Ursa Major Technologies, an aerospace and defense company that builds hypersonics, solid rocket motors and space mobility systems, plans to become a publicly traded company, officials announced Tuesday.
Ursa Major said that it has entered into an agreement to combine with special purpose acquisition company Bleichroeder Acquisition Corp. III, which is backed by the management of Inflection Point Asset Management and would be be renamed Inflection Point Mach X Bleichroeder Corp. The combined company would begin trading on the Nasdaq exchange following closing, which is anticipated to take place in the first quarter of 2027.
As a publicly traded munitions company, Ursa Major would help solve "the most pressing defense challenges in hypersonics and solid rocket motor manufacturing," officials said.
The proposal reflects a pre-money equity valuation of approximately $1.6 billion and a post-transaction equity valuation of approximately $2.3 billion. The transaction is supported by at least $350 million of private investment in public equity (PIPE) commitments, of which approximately $110 million will be funded at signing of the business combination agreement. The PIPE commitment is anchored by Inflection Point and includes both new institutional investors and existing Ursa Major investors, including XN.
Ursa Major may also retain up to $345 million in additional proceeds depending on redemptions.
Ursa Major said that the proceeds are expected to accelerate the expansion of its production capabilities across solid rocket motors, the HAVOC Missile System and liquid hypersonic engines, and space mobility systems — helping the company deliver critical systems to customers at greater scale and speed.
The boards of both Ursa Major and Bleichroeder have unanimously approved the transaction, which remains subject to shareholder and regulatory approval and other closing conditions.
Powering Hypersonic Missions
Ursa Major, founded in 2015, spent more than a decade building the propulsion technology, manufacturing system, and safety and qualification discipline required to build reliably and safely at scale, officials said, before moving up to complete missile systems. The company previously raised approximately $380 million in private markets and invested that capital in flight-proven systems, production infrastructure and the capabilities required to serve safety-critical national security programs.
Ursa has conducted more than 5,500 ground tests and 140,000 seconds of testing, and its engines have powered more than a dozen successful hypersonic missions. The company employs more than 360 people across six facilities with nearly 500 acres of integrated design, manufacturing and testing infrastructure.
Ursa’s programs span solid rocket motors, hypersonics and in-space mobility. On the solid rocket motor side, the company is advancing the U.S. Navy’s MK 104 design through critical design review and static fire under a new $10 million award, building on its second-source MK 104 Dual Thrust Rocket Motor work.
Inflection Point's Transactions
Inflection Point, officials said, is an experienced SPAC sponsor that "seeks to identify, take public, and scale high-impact technology companies." Its prior transactions include Intuitive Machines, which specializes in space infrastructure like spacecraft manufacturing, communications, networks, mission operations and ground infrastructure, and USA Rare Earth, which is building a rare earth and permanent magnet value chain across the U.S. and U.K., with planned expansion in France and Brazil.
In June, USA Rare Earth reached definitive agreements with the U.S. Department of Commerce to unlock nearly $1.6 billion in funding under the CHIPS Program, including $277 million in federal grants and a $1.3 billion senior secured loan. Intuitive Machines, meanwhile, is closely aligned with new lunar exploration efforts and recently received authorization to proceed on a multi-satellite communications program expected to exceed $600 million.
Under the proposed USAR investment, the company would receive $277 million in federal funding and up to $1.3 billion in senior secured loans, with disbursements tied to project milestones. Together with a $1.5 billion private capital raise announced in January, as well as previous financings, the company now has $3.5 billion in capital to fund its growth plans, USAR said.
Involved Parties
Cantor Fitzgerald & Co., the former firm of Commerce Secretary Howard Lutnick, is serving as lead placement agent in the Ursa Major deal, and Moelis & Company LLC is serving as joint placement agent to Inflection Point. In addition, Cantor Fitzgerald is serving as lead financial advisor to Bleichroeder, and Moelis is serving as exclusive capital markets advisor to Ursa Major.
Ken Moelis, founder and CEO of Moelis & Company, has worked with President Donald Trump since the 1990s, when he advised him on the financial restructuring of the Trump Taj Mahal.
Latham & Watkins LLP is serving as legal advisor to Ursa Major. In April 2025, the law firm struck a deal with the Trump administration to provide $125 million in pro bono legal services and alter diversity practices.
DLA Piper LLP (US) is serving as legal counsel to Cantor and Moelis. DLA Piper represented Trump Media & Technology Group Corp. in a proposed merger with fusion power company TAE Technologies valued at more than $6 billion. The deal is expected to close by the end of this year.
Reed Smith LLP is serving as legal counsel to Bleichroeder. Reed Smith also served as legal counsel to the placement agents in Trump Media and Technology Group Corp.’s $2.5 billion bitcoin treasury deal.
White & Case LLP is serving as legal advisor to Inflection Point.
Ursa Major’s New Manufacturing Facility in Colorado
Ursa Major on Thursday held a grand opening ceremony for its new manufacturing facility in Longmont, Colorado. The company said that the facility will expand the its production of avionics and in-space propulsion systems while increasing manufacturing space at its Berthoud, Colorado, headquarters.
The Longmont facility has capacity for more than 125 employees and features dedicated labs for welding and manufacturing, an ISO 7 hard-walled clean room with an ISO 8 gowning room, and an environmental test lab.
The expansion also allows the company’s hypersonics and solid rocket motor programs to grow in their existing locations, officials said.
Of the company’s 360 employees, some 300 are based in Colorado. Ursa Major expects to ultimately create up to 1,850 new jobs in the state.
Colorado economic development officials approved a tax incentive package worth more than $35 million over eight years, and up to $23 million of that tax credit could be converted into refundable credits. Those would be refunded at 80% of their total value, or up to $18.4 million.
