$BACQ. Consider this. The Department of Defense flies 4 million hours annually, and Merlin is building the autonomy layer for them. U.S. Special Operations Command (SOCOM) has a $105 million contract for the C-130J. GE Aerospace's deal covers integration on over 14,000 aircraft. They're on track to be the first company to certify AI on a military aircraft. Meanwhile, Joby—with a $15 billion market cap, $98,000 in revenue, and zero commercial flights—pays 20 times as much for Merlin, and gets a real government contract instead of a promise. Important: Google Ventures and Baillie Gifford backed this initiative early on. Baillie Gifford—the firm that saw Tesla's $30 stock price and SpaceX's early days—is increasing its position in the PIPE. When was the last time you saw an early-stage venture firm double down on a public offering?