Joby Aviation said it was on track to acquire defense specialist Resonant Sciences for $500 million in an all-cash deal and was poised to raise $750 million by selling new common stock. Archer Aviation then said it would acquire three Boeing subsidiaries, Wisk Aero, SkyGrid and Insitu, in exchange for a roughly 16.5% stake after new stock issuance. The article argues the defense push matters more for Archer, which appears further from FAA certification and piloted transition flight, though Joby also cannot ignore defense opportunities. Revenue at both companies this year is largely driven by acquisitions, with Joby's coming from the Blade helicopter business and Archer's from Hawthorne Airport, and Joby's forward price-to-sales ratio of roughly 38 compares with about 200.5 for Archer.
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