Structural Analyst 2

Ursa Major to go public in $2.3BN SPAC deal with Inflection Point. Aerospace and defense manufacturer Ursa Major has announced to go public through a business combination with Bleichroeder Acquisition Corp. III (Nasdaq: BCCQU), a special purpose acquisition company backed by Inflection Point Asset Management. Following the transaction, the combined company will be renamed Inflection Point Mach X Bleichroeder Corp. and is expected to trade on Nasdaq under the ticker IPXX. Closing is anticipated in the first quarter of 2027, subject to shareholder and regulatory approvals. Founded in 2015 and headquartered in Berthoud, Colorado, Ursa Major builds propulsion systems for hypersonics, solid rocket motors and space mobility. The company also operates an additive manufacturing (AM) facility in Youngstown, Ohio. The listing follows a broader rise in investor interest in defense manufacturers, driven by heightened geopolitical tension and demand for weapons systems that can be produced quickly. Deal Terms and Financing The transaction values Ursa Major at approximately $1.6 billion on a pre-money basis and $2.3 billion after closing. It is backed by at least $350 million in private investment in public equity (PIPE) commitments, anchored by Inflection Point, with roughly $110 million funded at the signing of the business combination agreement. The PIPE includes both new institutional investors and existing Ursa Major backers, including XN. Depending on redemption levels, Ursa Major may retain up to $345 million in additional proceeds. Cantor Fitzgerald & Co. and Moelis & Company LLC are serving as placement agents to Inflection Point, with Cantor also advising Bleichroeder and Moelis advising Ursa Major on capital markets. Latham & Watkins LLP is legal counsel to Ursa Major, White & Case LLP to Inflection Point, DLA Piper LLP (US) to Cantor and Moelis, and Reed Smith LLP to Bleichroeder. "Deterrence depends on what can be built reliably, safely and at scale," said Chris Spagnoletti, CEO of Ursa Major, adding that the transaction is intended to convert eleven years of work on propulsion, manufacturing, testing, qualification and flight into added production capacity. Bleichroeder intends to file a Registration Statement on Form S-4 with the SEC, covering the proxy statement and prospectus for the deal. Closing still requires sign-off from both companies' shareholders, along with regulatory clearance, including approval of the common stock, Series A Preferred Stock and Series A Investor Warrants issued as part of the transaction, as required under Nasdaq Listing Rule 5635. The volume of redemption requests filed by Bleichroeder's investors could also affect the combined company's public float and share liquidity once listed. Production Expansion Plans Proceeds are earmarked for scaling output across the company's core programs, including its solid rocket motors, HAVOC missile system, liquid hypersonic engines and space mobility hardware. Near-term capital will go toward expanding the company's Galeton, Colorado site from a solid rocket motor test facility into a larger manufacturing campus, along with continued growth in liquid engine production, AM capacity and development of complete missile systems, or "all-up-rounds." Ursa Major says it employs more than 360 people across six facilities, spanning nearly 500 acres of design, manufacturing and testing space. Track Record and Industry Backdrop Ursa Major says it has conducted more than 5,500 ground tests and 140,000 seconds of testing since its founding, with its engines used in more than a dozen hypersonic missions to date. Its Hadley engine has flown on the U.S. Department of War's hypersonic test bed more than ten times, and the company was prime contractor and vehicle integrator on the Air Force Research Laboratory's (AFRL) Affordable Rapid Missile Demonstrator program, which has completed two flights using Ursa Major's Draper liquid rocket engine. In May 2025, a Ursa Major liquid rocket engine also powered a flight test of the reusable hypersonic vehicle Talon-A. Earlier this month, Lockheed Martin announced an investment to extend the range and payload capacity of its hypersonic missiles, and Leidos Holdings received a $2.7 billion contract in May to move its own hypersonic weapons from prototype into production. Scaling Propulsion Hardware Through Additive Manufacturing Ursa Major's plan to expand its solid rocket motor and liquid hypersonic engine lines reflects a broader industry pattern, treating AM as a lever for growing manufacturing capacity, not just a prototyping tool. Ursa Major's own H13 engine used AM to build complex propulsion components without dedicated tooling, allowing output to grow without retooling entire supply chains, a rationale echoed by L3Harris, which used large-format additive manufacturing (LFAM) to cut production time for hypersonic propulsion components tenfold. Both companies point to a shared advantage: hardware that can scale without new capital tied up in tooling. For Ursa Major, that pattern is already built into how the company plans to scale, with AM woven into the production architecture the SPAC proceeds are meant to expand. 3D Printing Industry is inviting speakers for its 2026 Additive Manufacturing Applications (AMA) series, covering Energy, Healthcare, Automotive and Mobility, Aerospace, Space and Defense, and Software. Each online event focuses on real production deployments, qualification, and supply chain integration. Practitioners interested in contributing can complete the call for speakers form here. Explore the full Future of 3D Printing and Executive Survey series from 3D Printing Industry, featuring perspectives from CEOs, engineers, and industry leaders on the industrialization of additive manufacturing, 3D printing industry trends 2026, qualification, supply chains, and additive manufacturing industry analysis. Featured image shows technicians at Ursa Major's Youngstown facility operate an EOS M 400 system. Photo via Ursa Major.

