SURF AIR MOBILITY INC. (SRFM) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 11, 2026

Risk Assessment Details

Potential Dilution: 67.25% of current shares
Recent Dilution: 294.82% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
100M
Potential Supply
68M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

SRFM currently has 100M outstanding shares. with significant dilution risk as 67.5M authorized shares could dilute existing holders by 67.2%. The company has significantly diluted shareholders by 294.82% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 11, 2026

10-Q filing | 100.4M shares outstanding

100M 68M
Nov 12, 2025

10-Q filing | 52.3M shares outstanding

52M 68M
Nov 12, 2025

8-K filing: Surf Air Mobility, Inc. completed a registered direct offering and a private placement, issuing shares of common stock, warrants, and senior secured convertible notes, raising approximately $85 million in gross proceeds.

52M 68M
Aug 12, 2025

10-Q filing | 42.8M shares outstanding

43M 68M
Jun 26, 2025

8-K filing: Surf Air Mobility, Inc. completed a registered direct offering of 10,800,002 shares of common stock at $2.50 per share, resulting in gross proceeds of approximately $27 million. ($27.0M proceeds)

34M 68M
May 13, 2025

10-Q filing | 19.3M shares outstanding

19M 68M
May 02, 2025

POS AM filing: This is a POS AM filing to register the resale of up to 3,421,007 shares of common stock by a selling stockholder.

16M 68M
Apr 29, 2025

S-3 filing: Registration of resale of up to 3,421,007 shares of common stock by a selling stockholder.

16M 69M
Apr 29, 2025

S-3 filing: Registration of the resale of up to 4,139,398 shares of common stock by the Selling Stockholder, including shares currently outstanding and shares issuable upon exercise of outstanding warrants.

16M 69M
Apr 01, 2025

8-K filing: Surf Air Mobility, Inc. closed a registered direct offering of 1,860,000 shares of common stock at $2.50 per share and pre-funded warrants to purchase up to 140,000 shares at $2.4999, resulting in gross proceeds of approximately $5 million before deducting fees. ($5.0M proceeds)

16M 61M
Mar 28, 2025

8-K filing: Surf Air Mobility Inc. issued and sold 244,011 shares of common stock to Palantir Technologies Inc. for in-kind services worth approximately $0.9 million on March 25, 2025. ($0.0M proceeds)

16M 61M
Mar 21, 2025

10-K filing | 16.9M shares outstanding

17M 61M
Mar 21, 2025

S-3/A filing: Surf Air Mobility Inc. is offering shares of common stock, preferred stock and debt securities from time to time, with an aggregate initial offering price not exceeding $50,000,000.

16M 61M
Feb 11, 2025

S-3 filing: Surf Air Mobility Inc. is offering common stock, preferred stock, and debt securities up to an aggregate initial offering price of $50,000,000 from time to time.

16M 58M
Dec 11, 2024

8-K filing: Surf Air Mobility Inc. issued and sold 446,830 shares of its common stock to Palantir Technologies Inc. for in-kind services valued at approximately $2.0 million on December 9, 2024. ($2.0M proceeds)

16M 48M
Nov 14, 2024

10-Q filing | 15.5M shares outstanding

16M 48M
Oct 08, 2024

8-K filing: Surf Air Mobility Inc. issued 1,270,869 shares of its common stock to Palantir Technologies Inc. for in-kind services worth $1.6 million on October 2, 2024. ($1.6M proceeds)

13M 48M
Aug 19, 2024
Stock Split

8-K filing: Stock split 1-for-7 | Outstanding: 81,890,955 → 12,826,529

13M 48M
Aug 14, 2024

S-1/A filing: Registration of resale by Selling Stockholder of up to 10,663,956 shares of Common Stock currently outstanding.

90M 340M
Aug 14, 2024

POS AM filing: This prospectus relates to the registration of the resale of up to 1,983,333 shares of Common Stock by the Selling Stockholders.

