Defense technology and propulsion startup Ursa Major Technologies, Inc. has entered into a definitive business combination agreement with Bleichroeder Acquisition Corp. III (Nasdaq: BCCQU), a SPAC backed by Inflection Point Asset Management.
Upon completion—targeted for the first quarter of 2027—the combined entity will operate under the name Inflection Point Mach X Bleichroeder Corp. and trade on the Nasdaq under the new ticker symbol IPXX.
Key Deal Structure & Valuation
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Valuation Breakdown: The deal implies a $1.6 billion pre-money equity valuation and a $2.3 billion post-transaction equity valuation.
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PIPE Capital: The transaction is backed by at least $350 million in committed PIPE (Private Investment in Public Equity) funding, with $110 million funded at signing. The PIPE is anchored by Inflection Point and backed by institutional investors including XN.
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Trust Proceeds: Ursa Major may retain up to an additional $345 million from the SPAC’s trust account, subject to shareholder redemptions.
Core Focus: Solving National Defense Bottlenecks
Berthoud, Colorado-based Ursa Major specializes in advanced propulsion, hypersonics, and solid rocket motors (SRMs). The company operates as a key merchant supplier to the U.S. defense industrial base, aiming to address supply chain constraints in critical munitions.
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Track Record: Ursa Major has completed over 5,500 ground tests, logged more than 140,000 seconds of engine run time, and powered over a dozen successful hypersonic flights.
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Additive Manufacturing: The company relies heavily on 3D printing to build rocket engines faster and at a lower cost than traditional defense manufacturing.
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Key Product Lines:
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Solid Rocket Motors (SRMs): Powering tactical missiles and interceptors.
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HAVOC Missile System: Next-generation hypersonic flight capabilities.
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Liquid Propulsion Systems: Engines like Draper and Hadley used for space mobility and defense applications.
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Use of Proceeds
The influx of capital will be used to transition Ursa Major from technology development into high-volume, defense-scale manufacturing:
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Galeton Campus Expansion: Converting its Galeton, Colorado facility from a test site into a large-scale solid rocket motor production hub.
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Hypersonic Scaling: Accelerating the manufacturing rate for liquid hypersonic engines and all-up-round (AUR) weapon systems.
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Working Capital: Supporting ongoing R&D, additive manufacturing infrastructure, and scaling supply chain logistics.
Executive & Strategic Leadership
The company is led by Chief Executive Officer Chris Spagnoletti. Financial and strategic backing for the transaction includes lead financial advisor Cantor Fitzgerald & Co. and capital markets advisor Moelis & Company.
Granular Deal Breakdown & Transaction Structure
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Capital Guarantee Structure: The transaction delivers at least $350 million in total PIPE commitments. Notably, $110 million was fully funded at signing to immediately back pre-closing working capital, while the remaining balance is anchored by Inflection Point Asset Management and cross-over institutional investor XN.
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SPAC Trust Retention: Depending on public shareholder redemptions, Ursa Major can retain up to an additional $345 million held in Bleichroeder’s trust account.
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Post-Closing Equity Distribution: Existing Ursa Major shareholders, management, and founders are rolling 100% of their equity into the public entity, preserving majority ownership alongside institutional PIPE investors and SPAC sponsors.
Geopolitical Macro & Industry Backdrop
The deal arrives amidst unprecedented momentum for the “Defense Tech” asset class, driven by severe bottlenecks in the United States Defense Industrial Base (DIB):
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Solid Rocket Motor (SRM) Shortages: The U.S. military faces critical shortages of tactical missiles (e.g., Javelins, HIMARS rockets, Patriot interceptors) due to a duopoly in legacy SRM production. Ursa Major is positioning itself as the primary independent, merchant supplier of SRMs to break this supply logjam.
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Hypersonic Arms Race: With China and Russia deploying fielded hypersonic glide vehicles, the U.S. Department of Defense has accelerated funding for counter-hypersonic interceptors and domestic air-breathing hypersonic weapons—core focus areas for Ursa Major’s propulsion technology.
Technology Stack & Product Portfolio
Ursa Major bypasses traditional casting methods by leaning heavily on 3D printing (additive manufacturing), allowing them to produce engine components up to 80% faster and at a fraction of the cost.
| Product / Engine | Type | Primary Defense / Aerospace Application |
| Lynx & Vulcan | Solid Rocket Motors (SRM) | Tactical missiles, air-defense interceptors, and precision artillery. |
| HAVOC | Hypersonic System | Complete all-up-round (AUR) hypersonic flight and missile systems. |
| Draper | Storable Liquid Engine | In-space mobility, satellite maneuvering, and hypersonic testbeds. |
| Hadley | 5,000-lbf Liquid Engine | Space launch, hypersonic test vehicles, and suborbital targets. |
Manufacturing Scaling & Infrastructure Roadmap
Proceeds from the SPAC transaction will directly fund the physical industrial buildout required to shift Ursa Major from low-volume prototype builds to mass-scale defense delivery:
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Galeton Campus Buildout: Transforming its flagship campus in Galeton, Colorado, into an automated, high-throughput manufacturing hub dedicated to solid rocket motors.
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Automated Production Lines: Integrating specialized additive manufacturing hardware and proprietary propellant chemistry mixing facilities to shorten delivery cycles from years to months.
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Advanced Flight Testing: Supporting scheduled hypersonic test flights and expanding flight telemetry data capture across multi-domain testing environments.
Key Advisory & Legal Stakeholders
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Lead Financial Advisor to Bleichroeder: Cantor Fitzgerald & Co.
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Exclusive Capital Markets Advisor to Ursa Major: Moelis & Company
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Transaction Target Entity: Ursa Major Technologies, Inc. (Berthoud, CO)
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Target Ticker & Listing Exchange: IPXX on the Nasdaq Stock Market (expected Q1 2027).