PiggyGPT

Private companiesCovered

Ursa Major

Berthoud, CO · Founded 2015

Ursa Major builds liquid rocket engines, solid rocket motors, in-space propulsion and, since February 2026, the HAVOC hypersonic missile system, for the Navy, the Air Force Research Laboratory and defense primes. In August 2026 it agreed to go public by merging with Bleichroeder Acquisition Corp. III, a SPAC, with the close expected in the first quarter of 2027.

Profile

What it builds and who buys it

  • ·Ursa Major sells hypersonic propulsion, solid rocket motors and space mobility systems. Its HAVOC missile system is its own complete hypersonic weapon.Ursa Major (company release), Aug 25, 2026
  • ·It employed more than 360 people across six facilities in August 2026.Ursa Major (company release), Aug 25, 2026
  • ·The Navy awarded it two contracts totaling $137 million in October 2026: $91 million for the Compact Air-to-Air Missile motor and $46 million for the Naval Modular Missile medium-range motor.Ursa Major (company release), Oct 5, 2026
  • ·It has worked since April 2024 on a second-source design of the Navy’s MK 104 dual-thrust motor, which powers the Standard Missile family.Ursa Major (company release), Apr 8, 2024
  • ·The Navy awarded it a $10 million contract in July 2026 to take its MK 104 design through critical design review and static fire.Ursa Major (company release), Jul 15, 2026
  • ·The Office of Strategic Capital and the Navy made a $12.5 million joint investment in its solid rocket motor manufacturing in September 2024, which Ursa Major matched.Ursa Major (company release), Sep 18, 2024
  • ·Its Hadley liquid engine had completed 10 consecutive successful flights by April 2026, including sustained hypersonic missions with Stratolaunch.Ursa Major (company release), Apr 16, 2026
  • ·Stratolaunch awarded it a $32.9 million contract in June 2025 for 16 upgraded Hadley H13 engines.Ursa Major (company release), Jun 16, 2025
  • ·The Air Force Research Laboratory awarded it a $28.6 million firm-fixed-price contract in May 2025, with Ursa Major as lead integrator of a tactical flight demonstrator.Ursa Major (company release), May 1, 2025
  • ·That demonstrator, ARMD, powered by Ursa Major’s Draper storable liquid engine, flew for the second time in May 2026, 45 days after its first flight.Ursa Major (company release), May 5, 2026
  • ·It unveiled the HAVOC missile system, powered by the Draper engine, in February 2026.Ursa Major (company release), Feb 24, 2026
  • ·It reported more than $115 million in bookings through the first three quarters of 2025.Ursa Major (company release), Nov 18, 2025
  • ·It partnered with Palantir in March 2025 to run its propulsion manufacturing on Palantir’s Warp Speed operating system.Ursa Major (company release), Mar 14, 2025
  • ·Ron Sugar, former chairman and chief executive of Northrop Grumman, and Gilman Louie, co-founder of investor Alsop Louie Partners, joined the board in October 2025.Ursa Major (company release), Oct 2, 2025
  • ·Dan Jablonsky, formerly chief executive of Maxar Technologies, succeeded founder Joe Laurienti as chief executive in August 2024.Ursa Major (company release), Aug 1, 2024
  • ·Chris Spagnoletti, who joined in 2022 and was president of Liquid Systems, succeeded Jablonsky as chief executive in February 2026.Ursa Major (company release), Feb 19, 2026

Founders and leadership

  • Joe LaurientiFounder (chief executive until August 2024)

    Propulsion engineer at SpaceX and Blue Origin before founding Ursa Major in 2015. He led the company for nine years. He is not on the company’s current leadership page.Ursa Major (company site)

Prospects, after the August 2026 SPAC agreement

Prepared by PiggyGPT, as of Oct 12, 2026

  • ·The company is mid-listing, not listed. The merger with Bleichroeder Acquisition Corp. III is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals. As of October 12, 2026, the SPAC’s filings show no registration statement for the merger.SEC EDGAR, Oct 12, 2026
  • ·Revenue was $18.5 million in 2024 and $45 million in 2025, as stated in the merger webcast. The same webcast gave an expectation of $100 million for 2026 and a near-term pipeline of about $2.8 billion.SEC EDGAR (Bleichroeder Acquisition Corp. III Form 425), Aug 26, 2026
  • ·The largest awards on file are development and qualification work: the $137 million Navy motor contracts, the $10 million MK 104 award and the $28.6 million AFRL demonstrator. None is a full-rate production contract.Ursa Major (company release), Oct 5, 2026
  • ·The deal sets a pre-money equity value of about $1.6 billion. The last private mark on file is $600 million at the November 2025 Series E, reported by 3DPrint.com citing Bloomberg. Clarity shows a $7.38 estimate.Ursa Major (company release), Aug 25, 2026
  • ·The company has had three chief executives since August 2024.Ursa Major (company release), Feb 19, 2026
  • ·For the acquisition read, the ties on file are an investor stake and partnerships: RTX Ventures invested in the Series D and Raytheon flies Ursa Major motors, and BAE Systems is a customer. The SPAC merger is a listing, not a sale to either. No talks or approach are reported. The posture is watch.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

$600M

Post-money, Series E, reported3DPrint.com, Nov 19, 2025

Last round or tender

$108Mraised

Pre-funded PIPE, Aug 24, 2026SEC EDGAR (Bleichroeder Acquisition Corp. III Form 8-K), Aug 25, 2026

Sold at the signing of the SPAC merger agreement to Inflection Point Fund I and other accredited investors: 10,539,215 shares of pre-funded preferred stock with an equal number of warrants at $12.00, for about $107.5 million. The preferred accrues dividends of 8% in cash or 10% in kind. The merger values Ursa Major at about $1.6 billion pre-money and $2.3 billion after the transaction. That is a deal value, not a round valuation, and is not recorded as one.

