Key Takeaways
- • Ursa Major Technologies closed a $138 million Series D and D-1 funding round led by Explorer 1 Fund and Eclipse, with participation from RTX Ventures, BlackRock-managed funds, Exor Ventures, Mack & Co., LLC, and XN.
- • The company has qualified its Hadley engine as the world's first and only rocket engine certified for space launch, in-space, and hypersonic missions, establishing a competitive moat in the propulsion sector.
- • Ursa Major is advancing two flagship propulsion programs: Draper, a storable liquid engine designed to counter hypersonic threats, and Lynx, a solid rocket motor (SRM) platform for tactical applications and defense needs.
- • The capital infusion will fund production capacity expansion and support Ursa Major's strategic objective to address critical gaps in the U.S. defense industrial base, particularly the domestic shortage of solid rocket motors.
- • By leveraging 3D printing for scalable manufacturing, Ursa Major offers a faster and more cost-effective alternative to traditional in-house engine development for both Department of Defense and commercial customers.
Summary
Ursa Major Technologies has secured $138 million in Series D and D-1 funding, a substantial capital raise that underscores institutional confidence in the company's propulsion technology and market positioning. The round was led by Explorer 1 Fund and Eclipse, with significant participation from defense-adjacent and diversified investors including RTX Ventures (the venture arm of Raytheon Technologies), BlackRock-managed funds, and Exor Ventures, signaling strong conviction from both specialized aerospace-defense investors and major asset managers.
The funding will accelerate Ursa Major's core initiatives in solid and liquid rocket propulsion. The company has already achieved a notable technical milestone by qualifying its Hadley engine as the first and only rocket engine designed and validated for three critical mission profiles: space launch, in-space operations, and hypersonic applications. This multi-mission certification represents a significant competitive advantage in a fragmented propulsion market. Beyond Hadley, Ursa Major is developing Draper, a storable liquid engine positioned to address national defense gaps in hypersonic threat counters, and Lynx, a solid rocket motor platform tailored for tactical defense applications.
Ursa Major's strategic differentiation rests on three pillars: exclusive focus on rocket propulsion, vehicle-agnostic engine design applicable across multiple platforms, and advanced manufacturing. The company's use of 3D printing technology for solid rocket motor production addresses a critical U.S. defense industrial base vulnerability—a documented shortage of domestic SRM capacity—while reducing both development timelines and costs relative to traditional in-house programs. This manufacturing advantage also positions Ursa Major as an alternative to consolidated incumbents for both Department of Defense and commercial space customers.
The timing of this funding reflects broader industry dynamics: growing government emphasis on domestic propulsion capability, accelerating commercial space demand, and increased venture capital appetite for specialized defense technology. Over the preceding year, Ursa Major reported securing both commercial and government customers, delivering flight-ready engines, and announcing the new engine concepts described above. These operational milestones, paired with institutional investor participation from RTX Ventures and major asset managers, suggest the company is transitioning from development-stage to revenue-generating operations while maintaining a credible product roadmap for next-generation propulsion systems.
The funding will accelerate Ursa Major's core initiatives in solid and liquid rocket propulsion. The company has already achieved a notable technical milestone by qualifying its Hadley engine as the first and only rocket engine designed and validated for three critical mission profiles: space launch, in-space operations, and hypersonic applications. This multi-mission certification represents a significant competitive advantage in a fragmented propulsion market. Beyond Hadley, Ursa Major is developing Draper, a storable liquid engine positioned to address national defense gaps in hypersonic threat counters, and Lynx, a solid rocket motor platform tailored for tactical defense applications.
Ursa Major's strategic differentiation rests on three pillars: exclusive focus on rocket propulsion, vehicle-agnostic engine design applicable across multiple platforms, and advanced manufacturing. The company's use of 3D printing technology for solid rocket motor production addresses a critical U.S. defense industrial base vulnerability—a documented shortage of domestic SRM capacity—while reducing both development timelines and costs relative to traditional in-house programs. This manufacturing advantage also positions Ursa Major as an alternative to consolidated incumbents for both Department of Defense and commercial space customers.
The timing of this funding reflects broader industry dynamics: growing government emphasis on domestic propulsion capability, accelerating commercial space demand, and increased venture capital appetite for specialized defense technology. Over the preceding year, Ursa Major reported securing both commercial and government customers, delivering flight-ready engines, and announcing the new engine concepts described above. These operational milestones, paired with institutional investor participation from RTX Ventures and major asset managers, suggest the company is transitioning from development-stage to revenue-generating operations while maintaining a credible product roadmap for next-generation propulsion systems.
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