Technically, Air Force One is the radio call name for any plane the U.S. president happens to be on. But in reality, there are two specific blue and white Boeing 747s designated for Air Force One and they are considered the most expensive jets in the world. Boeing is in the process of delivering two new replacements to the United States Air Force and the cost is expected to be around $3.9 billion for the cost of the planes and the modification work. (Among the modifications: adding offices, conference rooms, a communications center and a medical facility.)
However, that figure doesn't include testing the planes, building new hangars at Joint Base Andrews outside Washington D.C. and the plane instruction manuals which alone cost $84 million! DefenseOne has estimated the whole job to cost $5.3 billion. The new 747s are expected to be delivered in September 2026 and will last around 30 years.
The current Air Force One is often listed on websites as the world's most expensive plane, at $660 million. But since that price was for two jets (which were purchased in 1990 and are still in use) we can't say it's accurate. The current holder of the world's most expensive jet is the Airbus A340-300, owned by Russian billionaire Alisher Usmanov. Its price is estimated at $350-500 million.