Crowdfunding Effort : Could You Own Part of Spirit Airlines?

A viral grassroots campaign is giving everyday people, including New Yorkers, a chance to potentially own part of Spirit Airlines following its sudden shutdown after 34 years in operation.

The effort, called Spirit 2.0, is a crowdsourced plan launched by content creator Hunter Peterson, who is urging the public to come together and purchase the airline before private investors take control.

What Is “Spirit 2.0”?

The initiative centers around a simple but ambitious idea: instead of a single corporation or private equity firm buying the airline, the public could collectively own it.

Through the website letsbuyspirit.com, Peterson is asking people to submit non-binding pledges, starting at $45, to show interest in contributing to a potential purchase.

The concept draws inspiration from the Green Bay Packers, the only publicly owned team in the NFL, where hundreds of thousands of shareholders collectively hold ownership.

Millions Already Pledged, But No Money Collected

The response has been immediate.

The campaign has already drew more than 100,000 supporters, with pledges totaling nearly $88 million, according to the campaign’s website.

Peterson emphasized that no actual money has been collected, and all commitments so far are simply expressions of interest. But, thanks so social media, the interest blew up and the website crashed... multiple times, stalling additional pledges to be made.

How Much Would It Take to Buy Spirit Airlines?

While the early momentum is significant, the total cost of acquiring the airline would be far higher. Peterson’s goal is $1.7 billion in commitments. But, a previous acquisition attempt by JetBlue valued Spirit at about $3.8 billion

That means the current pledges represent only a small fraction of what would be needed to make a serious bid.

What Happened to Spirit Airlines?

Spirit Airlines abruptly shut down operations after years of financial instability, at 3 a.m. on a Saturday morning, stranding travelers and laying off thousands. They say the current fuel prices were what made the decision final.

The airline faced layoffs and furloughs, failed merger attempts and bankruptcy challenges. A $500 million federal bailout deal was rejected.

The closure impacted roughly 17,000 employees and left passengers scrambling for alternative travel options. Other carriers, including United Airlines and American Airlines, stepped in capping fares at $200 to help stranded travelers.

Can the Public Really Own an Airline?

The idea is gaining attention, but experts say turning it into reality would be extremely complex.

Buying and operating an airline requires Federal approval from the Federal Aviation Administration (FAA), An Air Operator’s Certificate and billions in capital and ongoing operating costs.

Even historically, similar community or employee-owned airline models have struggled to survive long term.

What It Means for New Yorkers

For New Yorkers, especially frequent flyers who relied on Spirit’s low-cost routes, the campaign offers a unique, if uncertain, opportunity.

While Spirit 2.0 is currently a dream without any proof it will move beyond the idea stage, the early response shows strong public interest in reshaping how major companies are owned and operated.

For now, organizers are continuing to collect pledges and build support, with the goal of proving that a people-powered airline could be possible.