Archer Aviation (ACHR 20.27%) stock has been on an incredible hot streak lately. Even with the company issuing new shares to raise funds and diluting its previous shareholders, the stock has soared by 175% over the last six months.

Factoring in the fresh shares that it sold to raise operating capital, the stock's run-up has pushed the flying electric vehicle (EV) specialist's market cap up 246% to roughly $4 billion. That's a particularly impressive feat for a business that's still in a pre-revenue state.

But while Archer's current valuation appears speculative and risky, there are multiple catalysts that could power even more gains for the stock -- and one that could prove particularly explosive.

Archer looks poised to capitalize on a massive opportunity

On Dec. 12, Archer issued a press release announcing that it had entered into a partnership with defense-tech company Anduril to create hybrid-propulsion, vertical take-off and landing (VTOL) aircraft intended to win contracts with the U.S. Defense Department. Anduril has already won Pentagon contracts.

On Dec. 19, The Financial Times published a report stating that Palantir was teaming up with Anduril to create a team of disruptive companies capable of making waves in the defense industry. While Archer was not specifically listed among the companies approached to form this new, innovation-focused defense consortium, the flying EV specialist appears to be a likely candidate for inclusion.

While Archer Aviation has a speculative and highly growth-dependent valuation, things seem to be falling into place for the company. The defense industry represents a massive opportunity for Archer, and the company looks to be in a good position to capitalize on it.

I think there's a good chance that Archer will win substantial defense contracts through its partnership with Anduril. If it does, the stock is poised to soar.