Latest revenue figure

$45M

Annual revenue, Dec 31, 2025SEC EDGAR (Bleichroeder Acquisition Corp. III Form 425), Aug 26, 2026

Valuation to revenue

13.3x

$600M (Nov 19, 2025) over $45M (Dec 31, 2025)

Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Aug 24, 2026Pre-funded PIPESold at the signing of the SPAC merger agreement to Inflection Point Fund I and other accredited investors: 10,539,215 shares of pre-funded preferred stock with an equal number of warrants at $12.00, for about $107.5 million. The preferred accrues dividends of 8% in cash or 10% in kind. The merger values Ursa Major at about $1.6 billion pre-money and $2.3 billion after the transaction. That is a deal value, not a round valuation, and is not recorded as one.$108M—
Nov 18, 2025Series ELed by Eclipse, with Woodline Partners, Principia Growth, XN and Alsop Louie Partners. The company also received $50 million in debt commitments, not counted here. The company stated no valuation. 3DPrint.com reported $600 million, citing Bloomberg.$100M$600Mreported
Nov 30, 2023Series D and D-1Announced as $138 million closed across a Series D completed earlier in 2023 and a D-1 extension. Investors include Explorer 1 Fund, Eclipse, RTX Ventures, funds and accounts managed by BlackRock, Mack & Co., XN and SV Pacific Ventures. No valuation was stated.$138M—
Dec 7, 2021Series CLed by funds and accounts managed by BlackRock, with XN and Explorer 1 and existing investors Alsop Louie Partners, Alpha Edison, Dolby Family Ventures, Space Capital and Harpoon Ventures. No valuation was stated.$85M—
Dec 29, 2020Equity roundThe Form D records $15,009,194 of equity sold to 9 investors from December 29, 2020, including $4,009,205.48 from the conversion of outstanding convertible securities. The company does not name the round. No valuation was stated.$15M—
Jun 18, 2019Equity roundThe Form D records equity sold from June 18, 2019. Its November 2020 amendment records $25,294,147 sold to 24 investors, including $4,553,409.81 from the conversion of outstanding convertible securities. The company does not name the round. No valuation was stated.$25M—
Nov 17, 2017Equity roundThe Form D records $8,025,776 of equity sold to 16 investors from November 17, 2017, including the conversion of promissory notes. The company does not name the round. No valuation was stated.$8M—

Primary capital across the rounds on file: $479M

Revenue

Annual revenue. Each figure as the source stated it.

$0$10M$20M$30M$40M$50M2026$45M
As ofFigureMeasure
Dec 31, 2025$45MAnnual revenueStated in the investor webcast for the SPAC merger, in a transcript filed with the SEC. The same webcast gave an expectation of $100 million for 2026.
Dec 31, 2024$19MAnnual revenueStated in the investor webcast for the SPAC merger, in a transcript filed with the SEC.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 12, 2026

    Clarity Price $7.38, as of Oct 12, 2026

    Clarity calls the figure a model-derived indicative estimate calculated daily. The page dates it no further than a "last updated" line reading August 28, 2026. The page shows +64.73% all time.

  • Nasdaq Private Marketpublic page seen Oct 12, 2026

    No price on the public page.

    The page shows no figure in its text or its title.

  • Caplightpublic page seen Oct 12, 2026

    No price on the public page.

    No public MarketPrice. Historical pricing is behind a login.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 12, 2026

Signals

  • Nov 30, 2023RTX Ventures invested in Ursa Major’s $138 million Series D and D-1.Ursa Major (company release), Nov 30, 2023
  • Dec 19, 2024Raytheon, an RTX business, and Ursa Major announced a successful missile flight test for the U.S. Army of Ursa Major’s long-range solid rocket motor.Ursa Major (joint release with Raytheon), Dec 19, 2024
  • Mar 26, 2025Raytheon’s DeepStrike autonomous launcher fired a missile at the Army’s Project Convergence. Ursa Major made the missile’s rocket motor.Ursa Major (Raytheon release), Mar 26, 2025
  • Aug 13, 2025Ursa Major, in collaboration with BAE Systems, completed static fires of an extended-range rocket motor for BAE’s APKWS laser-guidance kit.Ursa Major (company release), Aug 13, 2025
  • Aug 25, 2026Ursa Major agreed to merge with Bleichroeder Acquisition Corp. III, a SPAC backed by Inflection Point, and list on Nasdaq. The deal reflects a pre-money equity value of about $1.6 billion and a post-transaction value of about $2.3 billion, with at least $350 million of PIPE commitments. The close is expected in the first quarter of 2027, subject to shareholder and regulatory approvals.Ursa Major (company release), Aug 25, 2026

Named counterparties

  • RTXRTX Ventures invested in the Series D, and its Raytheon business flies Ursa Major’s solid rocket motors in Army missile tests. No interest in a deal has been reported.Ursa Major (company release), Nov 30, 2023
  • BAE SystemsA customer: Ursa Major is developing an extended-range rocket motor for BAE’s APKWS kit, and the company named BAE among its 2025 bookings. No stake or interest in a deal has been reported.Ursa Major (company release), Aug 13, 2025

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 12, 2026