Ursa Major to go public at $2.3bn valuation

(SpaceEnergy) US propulsion manufacturer Ursa Major has agreed to go public through a SPAC transaction valuing the combined company at about $2.3bn, with proceeds supporting expansion of space mobility systems.

The Colorado-based company entered a definitive business combination agreement with Bleichroeder Acquisition Corp. III, a special purpose acquisition company backed by Inflection Point Asset Management. The transaction is expected to close in the first quarter of 2027.

Ursa Major said the deal carries a pre-money equity valuation of about $1.6bn and is supported by at least $350m of committed private investment in public equity financing. The company could receive up to another $345m depending on shareholder redemptions.

Proceeds are intended to expand production across Ursa Major’s solid rocket motors, liquid engines and space mobility systems. The company said it currently supplies in-space propulsion capabilities for satellite manoeuvring alongside its hypersonic and defence propulsion programmes.

Ursa Major opened a new Longmont, Colorado, manufacturing facility on 20 August to expand production of in-space propulsion systems and avionics.