Ursa Major
Scaling From Merchant Propulsion to Defense Prime
The product
Ursa Major builds liquid rocket engines, solid rocket motors, in-space propulsion, and integrated hypersonic and missile systems. Its portfolio spans the flight-proven Hadley engine, storable Draper propulsion, Lynx-manufactured SRMs, and the HAVOC missile system.
The thesis
The company is adding a modern independent source of propulsion and complete systems to a constrained U.S. defense industrial base. Additive manufacturing, reusable liquid propulsion, and vertically integrated production are intended to shorten development timelines and increase surge capacity.
How it runs
Ursa Major is transitioning from a merchant propulsion supplier into a vertically integrated aerospace-and-defense prime that can deliver engines, motors, avionics, in-space propulsion, vehicle integration, and complete missile systems. It operates six sites across Colorado, Ohio, and Washington, D.C., with specialized production and test capacity distributed by product line.
How it earns
Revenue is generated through U.S. government development and production contracts, defense-prime partnerships, and sales of engines and propulsion systems to commercial space and aerospace customers. The company reported more than $100 million of bookings in the first half of 2025 and has signed a SPAC transaction expected to provide at least $350 million of committed capital if completed.
Why it wins
Ursa Major combines flight heritage in reusable hypersonic liquid propulsion with additive manufacturing and a flexible product architecture spanning liquid, solid, and in-space systems. Its vertically integrated model lets it sell propulsion to other primes while also assembling complete systems and expanding domestic second-source capacity.
Evidence ledger
- website · 2026-04-27
Ursa Major identifies as a reindustrialization company.
https://ursamajor.com - company_leadership_announcement · 2026-09-12
Ursa Major appointed Chris Spagnoletti CEO on February 19, 2026, succeeding Dan Jablonsky; the company described active hypersonic, liquid, solid-motor, and in-space propulsion businesses.
https://ursamajor.com/media/press-release/ursa-major-appoints-chris-spagnoletti-as-chief-executive-officer/ - company_operations_update · 2026-09-12
Ursa Major said in March 2026 that it was transitioning from propulsion-focused supplier to vertically integrated prime contractor producing propulsion, vehicle systems, and complete missile systems.
https://ursamajor.com/media/blog/manufacturing-and-scaling-plan-complete/ - company_facility_announcement · 2026-09-12
The August 2026 Longmont expansion supports avionics and in-space propulsion while freeing Berthoud capacity for liquid engines, vehicle integration, HAVOC assembly, and SRMs; Ursa Major reports six operating sites.
https://ursamajor.com/media/press-release/ursa-major-opens-new-longmont-manufacturing-facility/ - company_flight_update · 2026-09-12
Hadley completed ten consecutive successful flights, including reused engines and sustained-hypersonic Stratolaunch missions, supporting Ursa Major's claimed reusable-flight heritage.
https://ursamajor.com/media/press-release/ten-hadley-hypersonic-engine-flights/ - company_transaction_announcement · 2026-09-12
Ursa Major announced an August 2026 definitive SPAC business-combination agreement expected to provide at least $350 million of committed capital; the transaction had not yet closed at capture time.
https://ursamajor.com/media/press-release/ursa-major-to-go-public/ - company_business_update · 2026-09-12
Ursa Major reported more than $100 million of first-half 2025 bookings across direct government contracts and commercial partnerships and identified hypersonics, space mobility/interception, and SRM shortfalls as priorities.
https://ursamajor.com/media/blog/building-the-next-great-aerospace-and-defense-company-one-year-as-ceo/
Articles, news, and updates
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