We report a new mode of airborne operation for capacitive micromachined ultrasonic transducers (CMUT), in which the plate motion spans the entire gap without collapsing and the transducer is driven by a sinusoidal voltage without a dc bias. We present equivalent-circuit-based design fundamentals for an airborne CMUT cell and verify the design targets using fabricated CMUTs. The performance limits for silicon plates are derived. We experimentally obtain 78.9 dB//20 μPa@1 m source level at 73.7 kHz, with a CMUT cell of radius 2.05 mm driven by 71 V sinusoidal drive voltage at half the frequency. The measured quality factor is 120. We also study and discuss the interaction of the nonlinear transduction force and the nonlinearity of the plate compliance. © 1986-2012 IEEE.