Acquiring Jet.AI brings customers to the platform, aircraft that strengthen the fleet, future delivery positions that support long-term growth and financial assets that accelerate growth and increase flexibility.
flyExclusive has completed its acquisition of the aviation assets of Jet.AI, first announced in February 2025. At the time it said the transaction would provide additional growth capital and add trading liquidity through incremental equity ownership.
The transaction adds a diversified portfolio of strategic assets that further strengthens flyExclusive's operating platform and supports the Kinston, North Carolina-headquartered company's disciplined strategy of expanding its fleet, growing its customer base and deploying capital into opportunities to create long-term shareholder value.
The acquisition includes:
– Jet.AI’s jet card members expected to generate additional flying activity across the flyExclusive platform.
– Two HondaJet aircraft and a Citation CJ4 aircraft.
– Approximately $4.1 million securing three future Citation CJ3 delivery positions scheduled for 2027.
– Approximately $6.1 million of securities, consisting of an indirect ownership, through a special purpose vehicle, of publicly traded Space Exploration Technologies Corp shares.
– Approximately $5.3 million of cash to support continued investment in accretive fleet growth.
“This acquisition reflects exactly how we’ve been building flyExclusive,” says founder and CEO Jim Segrave. “We’re not simply adding assets. We’re adding customers who can immediately utilise our platform, aircraft that strengthen our fleet, future delivery positions that support our long-term growth and financial assets to accelerate our growth and that increase our flexibility. Every strategic decision we make is focused on creating long-term value for our shareholders.”
Unlike a traditional acquisition focused primarily on operating assets, the transaction delivers a complementary portfolio of aviation and financial assets designed to provide both immediate operating benefits and long-term strategic flexibility.
Over the past year, the company has continued to build momentum across multiple strategic initiatives: expanding its owned and operated light jet fleet; growing its Challenger fleet to meet increasing demand for midsize and super-midsize aircraft; becoming an authorised Starlink Aviation dealer; and continuing to invest in proprietary technology, maintenance infrastructure and operational capabilities designed to support scalable growth.
“We continue to execute against a clear strategy,” Segrave continues. “Our focus remains on growing the fleet, expanding our customer base, strengthening our balance sheet and investing in the capabilities that differentiate flyExclusive. This acquisition advances each of those priorities.”
Among the most valuable aviation assets acquired are future Citation CJ3 delivery positions.
“In today’s aircraft market, delivery positions are strategic assets in their own right,” says CFO Brad Garner. “Securing future production slots provides visibility into fleet expansion and supports our ability to continue growing one of the strongest light jet fleets in private aviation.”
The transaction consideration also includes indirect ownership, held through a special purpose vehicle, of SPCX shares. The SPV’s direct interest is subject to pre-IPO lock-up restriction releasing on a staggered schedule until December 2026. flyExclusive intends to monetise the direct or indirect position in an orderly manner, converting them to cash to fund fleet growth and operating initiatives.
“The consideration included a diverse portfolio of strategic financial assets,” Garner adds, “that increases our capital allocation flexibility. We will continue to maintain discipline in redeploying the consideration into the business, whether it’s fleet growth, debt reduction or other strategic operational initiatives. We evaluate every asset we receive in a transaction the same way, by its contribution to driving long-term shareholder value.”
Following the closing, flyExclusive expects to immediately begin integrating the acquired customers and aircraft into its operations while evaluating the most attractive deployment of the acquired financial assets and growth capital.
“We view this transaction through the lens of capital allocation,” Garner concludes. “Every asset acquired must earn its place by contributing to long-term shareholder value. The Jet.AI fleet and the aircraft delivery positions strengthen our fleet directly. The marketable securities provide flexibility for cash conversion and redeployment by exercising the same discipline we apply to every capital decision. Whether through additional flying activity, future fleet growth or financial flexibility, we believe this transaction positions flyExclusive to continue executing and compounding value for shareholders.”
