Ursa Major Technologies has agreed to go public through a business combination with Bleichroeder Acquisition Corp. III in a transaction valuing the aerospace and defense company at approximately $2.3 billion following closing.
The deal reflects an approximately $1.6 billion pre-money equity valuation and is supported by at least $350 million of PIPE commitments.
Approximately $110 million of the PIPE is expected to be funded at signing, while Ursa Major could retain up to another $345 million depending on SPAC redemptions.
Bleichroeder Acquisition Corp. III is backed by the management team of Inflection Point Asset Management and is expected to be renamed Inflection Point Mach X Bleichroeder Corp.
The combined company is expected to trade on Nasdaq following a closing targeted for the first quarter of 2027.
Ursa Major plans to use the capital to scale production across solid rocket motors, the HAVOC Missile System, liquid hypersonic engines and space mobility systems.
Founded in 2015, Ursa Major has previously raised approximately $380 million in private capital.
The company has conducted more than 5,500 ground tests representing 140,000 seconds of testing, and its engines have powered more than a dozen successful hypersonic missions.
Ursa Major employs more than 360 people across six facilities encompassing nearly 500 acres of design, manufacturing and testing infrastructure.
Its programs include the U.S. Navy’s MK 104 solid rocket motor, the Hadley engine powering the Department of War’s hypersonic test bed and the HAVOC complete hypersonic missile system.
The company plans to use near-term capital to transform its Galeton, Colorado solid rocket motor test site into a large-scale production campus while expanding liquid engine manufacturing, additive manufacturing and all-up-round development.
KEY QUOTES:
“Deterrence depends on what can be built reliably, safely and at scale. For eleven years, Ursa Major has invested in the hard work behind that outcome: propulsion, manufacturing, testing, qualification and flight.”
Chris Spagnoletti, CEO Of Ursa Major
“This is not capital for a concept; it is capital to scale proven technology and production against some of the most urgent and well-funded priorities in U.S. national security.”
Michael Blitzer, Chairman And Founder Of Inflection Point
