New York, June 29, 2026, 10:09 EDT
- Surf Air Mobility Inc. NYSE:SRFM jumped 17.5% to $1.06 in early U.S. trading after Palantir said it will expand its SurfOS partnership with the company.
- Trading volume reached 69.2 million shares, or 62% of the 110.99 million shares outstanding after the offering, according to Surf Air’s most recent prospectus supplement.
- Surf Air said in a June 26 filing it issued 4.76 million shares to Palantir as payment for license fees and services. The company received no cash.
- Wheels Up Experience Inc. NYSE:UP signed a two-year Enterprise BrokerOS subscription worth $8.0 million, with a $4.2 million extension option.
Surf Air Mobility Inc. NYSE:SRFM jumped 17.5% to $1.06 on Monday. The move came after Palantir Technologies Inc. NASDAQ:PLTR said it will give more technical and commercial support to SurfOS, the aviation software from Surf Air. Shares touched $1.405, with volume at 69.2 million near 10:09 a.m. EDT.
The headline move isn’t the real story. It’s the turnover. On Monday, trading volume ran at 62.3% of Surf Air’s total 110.99 million shares after its offering, and that was 14.5 times bigger than the 4.76 million shares Palantir registered last week. Traders are already shifting how they value the software deal, some of it paid in stock.
| Instrument | Latest price | Move | Volume | Market read |
|---|---|---|---|---|
| Surf Air Mobility Inc. NYSE:SRFM | $1.06 | +17.5% | 69.2 mln | Small-cap air mobility and software trade |
| Palantir Technologies Inc. NASDAQ:PLTR | $118.71 | +5.1% | 10.3 mln | Platform partner |
| Wheels Up Experience Inc. NYSE:UP | $8.53 | +2.4% | 40,057 | First enterprise BrokerOS user |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $739.45 | +1.4% | 5.5 mln | Wide U.S. equity proxy |
Surf Air posted a strong outperformance over both the wider market and the two listed software peers in the latest quotes. Palantir also ended higher, though by a smaller margin. Wheels Up rose 2.4%.
Palantir said it is expanding work with OperatorOS, OwnerOS and SurfOS Enterprise Solutions. SurfOS is built on Palantir’s AIP and Foundry platforms, targeting operators, brokers, aircraft owners and manufacturers. Ted Mabrey, Palantir’s global commercial chief, said private aviation still runs on “fragmented systems and manual processes.” Liam Fayed, Surf Air co-founder, said working with Palantir will let Surf Air “deploy and expand SurfOS more rapidly.” Business Wire
Surf Air’s latest filing spells out a two-way deal on shares for services. The company said June 26 it registered 4,761,905 shares as payment for Palantir software and services, with no cash coming in from the deal. At $1.06 a share, the stock issued came out to about $5 million.
| Item | Figure | Investor read |
|---|---|---|
| Palantir shares registered | 4.761905 mln | 4.29% of shares after offering |
| Shares outstanding post-offering | 110.994594 mln | Monday’s volume was 62.3% of this |
| Palantir share value at $1.06 | About $5.0 mln | Paid using shares for software and services |
| Wheels Up initial buy | $8.0 mln | Enterprise BrokerOS signed for two years |
| Wheels Up extension possible | $4.2 mln | Ups contract to $12.2 mln if exercised |
| Surf Air 2026 midpoint revenue target | $133 mln | Full Wheels Up value is 9.2% of the midpoint |
For shareholders, the takeaway is clear. Surf Air has a real software client now, plus a named platform partner, and investors can see the share cost. The company needs to convert that into cash revenue soon enough to keep up with losses and dilution.
Surf Air posted first-quarter revenue at $25.6 million with a net loss of $20.3 million. The company lowered its 2026 adjusted EBITDA loss outlook to $30 million to $25 million, revised down from a previous loss range of $50 million to $40 million. 2026 revenue guidance held steady at $128 million to $138 million.
The Wheels Up contract is the first test for the software plan. Surf Air disclosed in its June 25 regulatory filing that Wheels Up will pay $8 million over two years for Enterprise BrokerOS. There’s an option to extend the deal another year for $4.2 million. Fees are paid each quarter and the contract comes with service-level guarantees.
Wheels Up CEO George Mattson called the software change “technology as a competitive advantage.” Palantir’s Mabrey said BrokerOS will show what artificial intelligence can do in private aviation. 01net
Surf Air shares traded 24.6% under Monday’s intraday high at last check, despite a strong double-digit rally. Shares touched a low of $0.8875, slipping below Friday’s close of $0.9019.
