"Revaluation of Value: The True Value of Civil eVTOL is an Asset, Not a Mode of Transportation" On August 18, California launched its eVTOL air taxi service for the first time, but the market response was tepid. However, this could be a historically significant turning point that is severely underestimated. The current market views Archer Aviation's commercial maiden flight as a mere technical validation, focusing on whether it can achieve mass production on time, whether the single-unit economic model is viable, and how it differs from competitors like Joby. But this perspective is completely misguided. The market is assessing a "creator of the automotive era" using the logic of evaluating "carriage manufacturers." Key variables that are being overlooked include: Scarcity of takeoff and landing sites: In core cities like New York and Los Angeles, the number of approved Vertiports is extremely limited, making their value more akin to prime commercial real estate rather than parking lots. Network effects: Once a route network is established, exclusive route rights, high-net-worth user data, and airspace scheduling platforms will create a formidable moat. Ecological value: The partnership with United Airlines is not just about selling planes, but about co-creating a new high-end travel network. Can it exceed expectations? I believe it is highly likely. The market is evaluating a "scarce infrastructure + high-frequency service platform" using the framework of "heavy asset aviation manufacturers." Once commercial operations are on track, there will be a fundamental shift in the valuation framework—from a manufacturing logic to a platform economy logic. The essence of investing in eVTOL is not about purchasing an aircraft, but about subscribing to the first batch of 'nodes' in the future urban sky network. Its core value lies in scarce airspace resources, physical takeoff and landing points, and the high-end service network formed as a result—this is a business with a moat far greater than that of manufacturing aircraft.