Joby/Archer Cash raised

Joby and Archer now have each raised about $2.7B. This is ChatGTPs estimate. Joby is vertically integrated, designing and building most parts in house, while Archer purchases existing parts from existing vendors.

My understanding from Archer is that Archer is going to build an eVTOL for much less compared to Joby by using existing parts and vendors. Archer has been hammering this point for years. So why have they needed to raise almost the exact same amount of money as Joby?

In addition, I have read report after report from Archer and Archer positive analysts that a big advantage of Archer is the $100B in deals for Midnight sales. These sales were supposed to alleviate the need for Archer to raise as much as Joby since they had a rapid funding mechanism which would be used to manufacture Midnights while the air taxi business built momentum. This was supposed to be another big advantage over Joby as Archer wouldn’t need to dilute their stock anywhere near as much as Joby.

How does the above Archer strategy, which they have been hammering for years, fit with this latest round which makes their cash raise about the same as Joby’s?

Joby is well ahead on stage 4 certification as a vertically integrated company for the same cash raised. Joby’s S4 is spec’d to fly further and faster than the Midnight. The S4 uses 6 propellers with 30 total blades, while Archer uses 12 propellers with 54 blades. More parts, more weight, higher cost and more maintenance. How is Archer’s non-vertically inter integrated strategy more efficient than Joby’s?