90M 340M
Aug 14, 2024

10-Q filing | 81.9M shares outstanding

82M 340M
Aug 09, 2024

8-K filing: Surf Air Mobility Inc. completed a private placement with GEM Global Yield LLC SCS, issuing a mandatory convertible security with a par amount of $35,200,000, and GEM delivered to the Company 6,300,000 Common Shares that it had purchased from the Company.

88M 330M
Aug 01, 2024

S-1/A filing: Registration of the resale by a stockholder of up to 325,000,000 shares of common stock.

88M 330M
Jul 11, 2024

S-1/A filing: This prospectus relates to the registration of the resale by our stockholder identified in this prospectus of up to 325,000,000 shares of our common stock.

87M 330M
Jul 05, 2024

8-K filing: Surf Air Mobility Inc. issued and sold 4,856,727 shares of its common stock to Palantir Technologies Inc. for in-kind services valued at $2 million on June 27, 2024. ($2.0M proceeds)

83M 330M
Jun 04, 2024

POS AM filing: This prospectus relates to the registration of the resale of up to 1,983,333 shares of our Common Stock by our stockholders identified in this prospectus

83M 330M
Jun 04, 2024

S-1 filing: This S-1 filing relates to the registration of the resale of up to 325,000,000 shares of common stock by the selling stockholder.

83M 330M
Jun 04, 2024

POS AM filing: This POS AM filing by Surf Air Mobility Inc. removes from registration any unsold shares of Common Stock registered under the Registration Statement as of June 3, 2024.

77M 330M
Jun 04, 2024

POS AM filing: This POS AM filing by Surf Air Mobility Inc. removes unsold shares of Common Stock registered under a previous Registration Statement from registration.

77M 330M
Jun 04, 2024

S-1 filing: Registration of resale by selling stockholder of up to 5,807,229 shares of common stock.

83M 330M
May 15, 2024

10-Q filing | 77.3M shares outstanding

77M 330M
Mar 29, 2024

10-K filing | 80.8M shares outstanding

81M 330M
Mar 06, 2024

8-K filing: Surf Air Mobility, Inc. entered into a security purchase agreement with GEM Global Yield LLC SCS to issue and sell a mandatory convertible security convertible into a maximum of 8,000,000 shares of common stock.

74M 330M
Nov 14, 2023

10-Q filing | 73.6M shares outstanding

74M 330M
Nov 09, 2023

S-1 filing: This S-1 filing registers the resale of up to 300,000,000 shares of common stock by a selling stockholder, to be issued to GEM in connection with a Share Subscription Facility.

73M 330M
Sep 28, 2023

S-1/A filing: This prospectus relates to the registration of the resale of up to 1,983,333 shares of our Common Stock by our stockholders identified in this prospectus.

70M 27M
Sep 27, 2023

S-1/A filing: This S-1/A filing registers the resale of up to 25,000,000 shares of common stock by a selling stockholder.

70M 27M
Sep 19, 2023

8-K filing: Surf Air Mobility Inc. amended its Share Subscription Facility with GEM Global Yield LLC SCS and GEM Yield Bahamas Limited, allowing for committed draw downs up to $100,000,000, and issued 4,000,000 shares to the Purchaser as a commitment fee.

70M 27M
Sep 19, 2023

S-1 filing: This S-1 filing registers the resale of up to 25,000,000 shares of common stock by a selling stockholder.

70M 27M
Sep 19, 2023

S-1 filing: This prospectus relates to the registration of the resale of up to 1,983,333 shares of Surf Air Mobility Inc.'s Common Stock by its stockholders.

70M 27M
Aug 29, 2023

10-Q filing | 69.9M shares outstanding

70M 0
Aug 21, 2023

POS AM filing: This is a post-effective amendment to the registration statement on Forms S-1 and S-4 (File No. 333-272403), which was declared effective on July 25, 2023.

70M 0
Aug 02, 2023

8-K filing: The company issued 17,365,357 shares of Company Common Stock on July 27, 2023, to various SAFE investors in connection with the settlement of various SAFEs.

70M 0
Jul 21, 2023

S-1/A filing: This is an S-1/A filing containing a registered resale prospectus. The filing includes updates to the plan of distribution, use of proceeds, legal matters and comparison of stockholders rights.

N/A 0
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