14.8 6.5
Current portion of contract liabilities 1.3 0.9
Other current liabilities 9.2 10.7
Total $ 68.1 $ 52.8
v3.25.4
Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt, gross $ 81,100  
Carrying amount of Synovus loan and Banc of California loan 80,300
Less: Current portion of Debt (800) 0
Debt, net of current portion 79,500 64,000
Credit Facility | Synovus Bank Loan    
Debt Instrument [Line Items]    
Long-term debt, gross 65,000 65,000
Less: unamortized discount and loan issuance costs (800) (1,000)
Carrying amount of Synovus loan and Banc of California loan 64,200 64,000
Credit Facility | Banc Of California    
Debt Instrument [Line Items]    
Long-term debt, gross 16,100 0
Less: unamortized discount and loan issuance costs 0 0
Carrying amount of Synovus loan and Banc of California loan $ 16,100 $ 0
v3.25.4
Debt - Narrative (Details)
 12 Months Ended 27 Months Ended
Dec. 08, 2025
USD ($)
Oct. 05, 2023
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
Nov. 14, 2026
installment
Nov. 14, 2023
interest
Debt Instrument [Line Items]                
Long-term debt, gross     $ 81,100,000     $ 81,100,000    
Proceeds from issuance of common stock     0 $ 700,000 $ 300,000      
Long-term debt     80,300,000   80,300,000    
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     4,200,000 100,000        
Carrying value of the loan, net of unamortized issuance costs     800,000 1,000,000.0   800,000    
Long-term debt     $ 64,200,000 $ 64,000,000.0   $ 64,200,000    
Synovus Bank Loan | Credit Facility | Minimum                
Debt Instrument [Line Items]                
Effective rate     6.00% 6.70%   6.00%    
Synovus Bank Loan | Credit Facility | Maximum                
Debt Instrument [Line Items]                
Effective rate     6.50% 7.20%   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     $ 16,100,000 $ 0   $ 16,100,000    
Carrying value of the loan, net of unamortized issuance costs     0 0   0    
Long-term debt     $ 16,100,000 $ 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              
v3.25.4
Debt - Schedule of Maturities of Long-term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 0.9
2027 3.1
2028 3.1
2029 3.1
2030 16.8
Thereafter 54.1
Total debt payable $ 81.1
v3.25.4
Commitments and Contingencies - Schedule of Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Operating lease cost $ 7.4 $ 5.0 $ 5.7
Short-term lease cost 1.1 0.5 0.6
Total lease cost $ 8.5 $ 5.5 $ 6.3
Weighted-average remaining lease term (in months) 143 months 48 months  
Weighted-average discount rate 14.10% 14.40%  
v3.25.4
Commitments and Contingencies - Schedule of Operating Lease Maturities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 14.2
2027 12.0
2028 11.0
2029 10.4
2030 9.2
Thereafter 60.7
Total future lease payments 117.5
Less: leasehold improvement allowance (9.4)
Total net future lease payments 108.1
Less: imputed interest (66.5)
Present value of future lease payments $ 41.6
v3.25.4
Commitments and Contingencies - Schedule of Noncash Lease Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash outflows from operating leases $ 8.1 $ 5.2
Non-cash investing activities    
Operating lease liabilities from obtaining right-of-use assets $ 31.9 $ 2.1
v3.25.4
Commitments and Contingencies - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
May 17, 2024
lawsuit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
Aug. 10, 2023
$ / shares
shares
Feb. 28, 2023
USD ($)
Debt Instrument [Line Items]            
General and administrative expense, noncash charges   $ 10.3 $ 70.3      
Class A | Private Placement            
Debt Instrument [Line Items]            
Warrant outstanding (in shares) | shares         13,176,895  
Warrants price per share (in dollars per share) | $ / shares         $ 0.01  
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, borrowing capacity           $ 3.5
Line of credit       $ 6.3    
v3.25.4
Preferred and Common Stock (Details)
 1 Months Ended 12 Months Ended
Nov. 10, 2025
USD ($)
shares
Jun. 16, 2025
USD ($)
shares
Feb. 12, 2025
USD ($)
shares
Dec. 11, 2024
USD ($)
$ / shares
shares
Aug. 08, 2024
USD ($)
$ / shares
shares
Aug. 10, 2023
USD ($)
shares
Nov. 30, 2024
USD ($)
May 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Dec. 31, 2025
USD ($)
vote
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 26, 2024
shares
Dec. 25, 2024
shares
Class of Stock [Line Items]                            
Capital stock, shares authorized (in shares)                         1,710,000,000 1,010,000,000
Common stock, authorized (in shares)                   1,400,000,000 1,400,000,000      
Preferred stock, authorized (in shares)                         10,000,000  
Preferred stock, outstanding (in shares)                   0        
Dividends declared | $                   $ 0        
Proceeds from issuance of common stock | $                   1,801,800,000 $ 55,000,000.0 $ 95,000,000.0    
Vendor                            
Class of Stock [Line Items]                            
