Ursa Major to go public via $2.3B SPAC merger

Key points

• The merger with Bleichroeder Acquisition Corp. III values Ursa Major at $1.6 billion pre-money and $2.3 billion post-transaction.
• At least $350 million in private investment in public equity (PIPE) is committed, led by Inflection Point Asset Management and including existing investor XN.
• The deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.
• Proceeds will expand the Galeton, Colorado, facility into a production campus and increase liquid engine and additive manufacturing capacity.
• Ursa Major aims to scale HAVOC missile production from eight units annually to over 500 by 2030.
• The company reported revenue of $18.5 million in 2024 and $45 million in 2025, projecting $100 million for 2026.

Background

Ursa Major, founded in 2015 by former SpaceX and Blue Origin engineer Joe Laurienti, originally focused on supplying liquid rocket engines to commercial launch companies. Over the past decade, the company has pivoted toward defense applications, developing the Hadley engine for hypersonic test vehicles and the Draper engine for tactical missiles. This transition reflects broader Pentagon initiatives to strengthen the missile industrial base by introducing new suppliers to supplement entrenched manufacturers. The company has previously raised approximately $380 million in private capital and employs more than 360 people across six facilities. Recent developments include the unveiling of the HAVOC medium-range hypersonic missile in February 2026 and the opening of a new avionics facility in Longmont, Colorado, in August 2026.

How outlets are covering it

SpaceNews emphasizes the strategic shift from commercial launch propulsion to defense munitions, highlighting the Pentagon’s push to diversify the missile industrial base. PR Newswire, citing the company’s press release, focuses on the capital infusion and the expansion of manufacturing capabilities, with Inflection Point Asset Management describing the deal as a move to scale proven technology against urgent national security priorities. Breaking Defense notes the company’s private capital history and the potential unit cost of the HAVOC missile, estimated at around $3 million. While all sources agree on the $2.3 billion valuation and the $350 million PIPE commitment, SpaceNews and Breaking Defense provide more detail on the company’s historical revenue and production targets, whereas PR Newswire offers extensive legal and structural details of the SPAC merger. No significant disagreements on core facts were observed, but the emphasis varies between financial structure (PR Newswire) and strategic defense implications (SpaceNews).

Why it matters

The deal signals a significant shift in the U.S. defense industrial base, as the Pentagon seeks to reduce reliance on a limited number of missile manufacturers. By going public, Ursa Major gains access to capital necessary to scale production of hypersonic and solid rocket systems, which are critical for national security. The expansion of production capacity, particularly for the HAVOC missile and MK 104 solid rocket motor, could enhance the U.S. ability to respond to emerging threats. The transaction also reflects growing investor interest in defense technology companies with proven flight records and manufacturing capabilities. Success in scaling production to 500 HAVOC missiles annually by 2030 would demonstrate the viability of new entrants in the missile market, potentially reshaping the competitive landscape for defense contractors.

What to watch

The merger is expected to close in the first quarter of 2027, pending shareholder and regulatory approvals. Ursa Major will trade on Nasdaq under the name Inflection Point Mach X Bleichroeder Corp. The company plans to use the capital to expand its Galeton, Colorado, facility into a production campus and increase liquid engine and additive manufacturing capacity. Management projects revenue of approximately $100 million in 2026 and a $200 million revenue opportunity in 2027, contingent on contract awards and production schedules. The company aims to scale HAVOC missile production to over 500 units annually by 2030. Further updates on regulatory approvals and the final amount of capital received from the SPAC trust account will depend on shareholder redemption decisions before the deal closes.