Defence and aerospace company Ursa Major has agreed to become a publicly traded company through a merger with special purpose acquisition company (SPAC) Bleichroeder Acquisition Corp. III. (Bleichroeder).
The anticipated post-transaction equity valuation is approximately $2.3bn, with closing expected in the first quarter of 2027.
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Under the definitive business combination agreement, the combined company, set to be renamed Inflection Point Mach X Bleichroeder Corp., will list on the Nasdaq following regulatory and shareholder approvals.
The transaction includes at least $350m in private investment in public equity (PIPE) commitments, with $110m to be funded upon signing.
Inflection Point Asset Management leads the PIPE commitment, with participation from institutional and existing Ursa Major investors such as XN.
Depending on shareholder redemptions, Ursa Major could retain up to $345m in additional proceeds from the transaction.
The company stated that funds will support the scaling of solid rocket motor, hypersonic missile, and space mobility system production, targeting growing demand from defence and national security customers.
Ursa Major CEO Chris Spagnoletti said: “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.”
The proposed listing comes as Western defence customers seek expanded domestic capacity for missile and hypersonic technology, amidst ongoing global security challenges.
The transaction was unanimously approved by the Boards of Ursa Major and Bleichroeder and is now subject to shareholder and regulatory approvals and other customary closing conditions.
Ursa Major, which develops flight-proven systems for hypersonics and solid rocket motors, previously secured approximately $380m in private funding, which was allocated to developing propulsion systems, enhancing production infrastructure, and supporting national security programmes.
Headquartered in Berthoud, Colorado, the company advances the US Navy’s MK 104 solid rocket motor, which recently passed a critical design review milestone under a $10m contract.
In hypersonics, its Hadley engine powers Department of War’s hypersonic testbeds and has supported more than 10 successful test missions.
The company also acts as prime contractor and integrator for the Air Force Research Laboratory’s Affordable Rapid Missile Demonstrator, using its Draper liquid engine, which has completed two test flights.