Accounts payable | $                   $ 126,800,000 $ 5,800,000      
Private Placement                            
Class of Stock [Line Items]                            
Number of shares issued in transaction (in shares)           26,173,286                
Consideration received on transaction | $           $ 139,000,000.0                
Private Placement | PIPE Financing                            
Class of Stock [Line Items]                            
Number of shares issued in transaction (in shares)       63,909,776 49,283,582                  
Consideration received on transaction | $       $ 407,700,000 $ 158,000,000.0                  
Price per share (in dollars per share) | $ / shares       $ 6.65 $ 3.35                  
Private Placement | Stellantis PIPE Financing                            
Class of Stock [Line Items]                            
Number of shares issued in transaction (in shares)       751,879 2,982,089                  
Consideration received on transaction | $       $ 5,000,000.0 $ 10,000,000.0                  
Class A                            
Class of Stock [Line Items]                            
Common stock, authorized (in shares)                         1,400,000,000  
Voting rights, votes per share | vote                   1        
Class A | Registered Direct Offering                            
Class of Stock [Line Items]                            
Number of shares issued in transaction (in shares) 81,250,000 85,000,000 35,500,000                      
Proceeds from issuance of common stock | $ $ 650,000,000.0 $ 850,000,000.0 $ 301,800,000                      
Class A | Common Stock                            
Class of Stock [Line Items]                            
Conversion of stock (in shares)                     43,434,962 26,449,869    
Number of shares issued in transaction (in shares)                   3,921,875 32,971,617 3,109,097    
Common stock attributable to PIPE Financing (in shares)                   15,045,913 1,685,994 1,985,559    
Class A | Common Stock | First At-The-Market Program                            
Class of Stock [Line Items]                            
Number of shares issued in transaction (in shares)                     10,275,033 3,109,097    
Proceeds from sale of stock | $                     $ 48,100,000 $ 19,500,000    
Commission fee, percentage                   3.00%        
Class A | Common Stock | First At-The-Market Program | Maximum                            
Class of Stock [Line Items]                            
Consideration received on transaction | $                 $ 70,000,000.0          
Class A | Common Stock | 2024 Shelf Registration Statement | Maximum                            
Class of Stock [Line Items]                            
Consideration received on transaction | $               $ 95,000,000.0            
Class A | Common Stock | Second At-The-Market Program                            
Class of Stock [Line Items]                            
Number of shares issued in transaction (in shares)                     20,644,100      
Proceeds from sale of stock | $                     $ 68,000,000.0      
Commission fee, percentage                   3.00%        
Class A | Common Stock | Second At-The-Market Program | Maximum                            
Class of Stock [Line Items]                            
Consideration received on transaction | $               $ 70,000,000.0            
Class A | Common Stock | Third At-The-Market Program                            
Class of Stock [Line Items]                            
Number of shares issued in transaction (in shares)                   3,921,875 2,052,484      
Proceeds from sale of stock | $                   $ 46,300,000 $ 21,700,000      
Commission fee, percentage                   3.00%        
Class A | Common Stock | Third At-The-Market Program | Maximum                            
Class of Stock [Line Items]                            
Consideration received on transaction | $             $ 70,000,000.0              
Class B                            
Class of Stock [Line Items]                            
Common stock, authorized (in shares)                         300,000,000  
Percentage of Class B represents the aggregate of Class A                     0.100      
Class B | Common Stock                            
Class of Stock [Line Items]                            
Conversion of stock (in shares)                     (43,434,962) (26,449,869)    
Class B | Scenario, Plan | Common Stock                            
Class of Stock [Line Items]                            
Conversion of stock (in shares)                   0        
v3.25.4
Stock-Based Compensation​ - Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2025
$ / shares
shares
Nov. 05, 2025
USD ($)
May 31, 2025
$ / shares
shares
Jan. 01, 2025
shares
Jul. 08, 2024
shares
Mar. 26, 2024
Jul. 13, 2023
USD ($)
tranche
shares
Apr. 14, 2022
shares
Sep. 16, 2021
tranche
shares
Sep. 15, 2021
