Fundraising Fox

Surf Air

NYSE: SRFM

Hawthorne, US · Founded 2021 · Delaware corporation · 125 employees on LinkedIn · Public · 15 known investors

Surf Air Mobility operates regional air travel across the U.S. through scheduled flights, on-demand private charter booking, and electric aviation technology. It combines air carrier services with software and aircraft electrification aimed at expanding regional air mobility.

Also known as SRFM · Surf Air Mobility · Surf Air Mobility Inc.

Founders & leadership

Surf Air was founded in 2021 by Sudhin Shahani.

SSSudhin Shahani
Sudhin ShahaniFounder
OR
Oliver ReevesExecutive
TP
Tyler PainterExecutive
DW
Deanna WhiteExecutive
JB
James BaileyNamed on SEC filing
BG
Bruce GonzalezNamed on SEC filing
MZ
Michael ZuercherNamed on SEC filing
HC
Heidi CraneNamed on SEC filing
DP
Dennis PhelpsNamed on SEC filing

Board

DA
David AndermanBoard director
JD
John D'AgostinoBoard director
SP
Shawn PelsingerBoard director

Investors · 15

Also in the syndicate · 6

Anthem Venture PartnersEytan ElbazGilad ElbazJeffrey StibelMike WalshRick Caruso

Reported raises · per SEC filings

Form D private placements

$102.8M disclosed across 4 of 6 rounds · 2012–2025

$83.7MraisedNov 2025 · 4 investors · Airlines and Airports
Rule 506(b)
Officers, directors & promoters on the filing
  • Sudhin ShahaniDirector
  • David AndermanDirector
  • Oliver ReevesExecutive Officer
  • John D'AgostinoDirector
  • Tyler PainterDirector
  • Deanna WhiteExecutive Officer
  • Shawn PelsingerDirector
  • Edward MadyDirector
  • Carl AlbertDirector
  • Bruce HackDirector
Offering amount
$83.7M
Amount sold
$83.7M
Sales commissions
$3.7M
Placement agents
Alliance Global Partners
First sale
Nov 2025
Incorporated
Corporation, Delaware, 2021
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$9.1MraisedSep 2018 · 4 investors · Other Travel
Rule 506(b)
Officers, directors & promoters on the filing
  • Heidi CraneExecutive Officer
  • Dennis PhelpsDirector
  • James BaileyDirector
  • John D'AgostinoDirector
  • Sudhin ShahaniExecutive Officer, Director
Offering amount
$25M
Amount sold
$9.1M
First sale
Aug 2018
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$6MraisedFeb 2018 · 5 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • James BaileyDirector
  • Bruce GonzalezExecutive Officer
  • Michael ZuercherExecutive Officer
  • John D'AgostinoDirector
  • Heidi CraneExecutive Officer
  • Sudhin ShahaniExecutive Officer, Director
  • Dennis PhelpsDirector
Offering amount
$15M
Amount sold
$6M
First sale
Feb 2018
Incorporated
Corporation, Virgin Islands, British, 2016
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$3.9MraisedFeb 2018 · 6 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • John D'AgostinoDirector
  • Sudhin ShahaniExecutive Officer, Director
  • Dennis PhelpsDirector
  • James BaileyDirector
  • Heidi CraneExecutive Officer
  • Michael ZuercherExecutive Officer
  • Bruce GonzalezExecutive Officer
Offering amount
$15M
Amount sold
$3.9M
First sale
Jan 2018
Incorporated
Corporation, Virgin Islands, British, 2016
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Company profile

researched Aug 2026

Surf Air Mobility is an air mobility platform headquartered in Los Angeles, California, with the Surf Air airline subsidiary listed in Hawthorne, California. The company combines scheduled regional air service, on-demand private charter brokerage, aviation software and aircraft electrification efforts. Scheduled flights are operated under the Southern Airways Express and Mokulele Airlines brands; Southern Airways Express flies routes across the United States, much of it under long-term Essential Air Service (EAS) government contracts, while Mokulele Airlines operates inter-island service in Hawaii. Surf Air itself acts as a sales agent and does not own or operate aircraft; flights arranged for members are performed by independent, FAA-licensed and DOT-registered third-party air carriers, and the Surf Air fleet sits under the Southern Airways Express operating certificate.

