Ursa Major Revenue, Valuation, Funding & Investors

Ursa Major is valued at $600M as of November 2025. Ursa Major revenue was $19M, as disclosed with its April 2023 round.

Last Ursa Major valuation

$600M

Series E · Nov 2025

Last Ursa Major funding round

$100M

Series E · Nov 2025

Ursa Major revenue

$19M

Series D · Apr 2023

Key investors in Ursa Major

  • Space Capital
  • Alumni Ventures
  • BlackRock
  • Alpha Edison
  • Alsop Louie Partners
  • XN

Ursa Major Overview

About Ursa Major

Ursa Major Technologies is a Berthoud, Colorado-based aerospace firm developing additively manufactured propulsion systems for microsatellite and nanosatellite launches. Its Hadley and Ripley engines exceed 80 percent mass from advanced manufacturing, enabling applications across land, air, sea, and space domains.


Founded

2015

HQ

United StatesDenver, CO

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$19M (Apr 2023)

Valuation

$600M (Nov 2025)

Ursa Major Valuation

Ursa Major is currently valued at $600M, based on its Series E in November 2025.

The $100M round was led by Eclipse Ventures, with participation from XN, Alsop Louie Partners, Woodline Partners and Principia Growth.

Ursa Major's valuation has grown 1.2x from $500M at its Series D in April 2023 to $600M in November 2025, across 3 priced rounds.

Ursa Major valuation by funding round

Revenue multiple
Ursa Major valuation by funding round
DateStageValuationRevenue Multiple
Nov 2025Series E$600M-
Nov 2023Series D$321M-
Apr 2023Series D$500M27.0x

Ursa Major Revenue

Ursa Major's latest recorded revenue is $19M, as of its Series D in April 2023. At a $500M valuation, that implies a 27.0x revenue multiple.

Ursa Major revenue by funding round

Ursa Major revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2023$19M$500M27.0xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Ursa Major Funding History

Ursa Major has raised a total of $372M across 9 funding rounds.

Ursa Major's first fundraising round was a $8M Series A in November 2017. The most recent completed round was a $100M Series E in November 2025.