shares
Jun. 30, 2022
Aug. 31, 2021
shares
Dec. 31, 2025
USD ($)
tranche
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
Jun. 10, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Total stock-based compensation expense | $                         $ 223.5 $ 108.8 $ 45.2    
Granted (in shares)                         0 0 0    
Stock-based compensation expense | $                         $ 223.5 $ 108.8 $ 45.2    
Hawthorne Airport Acquisition | Common Stock                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Stock-based compensation expense | $   $ 0.7                              
Vendor                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Total stock-based compensation expense | $                         73.3 5.5      
General and administrative                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Total stock-based compensation expense | $                         128.2 59.8 16.3    
Options to purchase common stock                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Total stock-based compensation expense | $                         2.2 2.5 2.8    
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $                         0.1        
Unvested restricted stock units                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Total stock-based compensation expense | $                         99.1 $ 47.4 $ 27.0    
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $                         $ 177.1        
Issued (in shares)                 20,009,224       23,226,161 18,608,964      
Milestone achievement period                 7 years                
Founder grants, number of tranches | tranche                 4                
Vested (in shares)                         15,418,517 18,837,707      
Forfeited (in shares)                         2,490,610 2,635,494      
Shares outstanding (in shares)                         34,166,124 28,658,246 31,522,483    
Weighted-average period                         1 year        
Unvested restricted stock units | General and administrative                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Total stock-based compensation expense | $                         $ 22.6 $ 33.1 $ 49.7    
Number of tranches outstanding | tranche                         2,000        
Unvested restricted stock units | Reversed in July 2023 | General and administrative                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Total stock-based compensation expense | $                             17.3 $ 32.4  
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 | $                         $ 4.5 2.6 1.2    
Purchase price of common stock, percent                       85.00%          
Number of additional shares authorized (in shares)                       9,938,118          
Offering period occurrence     6 months                 6 months          
Unvested stock options | $                         $ 2.3        
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 | $             $ 59.1                    
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)                         19,918,683        
2021 Stock Plan | Class A                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Capital shares reserved for future issuance (in shares)       25,191,478                         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 | $                         $ 21.1 $ 17.8 $ 11.5    
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)                         2,425,322        
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)                         882,156        
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                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Employees purchased (in shares) 536,185   618,173                            
Repurchase option at the original per share (in dollars per shares) | $ / shares $ 6.62   $ 6.21                            
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)       4,677,185                          
Number of shares authorized (in shares)                         15,762,995        
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)                         11,656,009        
v3.25.4
Stock-Based Compensation​ - Schedule of Employee and Non Employee Stock Option (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Outstanding beginning balance (in shares) 2,118,011 3,174,114  
Exercised (in shares) (416,394) (999,115)  
Expired/forfeited (in shares) (77,865) (56,988)  
Outstanding ending balance (in shares) 1,623,752 2,118,011 3,174,114
Exercisable (in shares) 1,613,990    
Vested and expected to vest (in shares) 1,623,752    
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 0.13 $ 0.12  
Exercised (in dollars per share) 0.11 0.08  
Expired/forfeited (in dollars per share) 0.15 0.10  
Ending balance (in dollars per share) 0.14 $ 0.13 $ 0.12
Exercisable (in dollars per share) 0.14    
