Ursa Major targets Nasdaq via $2.3B SPAC merger to expand missile propulsion
Ursa Major plans a merger with Bleichroeder Acquisition Corp. III to form a roughly $2.3 billion company, backed by at least $350 million in PIPE financing, with a Nasdaq listing anticipated in early 2027. Proceeds will fund expansion of its Galeton production campus and growth across Hadley liquid engines, Draper engines, solid rocket motors, and space propulsion programs, as the company shifts deeper into defense amid growing Pentagon demand. While not profitable yet, Ursa Major projects revenue rises from about $18.5 million in 2024 to roughly $100 million in 2026 and a potential $200 million revenue opportunity in 2027, with HAVOC production planned to grow from eight missiles per year today to more than 500 by 2030.
