ARK Invest is making a notable rotation in the aerospace and AI infrastructure space. On Oct. 6, ARK funds purchased roughly 2.57 million shares of Archer Aviation (ACHR) worth about $12.1 million, while ARK’s ARKW fund sold approximately $9.4 million of SpaceX stock. The move comes as Archer trades near $4.65, down about 38% in 2026 and close to the low end of its 52-week range.
Wall Street price targets remain aggressive. A six-analyst TipRanks consensus puts Archer’s target at $11.60, implying about 149% upside from $4.65. A broader nine-analyst average sits near $10.61, but targets range widely from $4.50 to $18. Bulls see Archer evolving beyond electric air taxis into a broader aerospace, defence and advanced-air-mobility platform. The company plans to acquire Boeing’s Wisk Aero, Insitu and SkyGrid businesses, adding autonomy, military drones and airspace software; Insitu alone brings more than $200 million in annual revenue.
Execution and cash burn remain the biggest risks. Archer generated $5 million in second-quarter revenue, posted a $177.1 million adjusted EBITDA loss, and used $156.4 million in operating cash. Canaccord Genuity estimates quarterly free cash use near $194 million and an adjusted EBITDA loss of about $717 million for 2026. Certification timing for the Midnight aircraft’s Phase 4 testing remains unclear. Still, Canaccord kept a Buy rating and $12 target, while H.C. Wainwright reiterated a Buy and $18 target.
Meanwhile, SpaceX stock is drawing attention over a reported $40 billion Nvidia chip financing package. The Financial Times reported that Apollo Global Management would lead the proposed transaction, which could include $10 billion in bank loans and $30 billion in investment-grade debt, with Pimco among investors and a possible closing in 2027. TradingView showed SpaceX shares near $171.09 on Oct. 6, up about 12.7% weekly and monthly, but still about 24% below the June record of $225.64. The stock’s post-IPO range extends from an August low of $104.83 to that all-time high, with the IPO priced at $135 on June 12.
The financing would deepen SpaceX’s AI infrastructure spending and create a direct link between SpaceX capital spending, Nvidia hardware demand and future leverage. Nvidia said in August that SpaceXAI would deploy its Vera CPUs and Vera Rubin systems to support Grok workloads and a planned Starmind satellite system. TradingView data also showed quarterly revenue of $7.81 billion and a quarterly net loss of $541 million for SpaceX, while existing SpaceX bond yields ranged above 6.5% and near 8% on longer-dated debt. The next earnings report is scheduled for Nov. 5, 2026.
