Ursa Major Sets Q1 2027 Nasdaq Debut via $2.3 Billion SPAC

A $2.3 Billion Valuation for Metal AM Rocket Engines

Ursa Major Technologies is going public. The Colorado-based propulsion company announced August 25 that it will merge with Bleichroeder Acquisition Corp. III, a special purpose acquisition company backed by Inflection Point Asset Management. The combined entity is expected to trade on Nasdaq under the ticker IPXX in Q1 2027, pending shareholder and regulatory approvals.

The deal values Ursa Major at approximately $2.3 billion post-money, up from a roughly $600 million valuation during its Series E round eight months ago. Ursa Major will receive at least $350 million in committed financing, with $110 million funded at signing. That injection is intended to expand solid rocket motor production, liquid engine manufacturing, and additive manufacturing capacity across the company's six facilities.

Metal AM Is the Core Advantage

Ursa Major runs nine metal laser powder bed fusion machines at its Youngstown, Ohio, and Galeton, Colorado, sites. The company works primarily in nickel alloys 718 and 625, Haynes 230, copper alloys, maraging steel, and 17-4 stainless steel. Its Hadley liquid rocket engine is about 80 percent 3D printed by mass, with major rotating machinery and combustion components built using metal LPBF.

The Hadley engine has powered more than 10 hypersonic missions for the Department of War's test bed and served as the propulsion backbone for the Air Force Research Laboratory's Affordable Rapid Missile Demonstrator. The company is also developing Draper, a smaller storable-propellant engine for tactical missiles, and advancing the Navy's MK 104 dual-thrust solid rocket motor as a second-source design.

Why a SPAC Now

The SPAC route carries baggage in additive manufacturing. The 2021 SPAC boom brought billions into AM and left very little to show for it, making investors wary. Rocket Lab is one of the few success stories, and Ursa Major's backers are betting that defense demand for hypersonics and solid rocket motors changes the math.

Ursa Major's revenue was roughly $18.5 million in 2024 and $45 million in 2025. Management projects approximately $100 million for 2026 and sees a $200 million revenue opportunity in 2027, though those numbers depend on future contract awards and government spending levels. The company acknowledges it is not yet profitable and will need substantial capital to build the manufacturing infrastructure envisioned for its HAVOC missile system and solid rocket motor operations.

The listing would make Ursa Major the most valuable publicly traded pure-play propulsion company focused on metal additive manufacturing. Whether it can sustain that valuation will depend on turning defense contract wins into scalable production, and on avoiding the post-SPAC execution problems that have plagued other AM listings.