Vested and expected to vest (in dollars per share) $ 0.14    
Employee and Non Employee stock option Additional Disclosures      
Weighted average remaining contractual life (in years) 4 years 9 months 18 days 5 years 9 months 18 days 6 years 8 months 12 days
Exercisable, weighted average remaining contractual term (Years) 4 years 9 months 18 days    
Vested and expected to vest, weighted average remaining contractual term (Years) 4 years 9 months 18 days    
Aggregate intrinsic value $ 12.0 $ 20.4 $ 19.1
Exercised, aggregate intrinsic value 3.7 $ 4.5  
Exercisable as of December 31, 2025 11.9    
Vested and expected to vest, aggregate intrinsic value $ 12.0    
v3.25.4
Stock-Based Compensation​ - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock units - $ / shares
 12 Months Ended
Sep. 16, 2021
Dec. 31, 2025
Dec. 31, 2024
Number of Shares      
Outstanding beginning balance (in shares)   28,658,246 31,522,483
Granted (in shares) 20,009,224 23,226,161 18,608,964
Performance based adjustment (in shares)   190,844  
Vested (in shares)   (15,418,517) (18,837,707)
Forfeited (in shares)   (2,490,610) (2,635,494)
Outstanding ending balance (in shares)   34,166,124 28,658,246
Weighted Average Grant Fair Value      
Outstanding beginning balance (in dollars per share)   $ 5.02 $ 4.99
Granted (in dollars per share)   9.22 4.78
Performance based adjustment (in dollars per share)   6.39  
Vested (in dollars per share)   5.94 4.87
Forfeited (in dollars per share)   6.56 4.06
Outstanding ending balance (in dollars per share)   $ 7.36 $ 5.02
v3.25.4
Stock-Based Compensation​ - Schedule of Share-Based Payment Award, Valuation Assumptions (Details) - $ / shares
Dec. 01, 2025
Jul. 26, 2025
Jun. 01, 2025
Feb. 17, 2025
Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock price (in dollars per share)   $ 11.21   $ 10.35
Term (in years)   3 years   3 years
Risk-free interest rate   3.80%   4.20%
Volatility   87.20%   88.20%
Dividend yield   0.00%   0.00%
Employee Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock price (in dollars per share) $ 7.46   $ 10.09  
Term (in years) 6 months   6 months  
Risk-free interest rate 3.70%   4.30%  
Volatility 89.00%   122.00%  
Dividend yield 0.00%   0.00%  
Grant date fair value per share (in dollars per share) $ 2.94   $ 4.83  
v3.25.4
Stock-Based Compensation​ - Schedule of Stock-based Compensation Expense Included in Respective Expense Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 223.5 $ 108.8 $ 45.2
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 95.3 49.0 28.9
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 128.2 $ 59.8 $ 16.3
v3.25.4
Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (619.0) $ (537.6) $ (458.7)
International 1.1 1.0 1.3
Loss before income taxes $ (617.9) $ (536.6) $ (457.4)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Current foreign tax provision $ 300,000 $ 200,000 $ 500,000
Deferred income tax expense (benefit) 0 0 0
Valuation allowance 541,800,000 353,300,000  
Valuation allowance increased 188,500,000 127,000,000.0 96,600,000
Unrecognized tax benefits 0 0  
Income tax matters accrued interest or penalties 0 0 $ 0
Income taxes paid 0    
Domestic Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 1,372,400,000 616,500,000  
Domestic Tax Jurisdiction | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount 77,200,000 53,200,000  
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 146,800,000 58,200,000  
State and Local Jurisdiction | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount $ 45,000,000.0 $ 27,900,000  
v3.25.4
Income Taxes - Schedule of ASU No. 2023-09 Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Federal income tax at statutory tax rate $ (129.8)    
Tax credits      
Research and development tax credit (22.8)    
Change in valuation allowance 163.2    
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount [Abstract]      
Warrant expense (12.2)    
Nondeductible officers’ compensation 12.3    
Stock-based compensation expense (12.2)    
Other 1.8    
Provision for income taxes $ 0.3 $ 0.2 $ 0.5
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Federal income tax (benefit) at statutory tax rate 21.00% 21.00% 21.00%
Tax credits      
Research and development tax credit 3.70%    
Change in valuation allowance (26.50%) (23.60%) (21.20%)
Nontaxable or nondeductible items      
Warrant expense 2.00% (1.90%) (1.60%)
Nondeductible officers’ compensation (2.00%) (0.70%) 0.10%
Stock-based compensation expense 2.00%    
Other (0.20%)    
Effective tax rate 0.00% 0.00% (0.10%)
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal income tax (benefit) at statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes (net of federal benefit)   0.80% (2.70%)
Nondeductible expenses   (1.00%) (0.10%)
Warrant expense 2.00% (1.90%) (1.60%)
Nondeductible officers’ compensation (2.00%) (0.70%) 0.10%
Credits   5.40% 4.40%
Change in valuation allowance (26.50%) (23.60%) (21.20%)
Effective tax rate 0.00% 0.00% (0.10%)
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 296.3 $ 133.0
