A tiltrotor aircraft having a propulsion configuration that divorces the engine core power from the thrust fan, using a combined gearbox with a plurality of clutches to couple and decouple one or more rotor systems and one or more thrust fans. The aircraft can be operable for vertical takeoff and landing (VTOL) in a helicopter mode, forward flight in a proprotor mode, and high-speed forward flight in an airplane (jet) mode. The propulsion configuration provides shaft horsepower (SHP) to rotors for VTOL flight, while also providing SHP to the thrust fan for high speed flight. Allowing the rotor and the thrust fan to be clutched on and off, sequentially, enables transition from rotor-borne VTOL flight to wing-borne thrust fan flight, and back.