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by The Merge
Military technology, trends, and national security...presented with unique insights, salt, and wit from combat aviator veterans and industry experts. Fence in for interviews and anecdotes about the ins, outs, and happenings at the intersection of technology, industry, strategy, and policy of aerospace and national defense. Brought to you by The Merge newsletter.
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- Yesterday42 min
E59 – Business Breakdown: Anduril
Anduril Industries raised $5 billion at a reported $61billion valuation—putting a nine-year-old defense tech company in the same conversation as legacy primes that have been building weapons for generations.How did they do it, what is their strategy, and does the math make sense?In this episode, Mike and Matthew take a deep dive inside Anduril’s products, revenue, contracts, and business strategy. They break down the Series H raise, the company’s rapid valuation climb, the difference between contract ceilings and booked revenue, and why visible federal obligations onlytell part of the story.They also examine Anduril’s expanding product portfolio, anddebate the core question behind the company’s $61B price tag: Is Anduril the future of defense industrial production, or is the market pricing in near-flawless execution?Topics include:- Anduril’s $5B Series H and $61B valuation- The gap between reported revenue and visible federalobligations- Why Special Operations and the Border Patrol matter morethan most people realize- The $20B Army enterprise vehicle—and why it is a rail, not acheck- Barracuda, Fury, Arsenal-1, and hyperscale defensemanufacturing- How Anduril compares to Lockheed, Northrop, GeneralDynamics, RTX, and Palantir- The bull and bear case for Anduril’s long-term strategy- What to watch next: IPO timing, task orders, deliveries, andrevenue growth- The real bet: for Anduril to justify today’s valuation, ithas to grow from a $2B revenue company into a $20B+ revenue company very quickly.SUBSCRIBE FOR FREE to get more intel on defense tech, news, and happenings. Links• Sign up for the newsletter! • Support us on Patreon! ----Follow us on...• LinkedIn• Instagram• X• Facebook• Website ----00:0000:34 intro01:20 Premium newsletter!02:10 Anduril intro02:26 Matthrew intro04:32 Anduril 10106:52 Anduril's fundraising07:25 the next 24 months07:38 revenue breakdown08:23 happenings between the raises14:10 last 5 years of sales15:47 counter-UAS18:22 Steve vs Steve approach19:14 C-UAS durability?21:04 Altius21:52 comparing valuations23:21 sources of new revenue23:33 Barracuda24:08 CCA program27:28 Lattice28:20 Eagle Eye31:18 Golden Dome35:08 Anduril's strategy38:53 next acquisition?41:25 wrap-up
- Apr 26, 202651 min
E58 – Dcode the Pentagon Buying Machine
What does it actually take to get new technology into thehands of warfighters—and why is it still so hard?In this episode, Mike sits down with the co-founders ofDcode, Meagan Metzger and Meg Vorland, to unpack the reality behind defense innovation, acquisition reform, and the flow of capital into the sector. Dcode operates at a unique intersection—working withstartups, investors, and the Pentagon—giving them a rare, inside-out view of how the system really works.We break down why most acquisition reform efforts fallshort, whether recent policy changes are hitting the right targets, and what conventional wisdom in defense innovation is simply wrong.If you’re trying to understand how defense actually getsbuilt, funded, and fielded—this is the inside baseball.Links• Sign up for the newsletter! • Support us on Patreon! • Dcode website• Dcode Capital portfolio• Dcode LinkedIn• Meagan Metzger LinkedIn• Meg Vorland LinkedIn• CTRL + ALT + DEFENSE podcast---- Follow us on...• LinkedIn• Instagram• X• Facebook• Website ---- 00:0000:44 intro01:19 Dcode origin story04:55 founders, funders, and fighters09:27 acquisition reform12:32 risk vs the no-monster15:58 buying speed vs rigor16:44 contracting officer shortage17:55 bigger worse contracts21:04 defense catalyst21:57 leadership and training23:05 the bigger picture25:33 budget line-item consolidation28:16 pass a budget30:41 investing in companies36:05 misconceptions38:28 colors and fallout39:33 conflicts of interest41:03 RAIC41:30 30042:12 pilot programs46:42 fielding47:29 magic wand48:49 crystal ball50:19 outro
