Jet.AI Raises Cash to $13.5M, Approves $5M Buyback and SpaceX Investment
Jet.AI ended Q1 with $13.5 million cash and zero debt, up from $1.8 million at December 31, and authorized a $5 million share repurchase. Jet.AI acquired a $5 million interest in SpaceX, secured 500MW gas supply permits for Manitoba JV and cleared SEC registration for June 11 merger vote.
1. Q1 Financial Highlights
Jet.AI closed the quarter with $13.5 million in cash and no debt, up from $1.8 million at year-end, reflecting a strong cash position. The board authorized a $5 million share repurchase program to support shareholder value.
2. Merger Progress
The company cleared SEC registration for the S-4 filing, advancing the proposed merger with flyExclusive into its shareholder vote phase. Stockholders of record as of May 8 will vote on June 11 to approve the merger.
3. Strategic Investments
Jet.AI invested $5 million in an SPV holding equity in SpaceX to position for a potential IPO and holds approximately $17.23 million in AI Infrastructure Acquisition Corp. shares as the SPAC pursues target outreach.
4. Data Center JV Milestones
The Convergence Compute joint venture secured natural gas supply equivalent to 500MW for its Manitoba campus and obtained required environmental permits. Next phases include turbine procurement tied to tenant commitments and finalizing the Maritime campus Wind Power Project agreement.