The Surf On Demand unit lets customers find, book and customize private charter passenger and cargo flights across more than 100 aircraft types operated by third-party carriers, supported by an iOS app and a charter quote-request desk. Aircraft available through the charter marketplace span turboprops and light-to-large-cabin jets, including the Pilatus PC-12 and PC-24, Beechcraft King Air and Hawker models, Cessna Citation types, Embraer Phenom 300, HondaJet, Bombardier Challenger and Global Express, Dassault Falcon and Gulfstream aircraft.

On the technology side, the company is developing SurfOS, an AI-enabled operating system for private aviation and advanced air mobility built in partnership with Palantir, with three flagship products: BrokerOS, OperatorOS and OwnerOS. SurfOS is positioned to handle scheduling, dispatch reliability, cost reduction, distribution and revenue management for scheduled and charter operations, drawing on operating data generated by the company's own airline and charter businesses. In electrification, Surf Air has partnered with BETA Technologies as launch operator for BETA passenger electric aircraft, with Hawaii identified as the intended launch market.

Founding story

Surf Air emerged in 2012 from MuckerLab, a Los Angeles business incubator, and was founded by David Eyerly, Wade Eyerly, Peter Bi, Scott Porter, Cory Cozzens and Reed Farnsworth, initially building a subscription-based, all-you-can-fly airline connecting Palo Alto and Los Angeles using mid-sized executive aircraft. Early angel investors included Paige Craig, Aviv Grill and Bill Woodward. Separately, dot.LA reported the company was co-founded in 2012 by CEO Sudhin Shahani and Chief Brand Officer Liam Fayed.

Business model

The company operates a mix of first-party and marketplace air travel businesses alongside a software product. Revenue-generating activities include scheduled commuter airline service under the Southern Airways Express and Mokulele Airlines brands (including long-term Essential Air Service government contracts), on-demand private charter passenger and cargo bookings sold through Surf On Demand as principal or ticket agent, and the planned commercialization of SurfOS software for brokers, operators and aircraft owners. Historically, Surf Air sold subscription memberships offering unlimited or discounted regional flying, with US plans advertised from $199 per month and European memberships from £1,750 per month.

Scheduled airline ticket sales and government Essential Air Service contracts, charter bookings and jet card/membership products sold through Surf On Demand, and software products (BrokerOS, OperatorOS, OwnerOS) under the SurfOS platform. Earlier in its history the company used monthly all-you-can-fly subscription memberships and, from October 2018, a Surf Air Express program with an annual membership fee plus per-flight payments.

Traction

The company reported more than 60,000 scheduled flights and 800+ destinations flown in 2025, and states its brands have flown millions of passengers over millions of miles. At the time of the 2022 SPAC announcement, the combined company expected roughly $100 million in revenue across its business units for 2022, and Southern Airways was described as having served 39 cities and 300,000 customers in the prior year. Surf Air is listed with a fleet of 52 aircraft and 42 destinations and approximately 700 employees.

Latest developments

Surf Air Mobility announced a strategic partnership with BETA Technologies to serve as launch operator for BETA passenger electric aircraft, and as of June 2026 BETA's ALIA electric aircraft began demonstration flights across Hawaii to assess passenger and cargo use on the inter-island network. The company is rolling out SurfOS, its Palantir-powered software platform, including an enterprise BrokerOS launch, and reported second-quarter 2026 results through its investor relations channels.

Full profile — market position, technology, go-to-market, geography, history, risks & controversies

Market position

Surf Air Mobility describes itself as operating one of the largest commuter airlines in the United States by scheduled departures, and states its brands offer more short-haul scheduled commuter flights than any other US operator, with Mokulele Airlines the largest inter-island commuter airline in Hawaii. Coverage has placed the company among a broad field of aviation electrification efforts including Textron, Cape Air, NASA and Boeing.

The company pairs operating airlines and a charter marketplace with software and electrification programs, arguing that the operational scale and real-world flight data from its air travel businesses can validate and train the SurfOS platform and support adoption of next-generation aircraft. Its stated goal is to lead the commercial rollout of electric aviation, including carrying the first paying passenger on a next-generation electric aircraft.

