Ursa Major Technologies said Tuesday that it has agreed to merge with Bleichroeder Acquisition III (BCCQU), a special purpose acquisition company, or SPAC, led by Inflection Point Asset Management in a deal with a pre-money equity valuation of $1.6 billion.

Upon closing, Ursa Major will be a publicly traded company, with the combined entity expected to trade on the Nasdaq in Q1 2027.

Ursa Major said that the deal, with a post-transaction equity valuation of $2.3 billion, is supported by at least $350 million of Private Investment in Public Equity, or PIPE, commitments, $110 million of which will be funded when the merger agreement is signed.

Proceeds from the financing are expected to accelerate Ursa Major's production expansion across solid rocket motors, it said.

Bleichroeder Acquisition III will be renamed Inflection Point Mach X Bleichroeder and trade under the "IPXX" Nasdaq ticker symbol, the company said.