Ursa Major Technologies has entered a definitive business combination agreement with Bleichroeder Acquisition Corp III to go public through a special purpose acquisition company (SPAC) merger.

The transaction reflects a pre-money equity valuation of approximately $1.6 billion and a post-transaction equity valuation of approximately $2.3 billion. The combined entity will trade on the Nasdaq under the ticker symbol IPXX following closing, which is anticipated in the first quarter of 2027. Upon closing, Ursa Major will be renamed Inflection Point Mach X Bleichroeder.

Transaction Structure

The deal is supported by at least $350 million in private investment in public equity (PIPE) commitments. Approximately $110 million of this amount will be funded at the signing of the business combination agreement. The PIPE commitment is anchored by Inflection Point Asset Management 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 shareholder redemptions from the SPAC trust. Proceeds are expected to accelerate the expansion of production capabilities across solid rocket motors, the HAVOC Missile System, liquid hypersonic engines, and space mobility systems.

The Board of Directors of both Ursa Major and Bleichroeder unanimously approved the transaction. An investor presentation by Ursa Major and Inflection Point will be recorded on August 25, 2026 at 8:30 a.m. ET.

What the Numbers Show

The capital raise represents a significant scaling event for a company that has previously raised approximately $380 million in private markets. The new post-transaction equity valuation of $2.3 billion implies a substantial premium over the cumulative private capital raised, reflecting investor confidence in the company’s flight-proven technology and manufacturing readiness. The inclusion of $110 million in immediate funding at signing provides near-term liquidity to support operations before the full closing proceeds are realized.

Operational Context

Founded in 2015, Ursa Major employs more than 360 people across six facilities, utilizing nearly 500 acres of integrated design, manufacturing, and testing infrastructure. The company has conducted more than 5,500 ground tests and 140,000 seconds of testing, with its engines powering more than a dozen successful hypersonic missions.

Key programs include:

• Advancing the U.S. Navy’s MK 104 design under a new $10 million award.
• Powering the Department of War’s hypersonic test bed with its Hadley engine, recording more than 10 successful missions.
• Serving as prime contractor for the Affordable Rapid Missile Demonstrator (ARMD) with the Air Force Research Laboratory, completing two successful flights.

Near-term capital will support the expansion of Ursa Major’s Galeton, Colorado operations from a test site into a large-scale production campus. Additional funds will support liquid engine manufacturing, additive manufacturing, all-up-round development, and working-capital needs associated with scaling production.

Cantor Fitzgerald & Co. serves as lead placement agent and lead financial advisor to Bleichroeder. Moelis & Company LLC serves as joint placement agent to Inflection Point and exclusive capital markets advisor to Ursa Major.

Ursa Major opened a new manufacturing facility in Longmont, Colorado, on August 20, 2026, to expand production of avionics and in-space propulsion systems.

The expansion addresses urgent customer demand by adding dedicated capacity for these critical components. The new site features an ISO 7 hard-walled clean room, an ISO 8 gowning room, welding labs, and an environmental test lab.

Capacity and Operational Shift

The Longmont facility has the capacity to seat more than 125 employees. By consolidating avionics and in-space propulsion manufacturing here, Ursa Major frees up floor space at its Berthoud headquarters.

This reallocation allows Berthoud to focus on:

• Liquid engine production
• Vehicle integration
• All-up-round assembly for Hadley and Draper engines
• HAVOC Missile System assembly

The shift also supports growth in the company’s hypersonics and solid rocket motor programs, which are manufactured in both Berthoud and Galeton, Colorado.

Strategic Context

Chris Spagnoletti, CEO of Ursa Major, stated that avionics run through every system the company builds. He noted that moving this work to Longmont enables faster delivery of maneuverability capabilities on orbit compared to the legacy supply base.

Colorado Governor Jared Polis attended the ribbon-cutting ceremony, highlighting the expansion as a boost to the state’s aerospace economy and defense industrial base.

What the Numbers Show

The company now operates six sites: Berthoud, Longmont, and Galeton in Colorado; Youngstown and Boardman in Ohio; and Washington, D.C. This geographic spread supports additive manufacturing operations in Ohio while centralizing advanced propulsion integration in Colorado.

This opening follows Phase 1 manufacturing scale-up completed in March, which increased machining capacity, SRM test stand operations, and additive manufacturing capabilities.