Imagine crossing the Atlantic in just 4 1/2 hours. Nevada-based Aerion plans to offer that speed to business travelers with an $80 million supersonic jet it has under development. The company landed its first customer, Pakistan-based Princely Jets, after appearing at the Dubai Airshow and says it has letters of intent worth $1.5 billion. The jet will hold 8 to 12 passengers.

Aerion launched the jet in 2004 and announced last year that its market research indicated there was sufficient demand to proceed with development.

It found a market for between 220 and 260 Aerion jets over a 10-year period, with about a fifth coming from the fractional business jet market.

The company estimated that over two decades it could sell more than 500 of the jets, which it claims have the same operating efficiency as large business jets such as Global Express.

• Supersonic business jet on the runway
• Aerion Corporation