Blade Air Mobility

Blade Air Mobility merged with Experience Investment Corp in May 2021, pitching itself as an urban air mobility platform — essentially Uber for helicopters, with plans to eventually transition to electric vertical takeoff and landing (eVTOL) aircraft.

The company was already operating when it went public. Blade offered helicopter shuttles from Manhattan to JFK and the Hamptons, along with organ transport services through its MediMobility division. This gave it real revenue — a rarity among SPAC-era companies.

Blade has survived by staying relatively disciplined. The company expanded into new routes, grew its medical transport business, and maintained a capital-light model by chartering aircraft rather than owning them. Revenue grew steadily, reaching over $200 million annually.

However, the stock has been a mediocre performer. The eVTOL future that excited investors remains years away, and Blade's current helicopter business generates thin margins. The stock trades around $6, well below its $18 peak but still alive. Blade is a survivor in the technical sense — it's a real business that generates real revenue, even if SPAC investors haven't seen the returns they hoped for.