The Merge

The Merge
  • 5.0 (356)
  • Government

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.

  1. 1d ago

    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 ---- 00:00 00:34 intro 01:20 Premium newsletter! 02:10 Anduril intro 02:26 Matthrew intro 04:32 Anduril 101 06:52 Anduril's fundraising 07:25 the next 24 months 07:38 revenue breakdown 08:23 happenings between the raises 14:10 last 5 years of sales 15:47 counter-UAS 18:22 Steve vs Steve approach 19:14 C-UAS durability? 21:04 Altius 21:52 comparing valuations 23:21 sources of new revenue 23:33 Barracuda 24:08 CCA program 27:28 Lattice 28:20 Eagle Eye 31:18 Golden Dome 35:08 Anduril's strategy 38:53 next acquisition? 41:25 wrap-up

    43 min

  2. Apr 26

    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 ----   00:00 00:44 intro 01:19 Dcode origin story 04:55 founders, funders, and fighters 09:27 acquisition reform 12:32 risk vs the no-monster 15:58 buying speed vs rigor 16:44 contracting officer shortage 17:55 bigger worse contracts 21:04 defense catalyst 21:57 leadership and training 23:05 the bigger picture 25:33 budget line-item consolidation 28:16 pass a budget 30:41 investing in companies 36:05 misconceptions 38:28 colors and fallout 39:33 conflicts of interest 41:03 RAIC 41:30 300 42:12 pilot programs 46:42 fielding 47:29 magic wand 48:49 crystal ball 50:19 outro

    51 min

  3. Mar 28

    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 ----   00:00 00:43 intro 01:09 Defense Unicorns name 04:28 origin story 06:38 the 3 I's 08:46 software sustainment burden 09:13 wrong incentive structure 12:31 software as a weapon system 14:39 rising tech debt 16:18 open source 18:46 open is more secure? 20:43 SBOM 22:24 solutions 23:05 fighter jet software updates 24:43 submarine software 25:52 UDS 27:05 disconnected software 28:34 Chinese software underneath US systems 30:48 competition 33:43 crystal ball 35:15 $136M fundraise 37:56 magic wand - fixed price contracts 40:14 McDonald's ice cream   #AI #Technology #Tech #Innovation #Cybersecurity #youtube #Military #DefenseTech #MilitaryTech #Startup #Software #Business

    42 min

  4. Feb 1

    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 ----   00:00 00:26 intro 01:50 Scott and Joe 07:21 DoD Accelerator 09:51 Fury origin story 11:24 SBIR 16:28 the high-low mix 17:11 writing to understand 18:29 F-117 19:04 no part 3 19:41 red air use-case 24:29 Bandit and ADAIR-UX 25:10 funding and the valley of death 28:04 the capital void 31:11 programs consolidate 32:28 Anduril acquisition 33:37 the small business divide 34:14 DoD Accelerator fit 36:12 Baxter Aerospace example 41:19 the cheat code 44:26 crystal ball 45:17 the prime cartel? 46:32 magic wand - IR&D policy change 49:10 policy hurts start-ups 52:51 DoD Accelerator focus areas

    54 min

  5. Jan 18

    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 intro 00:35 Top Gun 01:33 Christine Fox 02:53 origin of FFRFC & UARC 05:36 access to classified info 08:30 tech transfer 11:33 independence 14:42 threat analysis story 16:35 misunderstandings 20:29 software and competition 24:32 fix the gray 27:11 what if they disappear? 27:39 Navy Red Sea support 28:29 hypersonics 30:08 Golden Dome 31:01 whole of nation approach 38:20 2026 resolutions 39:42 closing remarks

    42 min

  6. 12/14/2025

    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 ----   00:00 01:43 intro 02:30 origin story 05:57 disclosure 07:07 2 PMs 08:47 Air Force tanker program 21:47 Golden Dome 28:12 sales vs business development 33:04 proactive vs reactive 34:59 intel to flip the script 37:56 a bubble? 41:18 flat toplines 43:05 requested vs executed 46:38 fundraise 48:27 DIU project 50:58 2026 outlook 55:29 outro

    56 min

  7. 12/10/2025

    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 ----   00:00 01:47 Dos Gringos 17:22 Operation Encore 24:03 AI music 27:27 The culture and bar origins 34:27 Jermiah Weed 38:13 Winglore Spirits 42:03 Bogey Dope 43:16 Nickel on the Grass 45:29 Winglore squadron 50:42 the Nellis Club 52:02 Dos Gringos concert? 54:45 outro 55:04 Carlos jumps in 56:23 I wish I had a gun like the A-10

    58 min

  8. 11/25/2025

    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 ----   00:00 01:47 Dos Gringos 17:22 Operation Encore 24:03 AI music 27:27 The culture and bar origins 34:27 Jermiah Weed 38:13 Winglore Spirits 42:03 Bogey Dope 43:16 Nickel on the Grass 45:29 Winglore squadron 50:42 the Nellis Club 52:02 Dos Gringos concert? 54:45 outro 55:04 Carlos jumps in 56:23 I wish I had a gun like the A-10

    57 min
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5
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356 Ratings

About

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.

Information

  • Creator
    The Merge
  • Years Active
    2022 - 2026
  • Episodes
    64
  • Rating
    Explicit
  • Copyright
    © The Merge
  • Show Website
    The Merge

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