Ursa Major, the American propulsion company, has agreed to merge with Bleichroeder Acquisition Corp. III in a transaction that would take the business public.
The terms imply a pre-money valuation of approximately $1.6 billion and a post-money valuation of approximately $2.3 billion. At least $350 million of PIPE commitments accompany the merger, and the combined company is anticipated to list on Nasdaq in the first quarter of 2027. An investor presentation is scheduled for 25 August 2026.
Defence and space propulsion has attracted sustained private capital over the past several years, driven by government procurement priorities and by the replacement of legacy solid rocket motor supply chains.
A listing of this size changes the ownership profile of a company that has, to date, been financed privately. Existing private holders gain an eventual liquidity route; incoming public and PIPE investors take on the execution risk associated with scaling manufacturing.
Valuations agreed at announcement are not completed transactions. Merger terms remain subject to customary conditions and approvals, and the listing timetable is an expectation rather than a commitment.
Defence, space and advanced manufacturing exposure sits within the wider technology and real-assets discussion at UKFOS Oxford 2026.
UKFOS Editorial · 15 AUGUST 2026