On August 25, 2026, Ursa Major, a U.S. manufacturer of hypersonic and solid rocket engines, announced a definitive merger agreement with SPAC Bleichroeder Acquisition Corp. III. The combined company is valued at approximately $2.3 billion (about $1.6 billion pre-money), with at least $350 million in committed PIPE investment. It is expected to list on Nasdaq under the ticker IPXX in Q1 2027. The company's flight-proven Hadley liquid rocket engine features roughly 80% 3D-printed parts in its latest configuration. Proceeds will be used to upgrade its Galeton, Colorado facility from a solid rocket engine test site into a large-scale production campus, and to expand liquid engine and additive manufacturing capacity. Ursa Major targets approximately $100 million in 2026 revenue, with a contract pipeline exceeding $2.8 billion. As the engine with 80% 3D-printed components ramps into volume production, it represents a sustained, high-volume consumer of nickel-based superalloy and copper alloy powders — making it a key lighthouse customer for the additive supply chain. For powder buyers, this is significant for three reasons: ① the scale-up of an engine with 80% 3D-printed parts drives massive demand for nickel-based superalloy and copper alloy powders; ② the $350 million PIPE validates capital market confidence in the aerospace AM supply chain, supporting powder segment valuations; ③ the $2.8 billion contract pipeline implies long-term powder consumable demand, opening opportunities for aerospace-qualified powder producers to enter its supply chain.