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.