Ursa Major Technologies, Inc. announced on August 25, 2026 that it has entered into a definitive business combination agreement with Bleichroeder Acquisition Corp. III, a special purpose acquisition company led and backed by Inflection Point Asset Management. The combined company will be renamed Inflection Point Mach X Bleichroeder Corp. and is expected to trade on Nasdaq under the ticker IPXX. The transaction is anticipated to provide at least $350 million in committed capital to help scale the defense industrial base.
Transaction Structure and Valuation
The transaction values Ursa Major at approximately $1.6 billion on a pre-money equity basis and approximately $2.3 billion after the transaction. It is supported by at least $350 million in PIPE commitments, of which about $110 million will be funded at signing of the business combination agreement. Ursa Major may also retain up to $345 million in additional proceeds depending on redemptions, providing meaningful financial flexibility.
Strategic Rationale
Ursa Major has spent more than a decade developing propulsion technology, adaptable manufacturing infrastructure, and safety, quality and qualification systems required for reliable production at scale. The new capital is intended to expand proven production capacity against growing customer demand rather than fund early-stage concepts. This focus supports efforts to strengthen the U.S. defense industrial base and deliver critical capabilities to the warfighter.
Scaling Production Capacity
Proceeds are expected to accelerate expansion across solid rocket motors, the HAVOC Missile System, liquid hypersonic engines, and space mobility systems. Near-term capital will support the transformation of the Galeton, Colorado operations from a solid rocket motor test site into a large-scale production campus. The company also plans to expand liquid engine manufacturing, additive manufacturing, all-up-round development, and working capital needed for scaling production.
Programs and Market Position
Ursa Major's programs span solid rocket motors, hypersonics, and in-space mobility, with a record that includes more than 5,500 ground tests and over a dozen successful hypersonic missions. The company is advancing the U.S. Navy's MK 104 design through critical design review and static fire under a new $10 million award. It also serves as prime contractor and vehicle integrator on the Affordable Rapid Missile Demonstrator program with the Air Force Research Laboratory.
Leadership Comments
Chief Executive Officer Chris Spagnoletti said that deterrence depends on what can be built reliably, safely and at scale, and that Ursa Major has invested for eleven years in propulsion, manufacturing, testing, qualification and flight. He added that becoming a public company aligns with the company's high standard of transparency and accountability. Inflection Point Chairman and Founder Michael Blitzer described the transaction as capital to scale proven technology and production against urgent national security priorities.
Investor Webcast and Advisors
A recorded investor presentation will be available on August 25, 2026 at 8:30 a.m. Eastern Time through the company's investor website. Cantor Fitzgerald & Co. is serving as lead placement agent and lead financial advisor to Bleichroeder, while Moelis & Company LLC is serving as joint placement agent and exclusive capital markets advisor to Ursa Major. Legal advisors include Latham & Watkins LLP for Ursa Major and White & Case LLP for Inflection Point.
The business combination positions Ursa Major to become a publicly traded critical munitions company focused on hypersonics and solid rocket motor manufacturing. With more than 360 employees across six facilities and nearly 500 acres of integrated design, manufacturing and testing infrastructure, the company has a substantial foundation for growth. Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals and other customary closing conditions.