Boston’s tech IPO scoreboard finally lit up this week, as autonomous-flight startup Merlin Labs wrapped its SPAC merger and kicked off trading on the Nasdaq. The company’s stock opened for business on Tuesday, with staffers heading to Manhattan to ring the opening bell. Merlin closed its first trading day at $9.03 a share, giving the company fresh public cash to fuel product development and hiring.
Nasdaq debut and the opening bell
More than 40 Merlin employees made the trip to Nasdaq’s opening bell ceremony on Tuesday, and chief executive Matt George said the team had “lobbied them hard” to land the listing on St. Patrick’s Day, according to The Boston Globe. The Globe reports that Merlin is trading under the ticker symbol MRLN and that shares finished their first session at $9.03. The outlet also notes Merlin holds the distinction of being the first Boston-area tech company to go public this year.
SPAC deal gives Merlin runway
Merlin went public through a merger with a SPAC sponsored by Inflection Point, a deal designed to provide a substantial cash buffer for growth. In a company statement, Merlin said the transaction brought in at least $128 million in committed PIPE financing and could generate up to $257 million in gross proceeds, depending on how many shareholders redeemed their stakes, according to Business Wire. SEC records for the combination show Nasdaq signed off on listing the new Merlin shares under the symbol MRLN.
Defense contracts and technical milestones
On the defense side, Merlin already has serious work in the pipeline. In 2024 the company secured a contract of roughly $105 million to integrate its autonomy software into the C-130J, as reported by Aviation Today, and it has since hit key design checkpoints. Coverage of the program notes that Merlin completed a Preliminary Design Review for the C-130J effort this year, clearing the way for a move into the critical design phase, according to Air Data News. Company leaders say these defense projects are the near-term fuel for the engineering and certification work they still need to finish.
Plans for growth in Boston
Merlin now has what local reporting describes as roughly $200 million in proceeds to put toward expansion and employs about 200 people, with CEO Matt George calling the moment “exciting for the team,” according to The Boston Globe. The Globe reports that the company intends to relocate from South Street to Causeway Street and, over time, redevelop a hangar at Hanscom Field in Bedford as it scales up. Leadership has flagged hiring and possible acquisitions as the next items on the agenda as Merlin shifts from private rounds of fundraising to the scrutiny and expectations that come with being publicly traded.
Investors and regional policymakers will be tracking whether Merlin can convert defense contracts and lab milestones into consistent commercial revenue and coveted certification wins. For now, its Nasdaq debut serves as a high-profile reminder that Boston tech can still reach the public markets, if Merlin’s execution can keep pace with its ambitions.
