After receiving new engines, radio and oxygen equipment 140312 was transferred to Wright Field near Dayton, Ohio and delivered to the Accelerated Service Test Maintenance Squadron (ASTMS) of the Flight Test Devision in July 1946. Flight testing was completed on October 16, 1946 though the aircraft remained at Wright Field until 1947. It was then transferred to Orchard Place Airport, Park Ridge, Illinois, and remained at Orchard Place Airport until May 1, 1949 when it, and several other aircraft stored at the airport were transferred to the Smithsonian Institution. During the early 1950s the Ar 234 was moved to the Smithsonian's Paul Garber Restoration Facility at Suitland, Maryland for storage, and eventual restoration.
The Smithsonian began restoration of Ar 234 B-2 140312 in 1984 and completed it in February, 1989. All paint had been stripped from the aircraft prior to the Smithsonian receiving it, so the aircraft was painted with the markings of an aircraft of 8./KG 76, the first operational unit to fly the "Blitz". The restored aircraft was first displayed at the Smithsonian's main museum building in downtown Washington D.C. in 1993 as part of a display titled "Wonder Weapon? The Arado Ar 234." In 2005 it became one of the first aircraft moved to the new Steven F. Udvar-Hazy Center near Dulles International Airport. Today 140312 is displayed next to the last surviving Dornier Do 335, an aircraft that had accompanied it on its voyage across the Atlantic Ocean aboard the Reaper over sixty years earlier.
There is a photograph of 140312 on page 98 of the reprinted edition of Captain Eric Brown's book Wings of the Luftwaffe. The caption for the photograph describes 140312 as an Ar 234B-1/b, and states the aircraft was - allegedly - acquired at Saalbach, and was presumed to have been on the strength of1./FAGr.110, which performed reconnaissance missions under Luftflotte 6 during the closing months of the war in Europe.