Spirit 2.0 Advances Fundraising Drive, Surpasses $2 Million in Investor Commitments
The grassroots campaign to revive the now-defunct budget carrier Spirit Airlines under a new model of public ownership has entered a significant new phase.
Known as “Spirit 2.0,” the initiative gained momentum shortly after Spirit Airlines officially ceased operations on May 2. Led by content creator Hunter Peterson, the movement quickly attracted widespread attention on social media. Through the crowdfunding platform LetsBuySpiritAir.com, supporters pledged hundreds of millions of dollars in an effort to relaunch the airline as a company owned by the American public.
The campaign has now shifted its focus from gathering public pledges to securing commitments from accredited investors, a key step as organizers prepare to bid for Spirit Airlines’ assets ahead of the June 26 deadline.
According to the organization, fundraising is currently limited to accredited investors to comply with regulations set by the SEC, DOT, and FAA. Eligible investors must meet specific financial or professional requirements, including annual income thresholds, a net worth exceeding $1 million (excluding a primary residence), certain financial industry licenses, or institutional asset requirements.
“We’ve built the structures and the teams to be able to make a serious bid for the Spirit 1.0 assets. We now have to raise the funds to back our bid and show that we mean business,” the organization stated in an Instagram post published on June 10.
The fundraising campaign has shown remarkable momentum. Within three hours of announcing the investment phase through an Instagram reel on June 13, the group had raised more than $240,000. Eighteen hours later, total contributions had climbed to $1.78 million.
According to Peterson’s latest update, Spirit 2.0 has now secured approximately $2.2 million from 433 investors, bringing the campaign close to halfway toward its initial target of $5 million.
While the ultimate success of the effort remains uncertain, the rapid fundraising progress highlights significant public interest in the concept of a publicly owned airline. As the campaign advances toward its asset acquisition bid, Spirit 2.0 continues to attract attention across the aviation industry and among travelers eager to see the return of the low-cost carrier.
