Ursa Major to Go Public in $2.3B SPAC Deal With Inflection Point

Ursa Major Technologies, the Colorado aerospace and defense company best known for 3D-printed rocket engines, has signed a deal to go public through a SPAC merger with Inflection Point. The transaction values the combined company at roughly $2.3 billion and is expected to provide at least $350 million to expand production of hypersonic engines and solid rocket motors.

The Deal on the Table

Ursa Major is merging with Bleichroeder Acquisition Corp. III, a special purpose acquisition company backed by Inflection Point Asset Management. After closing, which is targeted for the first quarter of 2027, the combined entity will trade on Nasdaq under the ticker IPXX as Inflection Point Mach X Bleichroeder Corp.

The numbers are large even by defense-standards. The pre-money equity valuation sits at about $1.6 billion, rising to approximately $2.3 billion after the transaction. PIPE commitments total at least $350 million, with around $110 million funded at signing. Inflection Point anchors the PIPE, joined by new institutional investors and existing Ursa Major backers including XN. Depending on shareholder redemptions, Ursa Major could retain up to $345 million in additional proceeds.

Additive Manufacturing Is the Production Backbone

What makes Ursa Major interesting to additive manufacturing watchers is how deeply 3D printing is woven into its products. The Hadley engine, an oxygen-rich staged-combustion motor that powers the Department of Defense's hypersonic test bed, is about 80% 3D printed by mass. Major rotating machinery and combustion components are built with metal laser powder bed fusion.

The company runs nine LPBF machines across two Ohio facilities, printing mostly in nickel alloys 718 and 625, Haynes 230, copper alloys, maraging steel, and 17-4 stainless steel. Ursa Major has also developed its own scan-path software for its EOS machines, a capability EOS later rolled into its standard license offering. The team even uses large language models to help write scan strategies and balance thermal loads during builds.

Where the Money Goes

Ursa Major plans to spend the new capital on solid rocket motors, its HAVOC hypersonic missile system, liquid hypersonic engines, and in-space propulsion. The immediate priority is converting the Galeton, Colorado site from a solid rocket motor test facility into a large-scale production campus. Funds will also expand liquid engine manufacturing, additive manufacturing capacity, and all-up-round development.

Founded in 2015, Ursa Major has raised about $380 million in private markets and now employs more than 360 people across six facilities covering nearly 500 acres. It has conducted over 5,500 ground tests and logged 140,000 seconds of engine testing, with its engines completing more than ten hypersonic missions. The company also holds a new $10 million U.S. Navy award to advance its MK 104 dual-thrust rocket motor design.

Why This SPAC Makes Sense Now

SPAC deals have a mixed reputation in aerospace, but Ursa Major is not a concept company shopping for a route to market. It has flight-proven hardware, an active defense customer list, and a manufacturing system already producing critical components. The public listing gives it the capital structure to match the production scale that its customers, particularly the U.S. defense industrial base, are demanding.

Chris Spagnoletti, Ursa Major's CEO, put it simply: deterrence depends on what can be built reliably, safely, and at scale. After eleven years of private investment in propulsion, qualification, and flight, the company is betting that public markets will help it turn that foundation into the production capacity its customers need.