In the early 1990s, the Gulfstream V (GV) was developed as a response to the Bombardier Global Express.

[5] Capable of flying up to 6,500 nmi (12,000 km), it rolled out in 1995 and was Gulfstream's first ultra-long range business jet.

[4] Compared to the Gulfstream IV, the engines are changed from Rolls-Royce Tay to Rolls-Royce BR700-710A1-10 with increased thrust, higher bypass ratio, and Full Authority Digital Engine Controls (FADEC).

Mark Cuban paid $40 million for a Gulfstream V in October 1999, earning a Guinness Record of "largest single e-commerce transaction".

The Executive Transport Detachment Pacific, Hickam Air Force Base, Hawaii operates one C-37A.

[citation needed] On March 11, 2005, Gulfstream delivered an ultra-long-range G-V to the National Center for Atmospheric Research (NCAR).

[20] The GV was chosen by NCAR for its exceptionally high cruising altitude, long range, endurance, payload, reliability, and low operating costs, as well as worldwide product support.