ARK Invest sold US$12.3 million of Archer Aviation stock just as the company moved into Phase 3 of the FAA Type Certification process for Midnight. The sale lands at a moment when investors are watching two clocks at once: certification progress and the timing of cash needs.
That is why the Cathie Wood Tesla stock sale keyword is showing up in searches now, even though Tesla is not the story here. The real question is whether a large sale by ARK changes the case for Archer Aviation. For now, it does not. The move highlights how closely funding and certification timing are being watched, but it does not fundamentally change the near-term catalyst around FAA approval.
Phase 3 matters because it is where the path from development to commercial service starts to look real. For Midnight, it is the point at which the FAA Type Certification process becomes central to any future commercial operations. Archer Aviation was already working through that process, and the move into Phase 3 gives the stock a fresh milestone at a time when the company still has limited revenue and ongoing losses. A US$12.3 million sale is meaningful, but it is only a slice of the larger picture: the company’s current cash burn and losses remain the bigger test. Put simply, the sale would cover only a small part of continued losses if the gap between spending and revenue does not narrow soon.
That is where the friction sits. Archer Aviation’s story still depends on belief that Midnight can clear the remaining certification hurdles before cash needs tighten further. The company’s narrative points to US$533.9 million in revenue by 2029 and US$46.6 million in earnings by 2029, but that implies 1111.8% yearly revenue growth and a US$664.8 million swing from US$-618.2 million today. It is also being priced against a US$11.28 fair value that would imply 123% upside to the current price, while some optimistic analysts are already assuming revenue could climb toward US$868.1 million by 2029.
For now, the next chapter is not about the sale itself. It is about whether Phase 3 turns into the kind of FAA progress that opens the door to real-world flights, with early eVTOL Integration Pilot Program routes already being prepared and possible government work with partners like Anduril mentioned as part of that path. If that momentum stalls, the cash-burn question will matter much more than the stock sale did.
