The transaction reflects a pre-money equity valuation of approximately $1.6 billion and a post-transaction equity valuation of approximately $2.3 billion. The transaction is supported by at least $350 million of PIPE commitments. Upon closing, Ursa Major will be a publicly traded critical munitions company. The combined company is expected to trade on the Nasdaq following closing, which is anticipated in the first quarter of 2027.
Proceeds are expected to accelerate the expansion of Ursa Major's proven production capabilities across solid rocket motors, the HAVOC Missile System and liquid hypersonic engines, and space mobility systems, helping the company deliver critical systems to customers at greater scale and speed. The capital will allow Ursa Major to expand production against growing customer demand and help strengthen the United States defense industrial base.
Near-term capital will support the expansion of Ursa Major's Galeton, Colorado operations from a solid rocket motor test site into a large-scale production campus. Proceeds from the transactions will also support continued expansion of liquid engine manufacturing, additive manufacturing, all-up-round development, and the working-capital needs associated with scaling production.
The Reed Smith deal team was led by Jocelyne Kelly, Lyn Reinhardt, and Liz Graffeo.
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