Hunter Peterson's initiative garners over $437 million in pledges as experts raise concerns about feasibility
Category: Business
Spirit Airlines, once a beloved budget carrier, ceased operations at 3:00 a.m. on May 2, 2026, leaving thousands of employees jobless and passengers stranded. In response to this abrupt closure, Hunter Peterson, a 22-year-old voice actor and content creator based in Los Angeles, launched a viral crowdfunding campaign dubbed "Let’s Buy Spirit," which has since amassed over $437 million in pledges from more than 370,000 verified supporters.
The campaign gained traction on social media platforms, with Peterson proposing that if a fifth of Americans contributed $45 each, they could collectively purchase the bankrupt airline. His vision is to operate Spirit Airlines similarly to the Green Bay Packers, a publicly owned NFL team with over 5 million shares distributed among more than 530,000 owners. "If we can make this happen, doesn’t that prove we can do anything?" said Abigail Hartman, a supporter from Indiana.
Peterson's initiative has sparked public interest and raised questions about the future of the airline industry. The overwhelming response reflects a collective desire to disrupt traditional airline ownership models, but experts caution that the regulatory and financial hurdles may prove insurmountable.
Spirit Airlines had been struggling financially for years, culminating in two bankruptcy filings in 2024 and 2025, and a staggering $8.1 billion in debt by August 2025. The airline's financial woes were exacerbated by rising fuel costs linked to the conflict in the Middle East and failed merger attempts with Frontier and JetBlue. CEO Dave Davis noted during a recent bankruptcy hearing that the company "just kind of ran out of runway" due to a liquidity crisis caused by soaring oil prices.
Peterson's campaign, which began just hours after Spirit's shutdown, has seen the campaign website crash multiple times due to high traffic. Before pledges were paused, the platform showed over 247,000 founding patrons and approximately $214 million in pledged support, with an average contribution of around $865. Peterson has emphasized that he is not collecting actual cash yet, as he navigates the complex legal and regulatory frameworks necessary for such an ambitious plan.
Legal experts have expressed skepticism about the feasibility of a crowdfunded airline. Charles Elson, a retired finance professor at the University of Delaware, remarked, "An airline is a very complicated financial enterprise. There’s a lot of players involved, including lenders, planes, leases, and union contracts." He likened the campaign's chances of success to a mission to Mars, stating, "I would be shocked if it ever became a reality." Columbia University law professor John Coffee Jr. echoed these concerns, highlighting that federal regulations impose strict limits on how much money can be raised through crowdfunding.
As the campaign gains momentum, Peterson has secured the backing of the Association of Flight Attendants labor union, which supports the initiative to revive Spirit Airlines. He has also consulted lawyers specializing in mergers and acquisitions, who have indicated that his plan is "doable." Peterson is actively seeking high-net-worth investors to supplement the grassroots funding before the upcoming auction of Spirit's assets.
Peterson aims to create a democratic governance structure for the new airline, where each verified member would receive one vote, regardless of their donation size. Larger contributions would yield proportional profit shares, allowing the community to have a say in the airline's operations. "Private equity is already circling the wreckage, but before they lock it up, there is a narrow window for something that has never happened in commercial aviation," Peterson stated on social media.
As the campaign continues to evolve, the auction for Spirit's assets is imminent, putting pressure on Peterson and his supporters to finalize their plans. "We don’t have a ton of time," Peterson remarked, acknowledging the urgency of their situation. The legal fund he has established will help prepare a formal bid for the airline, but the outcome remains uncertain.
In the face of skepticism from financial experts, many supporters remain optimistic about the potential impact of their collective action. "I just want to be part of something from the start, you know?" Hartman expressed, framing the campaign as a test of what citizens can achieve together. The campaign's success, or lack thereof, could redefine the future of low-cost air travel and ownership in the airline industry.
With the auction date approaching and the clock ticking, Peterson's vision for Spirit 2.0 hangs in the balance. "There’s no guarantee that any of this is going to work," he cautioned, but he remains hopeful about the possibilities ahead. As the public waits to see how this unique crowdfunding attempt will play out, the future of Spirit Airlines and its potential revival remains a subject of intense interest and speculation.