Defense firm Ursa Major to go public through $2.3 billion SPAC deal

Founded in 2015, the Berthoud, Colorado-based firm builds rocket engines, hypersonic systems and solid rocket motors for space exploration and national defense.

Ursa Major has conducted more than 5,500 ground tests and 140,000 seconds of testing and its engines have powered more than a dozen successful hypersonic missions, according to the companies.

Cantor is serving as lead financial adviser to Bleichroeder, while Moelis is exclusive capital markets adviser to Ursa Major.

• The deal implies a pre-money equity valuation of about $1.6 billion for Ursa Major and a post-transaction equity valuation of about $2.3 billion.
• The transaction includes at least $350 million private investment in public equity (PIPE) led by Inflection Point.
• The proceeds will accelerate the expansion of Ursa Major's production capabilities across solid rocket motors, the HAVOC Missile System and liquid hypersonic engines, the companies said.