Ursa Major
Overview
Sells propulsion as a merchant product — liquid engines for launch and in-space mobility, storable liquid engines for hypersonic weapons, and solid rocket motors for missiles — positioning itself as an alternative second source in a US solid-rocket-motor market historically split between two incumbents.
Moat: Additive manufacturing at production scale — engines and motors are more than 80% 3D printed by mass, collapsing tooling cost and lead time, which let the Draper engine go from development to flight in eight months and refly 45 days later; on the solid side, the Lynx platform already produces hundreds of motors per year.
Business
Primary customers
- Defense: US Navy
- Defense: AFRL / US Air Force
- Commercial: Stratolaunch (commercial hypersonic testing)
Sectors
space-propulsion · hypersonics · solid-rocket-motors · defense-missiles · additive-manufacturing · in-space-mobility
Last Funding Round
Key Products
- Hadleyoperational
5,000 lbf LOX/kerosene liquid engine for LEO, GEO, in-space and hypersonics. 10 consecutive successful flights including reflights of previously flown engines.
First flight: 2024-03-10
- Draperoperational
4,000 lbf storable H2O2/kerosene engine for hypersonics and defence, powering AFRL's ARMD.
First flight: 2026-03-12
- Lynxoperational
Modular solid rocket motor manufacturing platform using Highly Loaded Grain technology, producing hundreds of motors per year.
- Ripleydevelopment
50,000 lbf LOX/kerosene engine for the medium-launch market; hotfire campaign completed 2023.
- Arrowaydevelopment
200,000 lbf LOX/methane heavy-boost engine.
- HAVOC Missile Systemdevelopment
Medium-range affordable hypersonic weapon system built around the Draper engine, unveiled 2026-02-24.
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| US Navy | MK 104 solid rocket motor development, through critical design review and static fire | $10M | 2026 | |
| US Navy + Office of Strategic Capital | SRM Manufacturing Pathfinder — designed, built and static-fired a 10-inch HLG solid rocket motor prototype with partners NAWCWD China Lake and NSWC Indian Head | $25M joint cost-share | 2026 | |
| AFRL | Responsive space, hypersonic and on-orbit propulsion | $28.6M | 2025 |
Near-term Catalysts
- 2026-2027
MK 104 through critical design review and static fire
Converts a $10M development contract into a possible Navy production programme — the largest addressable prize in Ursa Major's SRM strategy.
- 2026-2027
New solid rocket motor test and qualification site online
Qualification capacity is the actual bottleneck to becoming a credible second source for solid rocket motors.
- 2026-2027
HAVOC missile system development
The first time Ursa Major sells a whole weapon system rather than a component, moving it up the value chain toward prime.
Top Risks
- Leadership instability — three CEOs since mid-2024, with the founder gone, an unusual churn rate during a production ramp.
- Space is now the smallest of three business lines; Ripley and Arroway remain unflown while capital and attention shift toward hypersonics and solid rocket motors.
- Breaking into Standard-Missile-class solid rocket motor production means qualifying against entrenched suppliers on the customer's timeline, with heavy capital committed before revenue.
Recent Milestones
- 2026-07-15
$10M US Navy MK 104 solid rocket motor development contract
- 2026-07-06
Announced completion of the $25M Navy/OSC SRM Manufacturing Pathfinder (10-inch HLG motor static fired)
- 2026-05-05
Second ARMD flight on the Draper engine — 45 days after the first
- 2026-03-12
First AFRL/Ursa Major flight demonstration of the Draper liquid rocket engine
- 2026-02-19
Chris Spagnoletti appointed CEO
- 2025-11-18
$100M Series E led by Eclipse, plus $50M debt; >$115M bookings through Q3 2025 disclosed
What investors should know
Q1Is Ursa Major still a rocket-engine startup?⌄
Q2Who leads Ursa Major?⌄
Q3How much has Ursa Major raised in total?⌄
Q4What is Ursa Major's flight record?⌄
Q5What is the Lynx platform?⌄
Peers
Compare side-by-side →Sources & References
Press Release
- Ursa Major · 2025-11-18
- Ursa Major · 2026-07-15
- Ursa Major · 2026-07-06
- Ursa Major · 2026-04-16
- Ursa Major · 2026-07-26