The downfall of Spirit Airlines is fueling doubts about the future of its budget carrier rival, Denver-based Frontier Airlines.

Why it matters: The recent jet fuel price spike was the final straw for Spirit — which ceased operations last Saturday — and it's posing a serious challenge to Frontier, as well.

The big picture: Frontier's identity as an "ultra-low-cost carrier" is so obvious that it's embedded in the company's stock ticker — ULCC — but bigger, financially healthier airlines have been snapping up budget travelers.

The intrigue: In the short run, Spirit's demise spells opportunity for Frontier.

State of play: Frontier overlapped with Spirit on about 30% of its routes and expects a 3%–5% boost in revenue per available seat mile now that Spirit is gone, CEO Jimmy Dempsey said Tuesday on an earnings call.

• The company is expanding service to nine additional routes previously served by Spirit and adding 15 daily departures on 18 existing routes, including Las Vegas, Dallas-Fort Worth, Fort Lauderdale and Detroit.
• "Given our network, low-cost structure and disciplined approach to capacity deployment, Frontier is best positioned to provide low fares and the best value in those markets," Dempsey said.

Between the lines: Frontier started hiring former Spirit employees when the latter began downsizing and plans to continue as job openings arise, Frontier spokesperson Jennifer F. de la Cruz tells Axios.

What they're saying: "Frontier may be the clearest remaining test as to whether or not the ultra-low-cost carrier model can survive," Georgetown University business professor and aviation executive Shye Gilad tells Axios.

By the numbers: The upbeat news for Frontier is that on Tuesday it reported record adjusted revenue of $1.1 billion in the first quarter of 2026, up 17% from a year earlier.

• Dempsey said the company is making progress on reducing excess flight capacity, improving ticket counter operations and adopting perks like WiFi.

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It's no secret that airfares are skyrocketing.

Yes, but: You can still score deals out of Denver, including on some domestic and international routes, according to travel search engine KAYAK.

Zoom in: The average round-trip price for 10 destinations — ranked by the biggest percentage drop over the previous month — includes:

🇨🇦 Calgary, Alberta: $284 (-18%)

🍒 Minneapolis: $117 (-17%)

🇯🇲 Montego Bay, Jamaica: $430 (-17%)

🎰 Las Vegas: $124 (-15%)

🇧🇧 Bridgetown, Barbados: $582 (-11%)

☀️ Ontario, California: $110 (-10%)

🇩🇴 Punta Cana, Dominican Republic: $401 (-8%)

🌬️ Chicago: $157 (-8%)

🐅 Cincinnati: $176 (-8%)

🏔️ Salt Lake City: $77 (-7%)

The bottom line: Being flexible about your destination — yes, we hear Paris is lovely in May — could help you score a great ticket price this month.

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From the opening moments of the first televised debate, the Democratic candidates for Colorado governor clashed over who is best qualified to fight President Trump.

Why it matters: The governor's race is turning negative well ahead of the June 30 primary election as Phil Weiser and Michael Bennet dissect each other's records in search of an advantage.

State of play: Weiser, Colorado's attorney general, started yesterday's debate with a jab at Bennet for his U.S. Senate votes in favor of Trump appointees, particularly Agriculture Secretary Brooke Rollins, who attempted to withhold food assistance benefits for low-income families.

• He said the next governor needs "moral clarity" to fight Trump.

What they're saying: "I know in Washington, D.C., sometimes there's pressure to go along, and Sen. Bennet voted for more of Trump's cabinet than almost any Democrat in the Senate," Weiser said at the outset of the debate, hosted by Denver 7, the Denver Post and Colorado Public Radio.

• Bennet countered that he opposed 95% of Trump's appointees and admitted he regretted voting for Energy Secretary Chris Wright, a Coloradan. But Bennet doubled down on his support for Rollins, saying the state will need her help in a bad wildfire season.

Between the lines: Bennet's support for five Trump cabinet members and one ambassador is Weiser's main attack line. Hours before the debate, his campaign published a website attacking Bennet for those votes.

The other side: Bennet is firing back, arguing Weiser did too little to oppose Trump during the president's first administration, suggesting his rival is a come-lately trying to gain attention.

• Weiser has joined or filed 64 lawsuits against the Trump administration in its second term, but in its first, he jumped on less than one-third of the suits filed by other state attorneys general against Trump, Bennet highlighted.

The bottom line: Trump looms large in the campaign, making it harder for both candidates to outline their plans for Colorado.

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🚨 The defendant accused in last summer's deadly attack on Boulder's Pearl Street Mall pleaded guilty yesterday to all charges in his state case, including first-degree murder. (Axios Boulder)

👍 U.S. Rep. Gabe Evans (R-Fort Lupton) defended President Trump's decision to attack Iran as necessary to prevent the country from developing a nuclear weapon. "It had to happen now," Evans said. (CPR)

🏂 U.S. ski areas logged 9 million fewer visits in the 2025-26 season, according to the National Ski Areas Association's preliminary surveys, which showed about 52.6 million total visits. (Colorado Sun)

💳 A bill headed to Gov. Jared Polis' desk would remove sales tax from the calculation of credit card swipe fees. (Colorado Sun)

More than 100 people joined us yesterday for an Evening With Axios at Roth's Sea & Steak in Colorado Springs.

Zoom in: Our newest Axios colleague, Arapahoe County and Douglas County reporter Robert Sanchez, led a conversation about the future of Front Range land use with:

• Nick Ragain, of Pikes Peak Outdoor Recreation Alliance
• District 1 Arapahoe County Commissioner Carrie Warren-Gully
• Jay Sage, chair of Douglas County Open Space Advisory Committee

What's next: Axios Live will host Denver Mayor Mike Johnston for a conversation on Colorado's business future May 27 at Asterisk.

• RSVP for free today.