Defence Manufacturer Ursa Major to List via Inflection Point SPAC Deal

Ursa Major Technologies, an aerospace and defence company building hypersonics, solid rocket motors and space mobility systems, has entered into a definitive business combination agreement with Bleichroeder Acquisition Corp. III, a Nasdaq-listed special purpose acquisition company led by the management team of Inflection Point Asset Management. The combined entity will be renamed Inflection Point Mach X Bleichroeder Corp. and is expected to begin trading on Nasdaq under the ticker IPXX following closing, anticipated in the first quarter of 2027. The transaction reflects a pre-money equity valuation of approximately $1.6 billion and a post-transaction equity valuation of approximately $2.3 billion.

A large PIPE anchored by Inflection Point

The deal is supported by at least $350 million of PIPE commitments, of which approximately $110 million will be funded at signing. The PIPE is anchored by Inflection Point and includes new institutional investors alongside existing Ursa Major backers, including XN. Ursa Major may retain up to $345 million in additional proceeds depending on shareholder redemptions. Michael Blitzer, Chairman and Founder of Inflection Point, said the combination of "technical maturity, manufacturing readiness and rapidly expanding demand is rare, and has resulted in a historically large PIPE anchored by Inflection Point."

Funding production expansion

Founded in 2015 and headquartered in Berthoud, Colorado, Ursa Major has previously raised approximately $380 million in private markets, employs more than 360 people across six facilities, and has conducted more than 5,500 ground tests. Proceeds from the transaction are earmarked for expanding production capacity across solid rocket motors, the HAVOC Missile System, liquid hypersonic engines and space mobility systems, including converting its Galeton, Colorado test site into a large-scale production campus. Chief Executive Chris Spagnoletti said: "Becoming a public company aligns with our high standard of transparency and accountability, strengthening our ability to deliver responsibly for the warfighter over the long term."

Advisers to the deal

Cantor Fitzgerald & Co. is serving as lead placement agent and lead financial adviser to Bleichroeder, with Moelis & Company acting as joint placement agent to Inflection Point and exclusive capital markets adviser to Ursa Major. Latham & Watkins is legal adviser to Ursa Major, White & Case to Inflection Point, DLA Piper to Cantor and Moelis, and Reed Smith to Bleichroeder. The transaction is subject to shareholder and regulatory approvals and other customary closing conditions.