Bridger Aerospace

Bridger Aerospace was founded in Bozeman, Montana by Tim Sheehy, a former Navy SEAL, to provide aerial firefighting services using CL-415 Super Scooper amphibious aircraft. The company merged with Jack Creek Investment Corp in January 2023.

The pitch was compelling: climate change was increasing wildfire frequency and severity, creating massive demand for aerial firefighting capabilities. Bridger held government contracts and operated a fleet of specialized aircraft that are expensive and difficult to replace.

However, the business proved highly seasonal and unpredictable. Revenue depended heavily on wildfire severity each year, making financial projections unreliable. Operating costs for maintaining and deploying the aircraft were substantial. The company also carried significant debt from aircraft acquisitions.

Sheehy stepped down as CEO to run for US Senate in Montana (winning in 2024), leaving the company without its charismatic founder. The stock crashed over 90% as investors realized the business model was too volatile and capital-intensive for public market expectations.