Collapse mode of operation of the capacitive mi-cromachined ultrasonic transducers (CMUTs) was shown to be a very effective way for achieving high output pressures. However, no accurate model exists for understanding the mechanics and limits of the collapse mode. In this work, we extend the analyses made for CMUTs working in uncollapsed mode to collapsed mode. We have developed an equivalent nonlinear electrical circuit that can accurately simulate the mechanical behavior of a CMUT under any large signal electrical excitation. The static and dynamic deflections of a membrane predicted by the model are compared with the finite element simulations. The equivalent circuit model can estimate the static deflection within 1% and the transient behavior of a CMUT membrane within 3% accuracy. The circuit model is also compared to experimental results of pulse excitation applied to fabricated collapse mode CMUTs. The model is suitable as a powerful design and optimization tool for the collapsed as well as the uncollapsed case of CMUTs. © 2010 IEEE.