$MRLN Part 2: Stress-Tested and Standing

Crossroads-calibrated valuation with preferred shares, full ratchet anti-dilution, and worst-case dilution. A follow-up to 54x Upside Hiding in a De-SPAC

Shawarma Capital · April 2026

In our first post, we laid out the full Merlin Labs ($MRLN) thesis: the Brainstem, the A-GRA architecture, the $105M USSOCOM IDIQ, and why this might be the most asymmetric name in defense tech.

But one thing we didn't do is stress-test the valuation against the ugly stuff.

The PIPE terms. The Series A Preferred shares carryin…