Ursa Major Goes Public in $2.3 Billion SPAC Deal

Colorado-based Ursa Major Technologies has agreed to merge with Bleichroeder Acquisition Corp. III, a special purpose acquisition company led by Inflection Point Asset Management, in a deal valued at roughly $2.3 billion. The combined company will trade on Nasdaq under the ticker IPXX once the transaction closes, expected in the first quarter of 2027.

A $350 Million Capital Injection

The SPAC merger includes at least $350 million in PIPE commitments, with about $110 million funded at signing. Additional proceeds of up to $345 million may follow depending on shareholder redemptions. Ursa Major says the money will expand production of solid rocket motors, its HAVOC missile system, liquid hypersonic engines, and space mobility hardware.

Additive Manufacturing as a Scaling Lever

Ursa Major has built its manufacturing model around additive processes. The company uses 3D printing to produce complex propulsion components without dedicated tooling, which lets it ramp output without retooling entire supply chains. That approach mirrors what larger defense primes are chasing: faster production with less upfront capital locked into hard tooling.

The SPAC proceeds are meant to accelerate exactly that path. Near-term spending focuses on expanding the Galeton, Pennsylvania and Youngstown, Ohio facilities where the company already operates industrial metal AM systems.

Why It Matters

Ursa Major is one of the few defense-native manufacturers treating additive manufacturing as core to its production architecture, not a side process for prototypes. A public listing at this scale signals that investors see real revenue potential in AM-built propulsion hardware. If the company can close the deal and hit its Q1 2027 target, it will become one of the highest-profile additive manufacturing IPOs in recent years.