Professional
Added to YB: 2026-04-09
Pitch date: 2026-04-09
MRLN [bullish]
Merlin, Inc.
+24.7%
current return
Author Info
No bio for this author
Company Info
Merlin, Inc. develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand.
Market Cap
$1.8B
Pitch Price
$10.89
Price Target
N/A
Dividend
N/A
EV/EBITDA
-42.00
P/E
-0.17
EV/Sales
294.23
Sector
Aerospace and Defense
Category
growth
The Long Duration Case for Merlin Labs
MRLN (new position): First defense-grade autonomous digital pilot with 800+ aircraft under contract (C-130J, KC-135). $3M integration + $2M/yr recurring license = $1.6B ARR line of sight, path to $20B+ terminal EV. Entry at $6.80 via rights vs $541M current EV. Baillie Gifford (early Tesla/SpaceX backer) increased PIPE position; 100% insider equity rollover, 90% redemption concentrated cap table. FAA approval secured, SOI-2 cert from NZ. GE Aerospace, Northrop, Honeywell partnerships. Bear: $53 (C-130J only). Base: $366 (800 tails @ 20x rev). Bull: $1,708 (6K tails, 50% adoption). Risks: cert delays, competition (Shield AI, Anduril), DoD concentration, 5M float volatility.
Read full article (33 min)