Spirit Airlines was a budget-friendly airline that America hated. But it’s now out of business, and a viral crowdfunding campaign is trying to revive the bankrupt airline.
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When Hunter Peterson heard Spirit Airlines would be shutting down on May 2nd after attempts to merge with other airlines and provide a lifeline from the federal government, the 22-year-old voice actor and content creator posted on social media that same day with an idea to revive the airline.
If one-fifth of Americans contributed $45 each (the equivalent of a cheap Spirit ticket), “we could buy Spirit Airlines,” he said.
His first pitch was to run an airline like the Green Bay Packers, the NFL’s only publicly owned team. The company has over 5 million shares divided among over 530,000 owners. But his joke became a call to action. Although Peterson hasn’t received any actual cash, his website says he has collected $337 million in pledges from more than 370,000 verified people.
Peterson did not respond to requests for comment and said he would not speak to the media until plans are finalized. However, he said on social media that he is aware of the regulatory limits to his idea and is actively consulting with a lawyer.
The public interest in this crowdfunding effort demonstrates a collective desire to disrupt the airline industry. Despite enthusiasm about the idea, experts say regulatory hurdles alone could bring momentum to a screeching halt.
“Airlines are very complex financial enterprises. There are many players,” said Charles Elson, a former finance professor at the University of Delaware.
Elson said crowdfunding can work for smaller businesses with less regulatory involvement, but there are too many moving parts for airlines.
“There are liens on the lessor, the airplane, the government agencies that lease space to airlines and various facilities, the airplane itself, the aircraft,” Elson said. “Of course, we have union contracts with our pilots, stewardesses, flight attendants, ground staff and mechanics.”
“That’s a good idea,” he added. “It would be shocking if it became a reality. I think it would be like going to Mars.”
John Coffee Jr., a law professor at Columbia University, also cited the lengthy and expensive process of registering an airline as a public company with the Securities and Exchange Commission.
Crowdfunding companies have an exemption from SEC regulations, but the SEC says the cap is $5 million a year, which isn’t enough to buy an airline, Coffee said.
Another option to avoid the complexities of SEC registration is a “private placement” service. The most common version of this allows you to raise unlimited funds within a year. But Coffee said these are limited to individuals with a net worth of at least $1 million. “When it comes to reaching the average citizen, they don’t have a million dollar net worth,” he added.
Coffee said Spirit’s bankruptcy added another layer of complexity.
“This is not a simple, clean offering,” he said. “You’re dealing with a very high-risk company that is essentially bankrupt, so you have to account for all those risks.”
According to a 2025 bankruptcy filing, Spirit Airlines had been bleeding money for years. The company has had two failed merger plans, with Frontier in 2022 and JetBlue in 2024, and has filed for bankruptcy twice, in 2024 and 2025. By August 2025, Spirit had approximately $8.1 billion in debt.
The never-ending soaring oil prices caused by the war with Iran didn’t help either. At a last-minute bankruptcy hearing on Tuesday, Spirit’s lawyer Marshall Huebner said the “significant increase” in prices would drain the airline of hundreds of millions of dollars in liquidity.
“We just ran out of runway,” CEO Dave Davis told CNBC on Monday.
Most airlines don’t just make money by selling tickets. Branded credit cards and frequent flyer programs make money from ticket sales. Delta Air Lines, American Airlines, United Airlines, United Airlines, and Southwest Airlines generated $200 billion in revenue in 2024. All four airlines made a profit that year, but at a loss in passengers flying their planes.
Ticket sales alone aren’t enough for Spirit 2.0 to turn a profit. But participating in the Spirit 2.0 campaign may mean more than just an investment. Since the campaign began, the website has crashed multiple times due to heavy traffic.
“You promised to do it, so why not?” says Abigail Hartman, a radiologist in Indiana. “I just want to be a part of something from the beginning, you know?”
“If this works, doesn’t it mean we can do anything?” Hartman said on social media. “We can make a difference.”
On Monday, Peterson said a firm specializing in aviation mergers and acquisitions told him his plan was “viable.” “I don’t have much time,” Peterson said on social media. He added that he is hearing from angel investors who could help get the plan off the ground through a legal fund. But the clock is ticking, and an auction of some of the company’s assets is scheduled in the coming days.
He added, “We can’t accept money from anyone, but we can accept angel investments from wealthy people.” “So Mark Cuban? What’s up? DM me now.”
So what does the future hold for Peterson? In a way, his quest began last year when he traveled with Spirit for 24 hours straight for a YouTube video. Now he is trying to buy the company.
He said on social media Friday that he had secured legal funding to put together a bid for Spirit Airlines. He also has the support of Spirit’s 5,500-member flight attendant union.
If Spirit 2.0 Group is successful in acquiring the airline, decisions regarding routes, leadership and strategic direction will be made by its members, according to Peterson’s website.
Still, Peterson said he doesn’t know what the future holds. “There’s no guarantee this will work,” Peterson said.
“We are doing our best, but we are now one step closer to everyone owning Spirit 2.0.”