Technology

SurfOS is an AI-enabled aviation operating system developed with Palantir, comprising BrokerOS, OperatorOS and OwnerOS, and intended to replace legacy aviation software for scheduling, dispatch reliability, cost control, distribution and revenue management. The company has pursued hybrid-electric and fully electric propulsion, previously working on powertrains to retrofit turboprop aircraft such as the Cessna Grand Caravan, and in 2022 announced work with AeroTEC and magniX on hybrid-electric powertrains. It has since partnered with BETA Technologies as launch operator for BETA's passenger electric aircraft, with BETA's ALIA conducting demonstration flights across Hawaii.

Go-to-market

Direct online and mobile booking for scheduled flights under the Southern Airways Express and Mokulele Airlines brands and for charter through Surf On Demand, supported by a charter quote-request team, a jet card, travel-agent and cargo/empty-leg channels, and an iOS app. Software is being brought to market through the SurfOS product family, beginning with an enterprise BrokerOS launch, and electrification through the launch-operator partnership with BETA Technologies.

Regional leisure and business travelers on short-haul routes, Hawaii inter-island passengers and residents of communities served by Essential Air Service, private charter passengers and cargo shippers, travel agents, and — for SurfOS — charter brokers, aircraft operators and aircraft owners.

Geography

Headquartered in Los Angeles, California, with Surf Air listed at Hawthorne, California. Scheduled service spans regions across the United States, including an inter-island network in Hawaii, and the company reported 800+ destinations flown in 2025. Historically it operated in California and Texas (Austin, San Antonio, Dallas Love Field, Houston Hobby and David Wayne Hooks after the RISE acquisition) and, from July 2017, in Europe with routes from London to Ibiza and Zurich; the European branch went into liquidation in December 2018.

History

Surf Air announced its first institutional funding in June 2012 and commenced flight operations on June 13, 2013, completing a Series A round in June 2013. In May 2017 flight operations were transitioned to Part 135 operator Encompass Aviation, and Sudhin Shahani became chief executive in 2017 after Jeff Potter's departure. The company acquired Texas-based RISE in June 2017 and launched Surf Air Europe in July 2017; the European unit went into liquidation in December 2018. In 2018 the IRS placed liens totaling nearly $2.5 million against the company for unpaid federal excise tax and California flight operations moved to Advanced Air Charter. Surf Air acquired BlackBird in February 2020 and announced an acquisition of hybrid-electric developer Ampaire in February 2021, a roughly $100 million deal abandoned in April 2022. In May 2022 the company announced a planned SPAC merger with Tuscan Holdings Corp. and commuter airline Southern Airways at a $1.42 billion valuation; parent Surf Air Mobility instead went public in July 2023 through a direct listing on the New York Stock Exchange under the ticker SRFM.

Risks & controversies

In June 2018 it was reported that the IRS had filed liens totaling nearly $2.5 million against Surf Air for unpaid federal excise tax, and its then-operator Encompass Aviation said Surf Air was behind on payments for operating flights; the company was also sued over overdue payments. Surf Air Europe entered liquidation in December 2018, the roughly $100 million Ampaire acquisition was abandoned in April 2022, and former RISE routes were transitioned away from in-house operation to Tradewind Aviation. As a sales agent that does not operate aircraft, the company depends on third-party carriers for service delivery.

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Aircraft types available for charter bookingJan 2026100 aircraft types
DestinationsJan 202642 destinations
Destinations flownJan 2025800 destinations
EmployeesJan 2026700 employees
Expected 2022 revenue (combined company)May 2022$100M
Fleet sizeJan 202652 aircraft
HeadcountAug 2026125
Scheduled flightsJan 202560,000 flights
SPAC transaction implied company valuationMay 2022$1.4B

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Competitors · 3

by search overlap

Companies competing with Surf Air for the same Google search keywords, organic and paid, via search-intersection analysis.