- Mar 28, 202642 min
E57 – The War on Bad Software (Defense Unicorns)
All modern hardware depends on good software, but in theU.S. military, most software sucks.Rob Slaughter, co-founder and CEO of Defense Unicorns, joins the show to unpack why this is happening and what they are doing to fix it.We dive into the rise of “software as a weapon system,” therole of open-source software in national security, and how Defense Unicorns is building an air-gapped, platform-agnostic software delivery model designed for real-world military environments. This episode is a must for anyone in defense. You’ll learn a ton about software—we guarantee! Links• Sign up for the newsletter! • Support us on Patreon! • Rob LinkedIn• Defense Unicorns website• Defense Unicorns LinkedIn• Defense Unicorns X• Defense Unicorns YouTube---- Follow us on...• LinkedIn• Instagram• X• Facebook• Website ---- 00:0000:43 intro01:09 Defense Unicorns name04:28 origin story06:38 the 3 I's08:46 software sustainment burden09:13 wrong incentive structure12:31 software as a weapon system14:39 rising tech debt16:18 open source18:46 open is more secure?20:43 SBOM22:24 solutions23:05 fighter jet software updates24:43 submarine software25:52 UDS27:05 disconnected software28:34 Chinese software underneath US systems30:48 competition33:43 crystal ball35:15 $136M fundraise37:56 magic wand - fixed price contracts40:14 McDonald's ice cream #AI #Technology #Tech #Innovation #Cybersecurity #youtube #Military #DefenseTech #MilitaryTech #Startup #Software #Business
- Feb 1, 202653 min
E56 – The Fury Origin Story
This is the untold origin story of the Fury CollaborativeCombat Aircraft (CCA), as told by those who lived it.Scott Bledsoe and Joe Murray join Mike to talk about Fury’s very beginning—way back to 2016.Now known as Anduril’s YFQ-44, Fury originated as an SBIR project from Blue Force Technologies and may go on to become a poster child of SBIR success stories. But it’s not all good news.The experience—and the decision to sell to Anduril—motivated Scott and Joe to start a new type of investment fund called the DoD Accelerator. DoD Accelerator bridges the gap between venture capital and private equity, addressing the ‘funding valley of death’ they faced and the factors that led to the decision to sell their company—and Fury—to Anduril.This is packed with never-before-revealed details and serves as the backdrop for a broader conversation about the realities of having a company in the defense industry. Links• Sign up for the newsletter! • Support us on Patreon! • Scott Bledsoe • Joe Murray• WOTR High-Low Mix Part I• WOTR High-Low Mix Part II---- Follow us on...• LinkedIn• Instagram• X• Facebook• Website ---- 00:0000:26 intro01:50 Scott and Joe07:21 DoD Accelerator09:51 Fury origin story11:24 SBIR16:28 the high-low mix17:11 writing to understand18:29 F-11719:04 no part 319:41 red air use-case24:29 Bandit and ADAIR-UX25:10 funding and the valley of death28:04 the capital void31:11 programs consolidate32:28 Anduril acquisition33:37 the small business divide34:14 DoD Accelerator fit36:12 Baxter Aerospace example41:19 the cheat code44:26 crystal ball45:17 the prime cartel?46:32 magic wand - IR&D policy change49:10 policy hurts start-ups52:51 DoD Accelerator focus areas
- Jan 18, 202641 min
E55 – Christine Fox: the REAL Charlie
There is a strange set of organizations that live betweenindustry and government called Federally Funded Research and Development Centers (FFRDCs) and University Affiliated Research Centers (UARCs).They play an important—but largely misunderstood role—in national security.What better way to understand it all than with a guest who’sone of the most famous pop-culture examples: Christine Fox.She was the real person who was portrayed as ‘Charlie’,Maverick’s civilian love interest, in Top Gun! She spent 40+ years working as an analyst in UARCs and a civilian leader at the Pentagon, culminating in serving as the acting Deputy Secretary of Defense. Today, she continues to serve as a Fellow at Johns HopkinsUniversity’s Applied Physics Lab (JHU APL), which is the nation’s largest UARC.This interview has a ton of inside baseball that you won’t find anywhere else! Links• Sign up for the newsletter! • Support us on Patreon! ----Follow us on...• LinkedIn• Instagram• X• Facebook• Website ----00:00 intro00:35 Top Gun01:33 Christine Fox02:53 origin of FFRFC & UARC05:36 access to classified info08:30 tech transfer11:33 independence14:42 threat analysis story16:35 misunderstandings20:29 software and competition24:32 fix the gray27:11 what if they disappear?27:39 Navy Red Sea support28:29 hypersonics30:08 Golden Dome31:01 whole of nation approach38:20 2026 resolutions39:42 closing remarks
