- PIPE commitments total at least $350 million, with roughly $110 million funded at signing
- The combined company would trade on the Nasdaq as Inflection Point Mach X Bleichroeder
- Closing is anticipated in the first quarter of 2027
Ursa Major Technologies has signed a definitive business combination agreement with Bleichroeder Acquisition Corp. III, a special purpose acquisition company backed by Inflection Point Asset Management’s management team.
The deal carries a pre-money equity valuation of roughly $1.6 billion and a post-transaction equity valuation of roughly $2.3 billion, the Colorado propulsion manufacturer said Tuesday. The SPAC would be renamed Inflection Point Mach X Bleichroeder and trade on the Nasdaq.
Both boards of Ursa Major and Bleichroeder approved the transaction unanimously. Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals.
How Much Capital Does the Ursa Major SPAC Deal Provide?
Private investment in public equity commitments total at least $350 million. About $110 million of that will be funded at signing.
Inflection Point anchors the PIPE, which also draws new institutional investors and existing Ursa Major backers, including XN. The company could retain up to $345 million in additional proceeds depending on redemptions.
Ursa Major has raised roughly $380 million in private funding to date.
Chris Spagnoletti, CEO of Ursa Major, said the transaction converts the company’s propulsion, manufacturing and testing work into production capacity. Michael Blitzer, chairman and founder of Inflection Point, said the PIPE reflects a combination of technical maturity and expanding demand.
Where Will Ursa Major Direct the Proceeds?
Near-term capital goes toward converting the company’s Galeton, Colorado, site from a solid rocket motor test facility into a production campus.
Ursa Major also plans to expand liquid engine manufacturing, additive manufacturing and all-up-round development, alongside working capital tied to scaling production.
The company employs more than 360 people across six facilities, covering nearly 500 acres of design, manufacturing and testing infrastructure. It was founded in 2015 and maintains additive manufacturing operations in Youngstown, Ohio.
What Programs Does Ursa Major Support?
The company is advancing the Navy’s MK 104 design through critical design review and static fire under a $10 million award, building on second-source work on the MK 104 Dual Thrust Rocket Motor.
Its Hadley engine powers the Department of War’s hypersonic test bed. Ursa Major served as prime contractor and vehicle integrator on the Affordable Rapid Missile Demonstrator with the Air Force Research Laboratory, using its Draper liquid rocket engine.
The company also supplies in-space propulsion systems that support satellite maneuverability.
