Bleichroeder Acquisition Corp. III has agreed to acquire privately held defense and aerospace company Ursa Major Technologies, bringing the company public with a valuation of $2.3 billion.

The special purpose acquisition company, led and backed by Inflection Point Asset Management, will support the transaction with at least $350 million in private funding from both new institutional investors and existing Ursa Major investors.

There is also the potential for up to $345 million in additional cash depending on redemptions.

The capital will be used to accelerate the expansion of Ursa Major's production capabilities across solid rocket motors, the HAVOC Missile System and liquid hypersonic engines, as well as space mobility systems. The investments are aimed at helping the company deliver critical systems to customers on a larger scale and at a quicker speed.

The combined company is expected to trade on the Nasdaq under the ticker symbol IPXX after closing, which is anticipated in the first quarter of 2027.