Wheels Up

What Wheels Up does

Wheels Up Experience Inc. is a publicly traded (NYSE: UP, post 1-for-20 reverse split April 2026; now otcpink: WSUPW) membership-based private aviation company founded in 2013 and headquartered in New York. The company provides on-demand charter flights, guaranteed-access membership programs, and corporate aviation solutions, operating a controlled fleet of nearly 200 Embraer Phenom 300 and Bombardier Challenger 300/350 aircraft supplemented by access to 7,000+ globally vetted aircraft through the Air Partner network (acquired in 2022 for ~$107M). Primary customers are high-net-worth individuals, corporate accounts, and sports/entertainment clients in North America and the United Kingdom.

The core product portfolio consists of Signature Membership (launched September 2025, requiring a $200,000 minimum pre-paid deposit plus monthly fee for guaranteed fleet access and Delta SkyMiles Diamond Medallion Status), Wheels Up Charter (per-flight on-demand booking), and Business Solutions (customized corporate aviation). The underlying technology platform consolidates booking, trip management, and CRM through a proprietary mobile app, with the recently deployed Surf Air Mobility Enterprise BrokerOS (powered by Palantir Foundry/AIP) replacing legacy software. A strategic partnership with Delta Air Lines — which led a $500M recapitalization in 2023 and now holds a controlling stake — integrates commercial airline self-booking, SkyMiles earning, and access to Delta's 40,000+ corporate accounts.

Wheels Up's business model combines subscription recurring revenue (Signature Membership and corporate jet cards), usage-based revenue (on-demand charter), and opportunistic one-time gains (aircraft sale-leaseback). FY2025 revenue was $736.5M (down 7% YoY), with the company achieving its first-ever positive Adjusted EBITDA of $32.9M in Q4 2025 alongside 35% corporate sales growth. The company carries $555.69M in total debt and ended 2025 with $234M in liquidity. Multiple securities law investigations and a 99.6% stock decline from 2021 IPO levels remain material overhangs despite operational turnaround signals.

Name

Wheels Up

Legal name

Wheels Up Experience Inc.

Website

https://wheelsup.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Wheels Up is a membership-based private aviation company providing on-demand charter, guaranteed-access Signature Membership, and corporate aviation solutions, serving high-net-worth individuals and corporate clients across North America and the UK via a controlled fleet of Phenom 300 and Challenger 300/350 jets.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations

Revenue model

1. Charter / On-Demand Flight Revenue: Wheels Up generates revenue through on-demand charter flights, where customers pay per flight based on aircraft type, route, and duration. This is the core revenue driver, with the company accessing a global network of 7,000+ vetted aircraft in addition to its owned/controlled fleet.
2. Signature Membership: Wheels Up's Signature Membership offers guaranteed access to its Phenom 300 and Challenger 300 aircraft fleets for a monthly fee plus a minimum $200,000 pre-paid deposit. The membership includes global charter access through Air Partner, booking on Delta commercial network, Delta SkyMiles Diamond Medallion Status, and exclusive Wheels Down events. Members can choose between Dynamic Plan (market-driven pricing) or Fixed Plan (consistent hourly rates). The deposit can also be applied toward Delta tickets with up to 20% savings on select routes.
3. Corporate / Business Solutions: Wheels Up sells corporate membership jet cards and customized aviation solutions to business clients, with corporate membership fund sales increasing 13% year-over-year in Q1 2025. Corporate Membership jet card sales hit a quarterly record of $62 million in Q3 2025, up more than 15% year-over-year.
4. Aircraft Sale-Leaseback: Wheels Up executes sale-leaseback transactions on aircraft as a financing mechanism. In Q4 2025, the company completed a $105 million aircraft sale-leaseback transaction involving ten aircraft (3 Challenger 300s and 7 Phenom 300s), generating approximately $24 million in one-time gains.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Wheels Up is a membership-based private aviation company that sells on-demand private jet charter flights, premium membership jet cards (Signature Membership), and customized corporate aviation solutions (Business Solutions). It operates a controlled fleet of Embraer Phenom 300 and Bombardier Challenger 300/350 aircraft and provides access to a global network of 7,000+ vetted aircraft via Air Partner, integrating private and commercial Delta Air Lines travel on a single platform.

Product overview

Wheels Up is a private aviation provider offering a multi-product platform centered on on-demand private jet charter and membership programs. The core offerings include Signature Membership (guaranteed fleet access with premium pricing), Wheels Up Charter (on-demand booking), and Business Solutions (corporate aviation solutions). The company operates a modernized fleet of Embraer Phenom 300 and Bombardier Challenger 300/350 aircraft. The Delta Air Lines partnership integrates private aviation with commercial travel through SkyMiles benefits and self-booking capabilities. Following the 2022 acquisition of Air Partner, the company consolidated its global brand and expanded to include cargo services under the Air Partner sub-brand. Wheels Up also deploys Enterprise BrokerOS (Surf Air Mobility's Palantir-powered software) to modernize its charter workflow operations.

Differentiator

Problem solved

Functional benefit

Brands

• Signature Membership: Premium membership program offering guaranteed access to Phenom 300 and Challenger 300 aircraft with monthly fees and prepaid deposits, including Delta SkyMiles integration
• Charter Up
• Business Solutions
• Air Partner Cargo

Products and services

• Signature Membership Premium membership program designed for frequent private flyers, offering guaranteed access to Wheels Up's Phenom 300 and Challenger 300/350 fleets with priority booking, nationwide fixed-rate or dynamic pricing, Delta SkyMiles Diamond Medallion Status, Delta commercial flight booking, and Wheels Down exclusive events.
• Wheels Up Charter (Charter Up) On-demand private jet charter service providing access to a global network of 7,000+ vetted private aircraft for individual and occasional flyers without membership commitments, booked through the Wheels Up app with 24/7 support.
• Business Solutions Customized corporate aviation offering providing businesses with corporate jet card memberships, tailored executive travel solutions, and access to Wheels Up's aircraft network for corporate travel, client entertainment, and group charter needs.

