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// DOSSIER — ursa-major-public-spac-merger
Ursa Major to Go Public in $2.3 Billion SPAC Merger
REL_TIME: 25 Aug 2026 20:42Z · LANG: EN
Colorado-based defense technology startup Ursa Major has announced plans to go public via a merger with Bleichroeder Acquisition Corp. III, a special purpose acquisition company backed by Inflection Point Asset Management. The transaction values Ursa Major at a pre-money equity valuation of approximately $1.6 billion and a post-transaction valuation of about $2.3 billion. The deal is backed by at least $350 million in committed PIPE financing to expand production of liquid engines, solid rocket motors, and hypersonic missile systems like HAVOC. Expected to close in the first quarter of 2027, the listing on the Nasdaq will support Ursa Major's scaling efforts to address critical Pentagon supply chain gaps.
// Background
Founded in 2015 by former SpaceX and Blue Origin engineer Joe Laurienti, Ursa Major initially built liquid rocket engines like Hadley for commercial launch vehicles. As the Pentagon pushed to bolster a strained missile industrial base, Ursa Major pivoted into defense manufacturing, developing solid rocket motor additive manufacturing (Lynx system), the Draper storable liquid engine, and the HAVOC medium-range hypersonic missile system. The company employs over 360 people across six facilities and has raised more than $380 million in private capital to date.
// Key Developments
- Ursa Major to merge with Bleichroeder Acquisition Corp. III in a deal with a $2.3 billion post-transaction valuation.
- Transaction supported by at least $350 million in committed PIPE financing, with $110 million funded at signing.
- Capital will fund the expansion of manufacturing facilities, including transforming its 400-acre Galeton, CO site into an SRM production campus.
- Company aims to scale HAVOC hypersonic missile manufacturing from eight units annually to over 500 per year by 2030.
- Revenue projected to reach approximately $100 million in 2026, up from $18.5 million in 2024 and $45 million in 2025.
// Timeline
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Ursa Major is founded in Colorado by Joe Laurienti.
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Ursa Major unveils HAVOC, a medium-range hypersonic missile designed for in-house manufacturing at ~$3 million per unit.
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Bleichroeder Acquisition Corp. III raises $345 million in its IPO; Ursa Major secures a $10 million Navy contract for the MK 104 solid rocket motor.
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Ursa Major opens a new manufacturing facility in Longmont, Colorado for avionics and in-space propulsion.
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Ursa Major announces official plans to go public via a $2.3 billion SPAC deal with Bleichroeder Acquisition Corp. III.
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Expected timeframe for closing the transaction and listing on the Nasdaq, subject to regulatory and shareholder approvals.
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Target date for scaling HAVOC missile production to over 500 units annually.
// Perspectives
[Ursa Major Executive Leadership]
Views the public transaction as essential for securing capital to scale production capacity, satisfy Pentagon demand, and establish long-term accountability.
[Inflection Point Asset Management]
Strongly bullish, believing Ursa Major possesses the proven technology required to become a defining next-generation national security firm.
[Department of Defense / Defense Market Demand]
Seeking new commercial suppliers and additional manufacturing capacity to relieve strain on the defense industrial base for solid rocket motors and hypersonic systems.
// 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. This transaction will help us turn that foundation into the production capacity our customers need.”
“Becoming a public company aligns with our high standard of transparency and accountability, strengthening our ability to deliver responsibly for the warfighter over the long term.”
“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.”