Ursa Major agrees $2.3B SPAC deal to fund hypersonic expansion. BitMart Insights | 2026.08.26 12:01 2 mins read Ursa Major said on August 25 it had signed a definitive agreement to merge with Bleichroeder Acquisition Corp. III, a transaction expected to take the hypersonics and propulsion company public on Nasdaq in the first quarter of 2027. The deal gives the privately funded defence technology company a route to raise capital for expanded missile and rocket-motor production. The proposed transaction carries an implied post-transaction equity value of about $2.3 billion. It is backed by at least $350 million in committed private investment in public equity, or PIPE, financing, although roughly $110 million of that amount was funded when the agreement was signed. Bleichroeder merger targets Q1 2027 Nasdaq listing. The agreement pairs Ursa Major with the special purpose acquisition company Bleichroeder Acquisition Corp. III. Ursa Major announced the definitive deal on August 25, setting a Q1 2027 target for completion and a Nasdaq listing for the combined company. The companies have set a target, not announced a completion date; as with SPAC transactions generally, further steps typically remain before closing. The announcement also did not state that the Nasdaq listing had already occurred. $2.3bn valuation includes committed PIPE financing. The transaction values Ursa Major at approximately $1.6 billion on a pre-money basis and approximately $2.3 billion post-transaction, alongside at least $350 million in committed PIPE capital. That committed amount was not fully funded at signing: about $110 million had been funded, according to the company's release. The post-transaction valuation therefore does not establish that the full PIPE commitment was funded on August 25. Ursa Major conducts a full-duration static-fire test of its Draper-powered Affordable Rapid Missile Demonstrator. - Source: Breaking Defense Proceeds earmarked for motors, HAVOC and Galeton. Ursa Major said transaction proceeds will support production of solid rocket motors, HAVOC, liquid hypersonic engines and space-mobility systems, along with a planned large-scale production campus in Galeton, Colorado. That expansion plan sits alongside a company that, according to Breaking Defense, has raised more than $380 million privately and employs more than 360 people across six facilities. The outlet reported that Ursa Major unveiled its HAVOC hypersonic missile system in February 2026. Ursa Major is pursuing the planned public-market transaction as it works to move those propulsion and hypersonic programs toward larger-scale production. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Disclaimer: The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Investment based on this is at their own risk.

Ursa Major agrees $2.3B SPAC deal to fund hypersonic expansion. Ursa Major said on August 25 it had signed a definitive agreement to merge with Bleichroeder Acquisition Corp. III, a transaction expected to take the hypersonics and propulsion company public on Nasdaq in the first quarter of 2027. The deal gives the privately funded defence technology company a route to raise capital for expanded missile and rocket-motor production. The proposed transaction carries an implied post-transaction equity value of about $2.3 billion. It is backed by at least $350 million in committed private investment in public equity, or PIPE, financing, although roughly $110 million of that amount was funded when the agreement was signed. Bleichroeder merger targets Q1 2027 Nasdaq listing The agreement pairs Ursa Major with the special purpose acquisition company Bleichroeder Acquisition Corp. III. Ursa Major announced the definitive deal on August 25, setting a Q1 2027 target for completion and a Nasdaq listing for the combined company. The companies have set a target, not announced a completion date; as with SPAC transactions generally, further steps typically remain before closing. The announcement also did not state that the Nasdaq listing had already occurred. $2.3bn valuation includes committed PIPE financing The transaction values Ursa Major at approximately $1.6 billion on a pre-money basis and approximately $2.3 billion post-transaction, alongside at least $350 million in committed PIPE capital. That committed amount was not fully funded at signing: about $110 million had been funded, according to the company's release. The post-transaction valuation therefore does not establish that the full PIPE commitment was funded on August 25. Ursa Major conducts a full-duration static-fire test of its Draper-powered Affordable Rapid Missile Demonstrator. - Source: Breaking Defense Proceeds earmarked for motors, HAVOC and Galeton Ursa Major said transaction proceeds will support production of solid rocket motors, HAVOC, liquid hypersonic engines and space-mobility systems, along with a planned large-scale production campus in Galeton, Colorado. That expansion plan sits alongside a company that, according to Breaking Defense, has raised more than $380 million privately and employs more than 360 people across six facilities. The outlet reported that Ursa Major unveiled its HAVOC hypersonic missile system in February 2026. Ursa Major is pursuing the planned public-market transaction as it works to move those propulsion and hypersonic programs toward larger-scale production. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.