Merlin, a leading developer of assured autonomous flight technology, has entered into a securities purchase agreement with an existing institutional shareholder to raise $80 million in equity capital via a private investment in public equity, bringing expected total cash resources to $183 million.
The financing will be used to advance and expand Merlin’s core platform development, fund regulatory approval activities, scale program capacity, and support the execution and expansion of existing and new customer contracts. The company currently holds approximately $107 million in cash and cash equivalents. The transaction is expected to close on or about May 1, 2026, with Cantor Fitzgerald acting as lead placement agent and TD Cowen as co-placement agent.
The Boston-based company’s aircraft-agnostic, AI-powered software is purpose-built for military and civil programs and has been proven through hundreds of autonomous flights from test facilities globally. Merlin has secured more than $100 million in total awarded contracts from military customers.
KEY QUOTE:
This investment reflects the continued conviction of a long-term partner who knows our business well and has seen our progress firsthand. We have a clear program roadmap and a defined path to revenue, and this capital provides additional flexibility to accelerate execution against both, unlocking growth opportunities that were previously out of reach.
Matt George, CEO and Founder, Merlin
