A Former Spirit Airlines Passenger Launched a Crowdfunding Effort to Buy It the Same Day It Shut Down
Spirit Airlines shut down on May 2, 2026, ending 34 years of ultra-low-cost flying after two bankruptcies. Roughly 17,000 jobs were affected, and passengers were left scrambling for alternatives. Within hours of the announcement, one former customer had a different response, and he wanted to buy the airline back.
A Content Creator’s Idea Took Off Faster Than Expected
Hunter Peterson, a voice actor and content creator, posted a TikTok video proposing that everyday people pool their money to purchase the defunct carrier. “This started as a joke, and this is rapidly going out of control in the best possible way,” Peterson said in a follow-up video. Not three hours after his first post, he had already launched a crowdfunding website.
Millions Tuned In, and the Website Kept Crashing
Peterson’s original TikTok drew more than 4.6 million views. The attention was enough to crash his website, which he said he built in about an hour. As of May 4, over 124,700 people had pledged more than $88 million through the site, with an average pledge of $667. Pledges are non-binding, and no money has been collected yet; many have also responded in the comments section of his TikTok videos.
The Goal Is $1.7 Billion, and the Model Comes From the NFL
Peterson is targeting $1.7 billion in commitments, drawing inspiration from the Green Bay Packers, the only publicly owned, nonprofit team in the NFL. Owned by 538,967 stockholders, no single investor can sell or relocate the franchise. Peterson’s site, letsbuyspiritair.com, describes the effort as applying that model to aviation “for the first time in American history.”
Peterson Wants to Beat Private Equity to the Punch
Peterson framed the effort as a race against time, writing on letsbuyspiritair.com that “private equity is already circling the wreckage” and that a narrow window exists for passengers and workers to act before the airline’s assets are locked up. He has jokingly referred to himself as the potential new CEO and said in a TikTok video that he is looking to connect with lawyers, developers, airline executives, and PR professionals to advance the effort.
Spirit’s Collapse Had Been Years in the Making
Spirit was consistently profitable before the pandemic, but rising labor costs, shifting traveler habits, and climbing fuel prices eroded its footing. CEO Dave Davis cited a “sudden and sustained rise in fuel prices” in a statement as the final blow, saying the airline could not secure the hundreds of millions in additional liquidity it needed. A restructuring agreement with bondholders also fell apart before the shutdown.
A Federal Bailout Was on the Table but Never Landed
The Trump administration offered Spirit $500 million in exchange for up to a 90% stake in the airline, but the deal ultimately fell through. Davis acknowledged the effort, thanking Secretary Howard Lutnick and the Department of Commerce for their attempts to preserve jobs. It was an unusual move, the government pursuing an equity stake in a private airline, but it wasn’t enough to reverse course.
Passengers May Get Refunds, but Loyalty Points Are Likely Gone
Spirit said it would automatically process refunds for flights booked with a credit or debit card. Those who booked through a travel agent were directed to contact their agent directly, according to the airline. Compensation for vouchers, credits, and Free Spirit points, Spirit said, will be determined through the bankruptcy court. Peterson, meanwhile, said he is looking to connect with lawyers, developers, and airline executives to keep his bid moving forward.
Fares on Spirit’s Old Routes May Already Be Rising
Spirit’s absence is already drawing attention from competitors. United Airlines and American Airlines both offered capped fares on routes that overlapped with Spirit’s network. According to a Business Insider fare analysis, Spirit’s exit from dozens of routes in 2024 and 2025 pushed prices up by roughly 14%, with some routes climbing more than $100. Key leisure destinations like Florida, Las Vegas, and the Caribbean could see similar shifts.
Experts Say a Buyback Is a Long Shot, but the Sentiment Is Real
Aviation consultant Robert W. Mann Jr., former airline executive and president of R.W. Mann and Co., told USA Today the airline would have been rescued already if it had viable prospects. “Spirit will come back in other forms,” he said, pointing to planes, employees, and slots likely absorbed by other carriers. Whether or not the crowdfunding effort succeeds, the response shows how much the airline meant to the people it served.