Timeline · 18

launches, deals, and filings
Jun 2026
BETA ALIA electric aircraft begins demonstration flights in Hawaii

As of June 2026, BETA's ALIA electric aircraft began demonstration flights across Hawaii, flown throughout the state to assess how electric aircraft could serve the inter-island passenger and cargo network.

source ↗

Jan 2026
Strategic partnership with BETA Technologies

Surf Air Mobility announced a partnership with BETA Technologies to serve as launch operator for BETA's passenger electric aircraft.

source ↗

Jan 2026
SurfOS developed with Palantir

Surf Air Mobility partnered with Palantir to build SurfOS, an AI-enabled operating system for aviation comprising BrokerOS, OperatorOS and OwnerOS, with an enterprise BrokerOS launch.

source ↗

Jul 2023
Surf Air Mobility lists on NYSE via direct listing

Parent company Surf Air Mobility went public through a direct listing on the New York Stock Exchange under the ticker symbol SRFM.

source ↗

May 2022
Hybrid-electric powertrain deal with AeroTEC and magniX

Surf Air announced a deal with aircraft developer AeroTEC and propulsion firm magniX to build additional hybrid-electric powertrains for its Cessna aircraft.

source ↗

May 2022
Planned SPAC merger with Tuscan Holdings and Southern Airways announced

Surf Air Mobility announced it would go public by merging with blank-check company Tuscan Holdings Corp. and Florida-based commuter airline Southern Airways, in a deal valuing the combined company at $1.42 billion and expected to raise up to $467 million.

$1.4B source ↗

Apr 2022
Ampaire acquisition abandoned

Surf Air Mobility abandoned its approximately $100 million acquisition of Ampaire.

$100M source ↗

Feb 2021
Announced acquisition of Ampaire

Surf Air announced the acquisition of Ampaire, developer of a hybrid-electric powertrain for Cessna aircraft.

source ↗

Feb 2020
Acquisition of BlackBird

Surf Air announced the acquisition of BlackBird, whose digital platform was intended to expand reach without purchasing additional aircraft.

source ↗

Dec 2018
Surf Air Europe goes into liquidation

The European branch established in 2017 entered liquidation.

source ↗

Oct 2018
Surf Air Express membership program announced

Surf Air announced Surf Air Express, a membership program for less frequent travelers with an annual fee plus per-flight payments.

source ↗

Jun 2018
IRS liens reported over unpaid federal excise tax

It was reported that the IRS had placed liens totaling nearly $2.5 million against Surf Air for unpaid federal excise tax; the company also said it was switching California flight operations to Advanced Air Charter from Encompass.

$2.5M source ↗

Feb 2018
Launch of on-demand charter

Surf Air launched an on-demand charter offering allowing customers to charter entire aircraft, including airplanes outside the Surf Air fleet.

source ↗

Jul 2017
Surf Air Europe launches with London-Ibiza flight

Surf Air began European operations with a maiden trip from London to Ibiza, offering a subscription model starting from £1,750 per month, with weekday flights from London to Zurich.

source ↗

Jun 2017
Acquisition of RISE expands service into Texas

Surf Air acquired Texas-based air travel provider RISE, adding service to Austin Bergstrom, San Antonio International, Dallas Love Field, Houston Hobby and David Wayne Hooks. RISE founder Nick Kennedy was expected to serve as president of the Texas and southeast region.

source ↗

May 2017
Flight operations transitioned to Encompass Aviation

Surf Air flight operations were transitioned to FAA Part 135 operator Encompass Aviation, which retained Surf Air's pilots and aircraft.

source ↗

Jan 2017
Sudhin Shahani becomes CEO of Surf Air

Sudhin Shahani took over as chief executive of Surf Air after Jeff Potter exited.

source ↗

Jun 2013
Surf Air commences flight operations

Surf Air began commercial flight operations on June 13, 2013.

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities · 1

corporate structure
Surf AirDelaware

In the news

Research sources · 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Surf Air do?
Surf Air Mobility is a Los Angeles-based regional air mobility company combining commuter airlines, charter booking, software and electrification.
Who founded Surf Air?
Surf Air was founded by Sudhin Shahani in 2021.
Who are Surf Air's investors?
Surf Air's investors include Base Venture Management, Inc., Ff Venture Capital, Mucker Capital, New Enterprise Associates (NEA), Partners for Growth, Partners for Growth (PFG), The Global Emerging Markets Group (GEM), Urania Ventures and 1 more.
How much funding has Surf Air raised?
Surf Air has disclosed $102.8M raised across 4 of its 6 known rounds.
Is Surf Air publicly traded?
Yes — Surf Air trades on NYSE under the ticker SRFM.
Where is Surf Air headquartered?
Surf Air is headquartered in Hawthorne, US.