Archer has signed a series of definitive agreements to acquire control of a one-of-a-kind Los Angeles asset, namely Hawthorne Airport, for $126 million in cash.

The 80-acre airport site includes around 190,000 square feet of terminal, office and hangar space. Built in the 1920s, Hawthorne Airport, also known as Jack Northrop Field, played a key role in southern California’s aerospace history. The site sits less than three miles from LAX and is close to SoFi Stadium, The Forum, Intuit Dome and Downtown L.A.

Archer plans to make Hawthorne its operational hub for L.A. air taxi services and to support the LA28 Olympic Games. The company also intends to use the site as a testbed for its next-generation AI-powered aviation technologies, including air traffic and ground operations management systems.

In its third quarter results, Archer revealed it had raised $650 million in new equity capital, bringing its total liquidity to more than $2 billion.

“The era of advanced aviation has arrived, not as a distant vision, but as a tangible reality,” says Adam Goldstein, founder and CEO of Archer. “At Archer, we are not waiting for the future; we are building it. The time to seize this transformative opportunity is now.”