Ursa Major to go public in $2.3B SPAC deal

What's the deal? Ursa Major Technologies, a Denver-based hypersonics and solid rocket motor manufacturer, has agreed to merge with Bleichroeder Acquisition Corp. IIIDealroom has a profile for this one. Try Dealroom → (Nasdaq: BCCQU), a SPAC led by Inflection Point Asset ManagementDealroom has a profile for this one. Try Dealroom →. The deal values the combined company at roughly $2.3 billion post-transaction and $1.6 billion pre-money, with a Nasdaq listing expected in the first quarter of 2027.

What's the endgame? Ursa Major builds propulsion technology, solid rocket motors, and space mobility systems, and has moved up to complete missile systems, including its HAVOC Missile System and liquid hypersonic engines. Proceeds are earmarked to scale production across those lines and strengthen the US defense industrial base.

The money: The transaction is backed by at least $350 million in PIPE commitments, of which about $110 million will fund at signing. Ursa Major may retain up to $345 million more depending on SPAC redemptions. Founded in 2015, the company has previously raised roughly $380 million in private markets.

Why now? "Deterrence depends on what can be built reliably, safely and at scale," said chief executive officer Chris Spagnoletti. The capital is meant to convert more than a decade of testing — over 5,500 ground tests and engines powering 10-plus hypersonic missions — into production capacity.

What could go wrong? The boards have approved the agreement, but it has not closed. Completion is targeted for Q1 2027 and remains subject to shareholder and regulatory approvals, delaying access to full public-market capital.

The signal: The deal reflects rising investor appetite for defense manufacturers as governments prioritise munitions and hypersonics capacity. It also shows the SPAC route still drawing capital-hungry, capital-intensive companies to public markets.

Read more: stocktitan.net

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