Airlift bioreactors are generally considered to be better alternatives for cultivation of filamentous fungi in comparison to stirred-tank bioreactors or bubble columns bioreactors. The reason for the former includes fungal growth around all internal parts including impellers, baffles or pH, temperature and oxygen probes limiting mass transfer, whereas the latter is limited by air flow rates that can be applied before the system provides deficient mixing and so mass transfer rates. Spent sulphite liquor, a by-product from the paper pulp industry, was used for cultivation of edible Rhizopus sp., a strain isolated from Indonesian tempeh used as human food, using a 26 L airlift bioreactor. Increasing the aeration rate from 0.15 to 1 vvm led to increased biomass production (1 vs 7 g/L). The aeration rate was also found to influence fungal morphology and metabolite production during batch cultivation. Rhizopus sp. shifted from mycelial suspensions at 0.15 and 0.5 vvm to small compact pellets of regular size at 1 vvm. The production of ethanol and lactic acid, a proof of sub-optimal aeration conditions, was also reduced when increasing the aeration rate from 0.15 to 1 vvm. The produced biomass was found to be composed, on a dry weight basis, of 30-50% protein, 2-7% lipids, and 3-9% glucosamine. Considering the edible character of the fungus used as well as its biomass nutritional characteristics, there is a potential for its use as fishmeal replacement within the increasing aquaculture sector.