- Dec 14, 202555 min
E54 – Pryzm: AI to understand the Pentagon
Mike sits down with Matt Hawkins and Nick LaRovere,co-founders of Pryzm.Pryzm is building an Operating System for defense innovation—software that uses AI to generate capture intel to make sense of Pentagon budgets, Congressional legislation, program offices, and much more. It’s AI to understand the Pentagon.They help connect the dots between missions, markets, andpeople to power the future of national security. Links• Sign up for the newsletter! • Support us on Patreon!• Pryzm homepage https://pryzm.io ---- Follow us on...• LinkedIn• Instagram• X• Facebook• Website ---- 00:0001:43 intro02:30 origin story05:57 disclosure07:07 2 PMs08:47 Air Force tanker program21:47 Golden Dome28:12 sales vs business development33:04 proactive vs reactive34:59 intel to flip the script37:56 a bubble?41:18 flat toplines43:05 requested vs executed46:38 fundraise48:27 DIU project50:58 2026 outlook55:29 outro
- Dec 10, 202558 min
E53 – The Fighter Pilot Spirit
Chris "Snooze" Kurek, Rob “Trip” Raymond, and Erik“EZ” Brine chat with Mike “Pako” Benitez on all things fighter pilot culture—toast, roast, and lore.Better known as Dos Gringos, Snooze, and Trip put out 4albums of fighter pilot songs that are famous (and infamous) in squadrons around the world. EZ joined the duo to form Operation Encore in 2012, a non-profit that helps veterans get their music into the world.We dig into a century of fighter pilot history and traditions, from the origins of Dos Gringos, the squadron culture, roll call,Jermiah Weed, the ribbing and roasting, and all the camaraderie associated with military aviation.They recently brought all of that into their latest venture, Winglore Spirits, and are doing it in a unique way that brings you into the fold. Links• Sign up for the newsletter! • Support us on Patreon!• Winglore Spirits • Winglore Spirits investing• Dos Gringos YouTube channel ---- Follow us on...• LinkedIn• Instagram• X• Facebook• Website ---- 00:0001:47 Dos Gringos17:22 Operation Encore24:03 AI music27:27 The culture and bar origins34:27 Jermiah Weed38:13 Winglore Spirits42:03 Bogey Dope43:16 Nickel on the Grass45:29 Winglore squadron50:42 the Nellis Club52:02 Dos Gringos concert?54:45 outro55:04 Carlos jumps in56:23 I wish I had a gun like the A-10
- Nov 25, 202556 min
E53 – The Fighter Pilot Spirit
Chris "Snooze" Kurek, Rob “Trip” Raymond, and Erik“EZ” Brine chat with Mike “Pako” Benitez on all things fighter pilot culture—toast, roast, and lore.Better known as Dos Gringos, Snooze and Trip put out 4 albums of fighter pilot songs that are famous (and infamous) in squadrons around the world. EZ joined the duo to form Operation Encore in 2012, a non-profit that helps veterans get their music into the world.We dig into a century of fighter pilot history and traditions, from the origins of Dos Gringos, the squadron culture, roll call, Jermiah Weed, the ribbing and roasting, and all the camaraderie associated with military aviation.They recently brought all of that into their latest venture, Winglore Spirits, and are doing it in a unique way that brings you into the fold. Links• Sign up for the newsletter! • Support us on Patreon!• Winglore Spirits • Winglore Spirits investing• Dos Gringos YouTube channel ---- Follow us on...• LinkedIn• Instagram• X• Facebook• Website ---- 00:0001:47 Dos Gringos17:22 Operation Encore24:03 AI music27:27 The culture and bar origins34:27 Jermiah Weed38:13 Winglore Spirits42:03 Bogey Dope43:16 Nickel on the Grass45:29 Winglore squadron50:42 the Nellis Club52:02 Dos Gringos concert?54:45 outro55:04 Carlos jumps in56:23 I wish I had a gun like the A-10
About The Merge
Military technology, trends, and national security...presented with unique insights, salt, and wit from combat aviator veterans and industry experts. Fence in for interviews and anecdotes about the ins, outs, and happenings at the intersection of technology, industry, strategy, and policy of aerospace and national defense. Brought to you by The Merge newsletter.
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