Quantifiable outcome

• First-ever positive Adjusted EBITDA of $32.9 million and Adjusted EBITDAR of $36.9 million in Q4 2025
• +9 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered major and minor.

• Surf Air MobilitymajorTechnology or Integration · 25 June 2026Surf Air Mobility announced Wheels Up as the launch customer for Enterprise BrokerOS, its SurfOS charter broker product powered by Palantir Technologies' Foundry and Artificial Intelligence Platform. The two-year agreement (with option for a third year) is expected to generate up to $12 million in subscription fees for Surf Air Mobility and will replace multiple legacy software platforms at Wheels Up, consolidating aircraft sourcing, quote generation, booking, and CRM into a unified system.
• EmbraerminorStrategic or Co-development Partner · 1 September 2025Embraer is the manufacturer of the Phenom 300 aircraft in Wheels Up's fleet. Wheels Up's fleet modernization strategy is centered on expanding its Phenom 300 fleet as part of its transition from legacy aircraft types. As of Q3 2025, the fleet comprised 19 Embraer Phenom aircraft, with plans to continue expanding both Phenom and Challenger fleets.
• BombardierminorStrategic or Co-development Partner · 1 September 2025Bombardier is the manufacturer of the Challenger 300/350 aircraft in Wheels Up's fleet. Wheels Up's fleet modernization consolidates on Bombardier Challenger 300/350 jets, which featured remodelled cabin interiors as part of the premium repositioning strategy. The Challenger fleet is being expanded as part of the fleet modernization plan.
• ChoooseminorStrategic or Co-development Partner · 1 May 2025Wheels Up partnered with Chooose, a technology platform, to introduce sustainable aviation fuel (SAF) options for its private jet and group charter customers through a book-and-claim program facilitated with Delta Air Lines. Customers can purchase SAF environmental attributes at booking to claim emissions reduction benefits without requiring direct access to physical fuel or specific departure airports.
• 5x5 TradingmajorStrategic or Co-development Partner · 1 January 2024Boca Raton-based aircraft dealer and IADA-accredited firm 5x5 Trading completed Wheels Up's fleet modernization program 18 months ahead of schedule, managing the acquisition and disposition of nearly 100 aircraft since 2024. The program consolidated Wheels Up's controlled fleet from four aircraft types to two — Embraer Phenom 300 and Bombardier Challenger 300/350 — positioning Wheels Up for its next phase of growth behind its Signature Membership program.

Scale indicators10 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Flexjet: Flexjet is a leading U.S. fractional private jet provider with ~3.87% market share by flight hours (204,836 hours in 2023). It directly competes with Wheels Up in fractional shares, jet cards, and aircraft management, and is also pursuing fleet standardization and premium positioning similar to Wheels Up's strategy.
• NetJets: NetJets (Berkshire Hathaway subsidiary) is the largest fractional private aviation operator in the U.S. with ~11.5% market share by flight hours. It is Wheels Up's most direct competitor, offering fractional ownership, jet cards, and on-demand charter, and competes head-to-head in the same customer segments that Wheels Up's Signature Membership targets.
• Airshare: Airshare is a U.S. fractional private jet and charter operator (formerly Executive AirShare). It competes with Wheels Up in the fractional, jet card, and on-demand charter space with similar Phenom and Challenger fleets, primarily in the central and eastern U.S.
• XOJET Aviation: XOJET (now part of Vista Global) is a U.S.-focused private jet charter and jet card provider. It directly competes with Wheels Up's Charter and Business Solutions offerings, particularly in the transcontinental super-mid segment where Challenger and Phenom jets are commonly used.
• JetSuite (JSX): JSX operates semi-private air service using Embraer ERJ-135/145 aircraft, providing a hybrid scheduled/charter model. While focused on scheduled short-haul routes rather than full private charter, it competes with Wheels Up in the democratized private aviation segment and is a relevant same-customer competitor.
• Vista Global (VistaJet): Vista Global operates the VistaJet brand and is a major direct competitor with ~2.58% U.S. market share and significant global reach. It competes in the same on-demand charter and membership space as Wheels Up, with a broader international footprint and similar premium positioning.

Regional players

• PrivateFly: PrivateFly is a UK-based private jet booking platform that competes with Wheels Up's Air Partner-derived European charter business. It offers on-demand charter and empty-leg flights across Europe with a similar digital-first booking model, though with primary geographic focus outside of North America.

Emerging players

• Surf Air Mobility: Surf Air is a regional scheduled private aviation operator and software provider. While smaller and more regionally focused, it competes with Wheels Up's membership model on the West Coast and is also Wheels Up's technology partner (Enterprise BrokerOS), making it both a partial peer and a strategic counterparty.
• Blade Air Mobility: Blade is a technology-forward urban air mobility and private aviation company offering scheduled and on-demand helicopter, seaplane, and jet services. It overlaps with Wheels Up in the on-demand premium short-haul segment and is pursuing a similar strategy of making private aviation more accessible to a broader customer base.
• Nicholas Air: Nicholas Air is a smaller U.S. private jet membership and charter company focused on the Phenom 100/300 and Citation Excel/XLS segments. It overlaps with Wheels Up's customer base in the light-to-mid jet category, though it is significantly smaller in scale.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/WheelsUp8760
• Xx.com/WheelsUp
• Instagraminstagram.com/wheels_up
• LinkedInlinkedin.com/company/wheels-up

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds13 records

Investors29 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wheels Up