This study employs grounded theory to identify the formation pattern of antifragility in the air transportation industry during polycrises. The research adopts an exploratory approach and is based on qualitative techniques. Using a qualitative approach and Charmaz’s grounded theory method, the study investigates its research objective. The primary data source consisted of semi-structured interviews. The study population includes managers and experts in the air transportation industry. A total of 25 participants, comprising both experiential and theoretical experts, were selected using the snowball sampling technique. The collected data were analyzed using MAXQDA software. The research model consists of one core category, ten selective codes, forty theoretical codes, and 186 initial codes. The ten main themes are operational system flexibility, comprehensive risk management, supply chain resilience, intelligent real-time information, strategic inter-organizational collaboration, continuity of critical services, crisis scenario forecasting, operational technology innovation, legal and regulatory compliance, and long-term economic sustainability. The findings suggest that the future of the air transportation industry depends on its capacity to become antifragile—an industry capable of emerging stronger, smarter, and more resilient from instability.