Full Breakdown
Ursa Major to Go Public in $2.3 Billion SPAC Deal
8/26/2026, 8:06:53 AM
Core Transaction
Ursa Major Technologies, a Colorado aerospace and defense firm, announced a merger with Bleichroeder Acquisition Corp. III. The deal values post-transaction equity at about $2.3 billion and pre-money equity at roughly $1.6 billion. At least $350 million of PIPE funding will be provided, with $110 million payable at signing and up to $345 million potentially retained from the SPAC’s trust, depending on shareholder redemptions. The transaction is expected to close in the first quarter of 2027 and list on Nasdaq under ticker IPXX.
Background and Context
Founded in 2015 by former SpaceX and Blue Origin propulsion engineer Joe Laurienti, Ursa Major supplies liquid rocket engines, hypersonic missile propulsion, solid rocket motors and complete missile systems. Its Hadley engine powers Stratolaunch’s Talon-A hypersonic test vehicle, and the Draper engine has flown on the Air Force Research Laboratory’s Affordable Rapid Missile Demonstrator.
Data and Statistics
- Valuation & Financing: $2.3 billion post-transaction; $1.6 billion pre-money; $350 million PIPE (Inflection Point lead).
- Revenue: $18.5 million in 2024; $45 million in 2025; projected $100 million for 2026 and $200 million for 2027, contingent on contracts.
- Employment & Facilities: Over 360 employees at six sites, including a 400-acre test site in Galeton, CO, and a new Longmont plant for avionics and propulsion.
- Production Capacity: Current output of roughly eight HAVOC missiles per year; target over 500 missiles annually by 2030 (CEO).
- Contracts & Awards: $10 million U.S. Navy award (July) for the MK 104 solid-rocket motor; cumulative $70 million in hypersonics contracts.
- Testing Record: More than 5,500 ground tests and 140,000 seconds of engine testing since 2015; engines have powered more than a dozen hypersonic missions.
Official Statements & Responses
Chief executive Chris Spagnoletti said the merger will provide capital to move from testing to scalable production, stressing the need for reliable, high-rate manufacturing. He noted “all-time-high” demand for hypersonic systems and solid-rocket motors, and said proceeds will expand the Galeton campus and the HAVOC missile line.
Verbatim Quotes
- “Deterrence depends on what can be built reliably, safely and at scale,” — Chris Spagnoletti, CEO
- “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, Inflection Point chairman
Timeline
- August 25 2026 (scheduled): Investor presentation by Ursa Major and Inflection Point.
- First quarter 2027 (expected): Closing of the SPAC merger and Nasdaq debut.
What’s Next
Closing will unlock PIPE capital, allowing Ursa Major to expand the Galeton test site, increase solid-rocket-motor output, and scale the HAVOC missile line. The $110 million signing payment provides immediate liquidity for hiring, facility upgrades and working-capital needs.
Conflicting Reports & Gaps
Revenue projections for 2026-2027 are forward-looking and depend on contract awards and defense spending. The firm has not yet achieved profitability, and the exact cash retained from the SPAC trust will be known after shareholder redemption decisions. No independent verification of the projected 500-missile-per-year capacity has been provided.