Accrued expenses 5.8 4.3
Operating lease liabilities 9.3 3.3
Stock-based compensation expense 5.4 2.1
Warrants 8.6 7.8
Capitalized research and development expenses 116.4 132.3
Credits 107.1 71.5
Depreciation and amortization 1.3 3.7
Other 0.7 0.3
Gross deferred tax assets 550.9 358.3
Less: valuation allowance (541.8) (353.3)
Deferred tax assets, net of valuation allowance 9.1 5.0
Deferred tax liabilities:    
Depreciation and amortization 0.0 (3.2)
Right-of-use assets (9.1) (1.8)
Total deferred tax liabilities (9.1) (5.0)
Total net deferred tax assets $ 0.0 $ 0.0
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Changes in uncertain income tax positions      
Beginning balance $ 4.0 $ 2.0 $ 1.5
Increases related to prior year tax positions     0.5
Increases related to current year tax positions 3.0 2.0  
Ending balance $ 7.0 $ 4.0 $ 2.0
v3.25.4
Warrants - Schedule of Warrant Activity (Details) - Warrants - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Number of Shares    
Outstanding beginning balance (in shares) 20,753,630  
Issued (in shares) 314,760  
Exercised (in shares) (57,050)  
Expired (in shares) (1,671,202)  
Outstanding ending balance (in shares) 19,340,138 20,753,630
Vested and exercisable (in shares) 11,139,976  
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 Exercise Price    
Outstanding (in years) 2 years 8 months 12 days 3 years 6 months
Vested and exercisable (in years) 1 year 10 months 24 days  
Aggregate Intrinsic Value (In millions)    
Outstanding at period start $ 202.1  
Issued 2.4  
Exercised 0.4  
Outstanding at period end 145.2 $ 202.1
Vested and exercisable $ 83.7  
v3.25.4
Warrants - United Airlines (Details)
$ / shares in Units, $ in Millions
 8 Months Ended 12 Months Ended
Aug. 09, 2022
USD ($)
aircraft
installment
$ / shares
shares
Jan. 29, 2021
installment
aircraft
milestone
$ / shares
shares
Sep. 16, 2021
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
shares
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        
Class of warrant or right, vested during the period (in shares)     2,948,352      
Other warrant expense | $       $ 0.0 $ 0.0 $ 2.1
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 Two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Other warrant expense | $           $ 2.1
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        
Warrants For Collaboration Agreement With United Airlines Inc.            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Class of warrant or right, vested during the period (in shares)           2,211,264
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          
v3.25.4
Warrants - Stellantis N.V. (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Jul. 01, 2024
USD ($)
shares
Jun. 27, 2024
USD ($)
Aug. 10, 2023
USD ($)
shares
Jun. 23, 2023
USD ($)
shares
Jan. 03, 2023
USD ($)
tranche
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Research and development           $ 493.9 $ 357.7 $ 276.4
Proceeds from issuance of common stock           $ 1,801.8 $ 55.0 $ 95.0
Class A | Common Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Common stock attributable to PIPE Financing (in shares) | shares           15,045,913 1,685,994 1,985,559
Stellantis N.V.                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Warrants price per share (in dollars per share) | $ / shares         $ 0.01      
Warrants, weighted average grant date fair value (in dollars per share) | $ / shares         $ 1.93      
Collaborative arrangement, amount applicable to milestone   $ 55.0            
Stellantis N.V. | Common Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Collaborative arrangement, amount applicable to milestone     $ 70.0          
Collaborative arrangement, shares applicable to milestone (in shares) | shares     12,313,234          
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           $ 3.3 $ 8.1  
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) | $ / shares         $ 1.93      
Common stock attributable to PIPE Financing (in shares) | shares 17,401,153     6,337,039        
Proceeds from issuance of common stock $ 55.0     $ 25.0        
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) | $ / shares           $ 0.01    
v3.25.4
Warrants - Liability Classified Warrants (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Warrant or Right [Line Items]      
Change in fair value of warrant liabilities and other warrant costs $ (59.5) $ 49.5 $ 32.9
Public warrants      
Class of Warrant or Right [Line Items]      
Exercise of warrants (in shares) 3,950    
Warrant outstanding (in shares) 17,394,997    
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    
v3.25.4
Related Party Transactions (Details) - USD ($)
$ in Thousands
 5 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]        
Cost of revenue   $ 200 $ 0 $ 0
Rotating Composite Technologies        
Related Party Transaction [Line Items]        
Payable $ 600 $ 600    
Cost of revenue $ 4,100