Ursa Major funding rounds

Ursa Major funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2025Series EEclipse Ventures (lead); XN; Alsop Louie Partners; Woodline Partners; Principia Growth$100M$600MUrsa Major, an aerospace and defense company based in Berthoud, Colorado, develops propulsion systems for hypersonics, solid rocket motors, in-space mobility, and space launch, utilizing advanced additive manufacturing in Youngstown, Ohio. The company closed a $100 million Series E funding round on November 18, 2025, led by Eclipse Ventures with participation from Woodline Partners, Principia Growth, XN, Alsop Louie Partners, and other institutional investors. It also secured $50 million in debt funding commitments to scale manufacturing and production across its product lines, addressing U.S. national security challenges. The round brought Ursa Major's post-money valuation to $600 million, as reported by Bloomberg and confirmed in industry coverage. CEO Dan Jablonsky highlighted 2025 milestones including multiple hypersonic flights, solid rocket motor advancements, space propulsion tests, and a record booking portfolio exceeding $115 million through the first three quarters from contracts with the U.S. Department of Defense, U.S. Air Force Research Laboratory, Stratolaunch, and BAE Systems. Eclipse Ventures' Founding Partner Lior Susan praised Ursa Major's ability to scale manufacturing and supply chains for hypersonic systems and advanced propulsion at industrial scale. This follows prior raises including $138 million across Series D and D-1 in 2023. The funding positions Ursa Major amid a surge in large space and defense VC rounds, such as Stoke Space's $510 million and Impulse Space's $300 million.
Nov 2023Series DExplorer 1 Fund (lead); XN; Mack & Co.; RTX Ventures; BlackRock; Exor Ventures$38M$321MUrsa Major is a Denver-based rocket propulsion startup specializing in developing liquid and solid rocket engines for space, hypersonic, and defense applications, using advanced manufacturing like 3D printing to enable rapid production and lower costs. The company secured $38 million in a Series D-II (also referred to as Series D-1) round on November 30, 2023, led by Explorer 1 Fund and Eclipse, with participation from BlackRock, Exor Ventures, Mack & Co., RTX Ventures, XN, and others, bringing the total Series D and D-1 funding to $138 million from an initial $100 million earlier in the year. This extension was driven by strong investor interest to accelerate development of the Lynx solid rocket motor line, scale production capacity, and advance other propulsion programs like the Draper storable liquid engine for hypersonic defense. By late 2023, Ursa Major had transitioned from R&D to production, delivering dozens of flight-ready engines to significant commercial and government customers while addressing U.S. defense gaps in propulsion technology. The funding supported expanding manufacturing for medium- and heavy-weight systems amid rising demand. Founded in 2015, the company had raised nearly $272 million total by that point, positioning it as a key player in the growing space and defense sectors.
Apr 2023Series DEclipse Ventures (lead); Space Capital; Alumni Ventures; BlackRock; Chenel Capital Partners$100M$500MUrsa Major is an aerospace and defense company headquartered in Berthoud, Colorado, specializing in propulsion systems for hypersonics, solid rocket motors, space mobility and launch vehicles, with additive manufacturing operations in Youngstown, Ohio, supporting the U.S. defense industrial base. The company raised a $100 million Series D round in April 2023 from investors including Eclipse Ventures, Space Capital, Alumni Ventures, Chenel Capital Partners and BlackRock. The round was reported to value the company at roughly $500 million. The capital funded scale-up of production of its throttleable liquid-fueled hypersonic engines and solid rocket motors. The company later raised a further $100 million Series E in November 2025 at a reported $600 million valuation, which is a separate round.
Dec 2021Series CBlackRock (lead); XN; Alsop Louie Partners; Space Capital; Alpha Edison; Dolby Family Ventures; Explorer 1 Fund$85M-Ursa Major Technologies is a Berthoud, Colorado-based aerospace company founded in 2015 by former SpaceX and Blue Origin engineer Joe Laurienti, specializing in developing high-performance, low-cost, reliable liquid propulsion rocket engines for launch vehicles and hypersonic applications using 3D printing. The company offers engines like the Hadley (5,000-pound thrust, LOX/kerosene) entering production and the more powerful Ripley (50,000-pound thrust) in development, targeting microsatellite and nanosatellite markets as well as commercial and defense customers. On December 7, 2021, Ursa Major closed an $85 million Series C funding round led by funds and accounts managed by BlackRock (listed as Blackrock Enhanced), with participation from new investors XN, Explorer 1 Fund, and existing investors Alpha Edison, Alsop Louie Partners, Dolby Family Ventures, Space Capital, and Harpoon Ventures. The capital is intended to scale manufacturing to produce up to one Hadley engine per week in 2022 (rising to two), support higher production rates, develop additional engines, and expand facilities collocated with test stands. At the time, the company had over 125 employees and was booked for more than 50 Hadley engines the following year, with customers including Stratolaunch, Phantom Space, Generation Orbit, and U.S. Air Force contracts. The round marked significant 2021 growth, including deploying an improved Hadley variant, achieving a new technical capability threshold, and doubling revenue, alongside new defense partnerships. Ursa Major positioned itself as America's only pure-play rocket propulsion company, aiming to disrupt vertically integrated launch providers by enabling faster engine development cycles. Subsequent rounds included a $100M Series D in late 2022 at $400M pre-money valuation and a Series E in 2025 at $600MM valuation, with total funding exceeding $379MM.
Jan 2021Undisclosed stage-$15M-Ursa Major develops propulsion technologies including rocket engines for space and hypersonic applications using 3D printing to reduce costs. The company raised $85 million in its Series C round around 2021 led by BlackRock, XN, Explorer 1 Fund, and Alsop Louie Partners to ramp engine production and expand test facilities. Earlier rounds included a $15.5 million seed for propulsion R&D, $8 million Series A led by Space Capital and others to scale prototypes, and $25.3 million Series B led by Conconi Growth Partners for production-ready engines. Subsequent funding comprised $138 million in Series D+D-1 led by Explorer 1 Fund and Eclipse for hypersonic propulsion, and $100 million Series E in November 2025 led by Eclipse with Woodline Partners, Principia Growth, XN, and Alsop Louie Partners to scale manufacturing. Total funding reached approximately $372 million across rounds. In 2025, Ursa Major reported over $115 million in bookings through the first three quarters from partnerships with the U.S. Department of Defense, U.S. Air Force Research Laboratory, Stratolaunch, and BAE Systems. The company achieved milestones like hypersonic engine flights and solid rocket motor advancements.
Nov 2020Series BMarc Bell Capital; Conconi Growth Partners; Space Capital; Alpha Edison; Morgan Brook Capital$10M--
Oct 2020Pre-seedAlumni Ventures$500K--
Jul 2019Series BAlpha Edison (lead); Space Capital; Dylan Taylor$16M--
Nov 2017Series AAlsop Louie Partners; Space Capital; Alumni Ventures; Dolby Family Ventures$8M-Ursa Major, a rocket propulsion startup, raised approximately $8 million in a Series A funding round on November 26-28, 2017, from investors including Alsop Louie Partners, Blue Ivy Ventures, Dolby Family Ventures, and Space Capital. The round amount is reported as $8,025,776 or around $8 million across sources.

Who has invested in Ursa Major?

19 investors have backed Ursa Major across its funding rounds, including Space Capital, Alumni Ventures, BlackRock, Alpha Edison, Alsop Louie Partners and XN.

Lead investors include Eclipse Ventures, Explorer 1 Fund, BlackRock and Alpha Edison.


Ursa Major Investors

Investors in Ursa Major by funding rounds participated
InvestorHQRoundsRoleFirst check
Space CapitalUnited StatesNew York City, NY5ParticipantNov 2017
XNUnited StatesNew York City, NY3ParticipantDec 2021
Alsop Louie PartnersUnited StatesSan Francisco, CA3ParticipantNov 2017
Alpha EdisonUnited StatesLos Angeles, CA3LeadJul 2019
Alumni VenturesUnited StatesManchester3ParticipantNov 2017
BlackRockUnited StatesNew York City, NY3LeadDec 2021
Eclipse VenturesUnited StatesSan Francisco, CA2LeadApr 2023
Dolby Family VenturesUnited StatesSan Francisco, CA2ParticipantNov 2017
Explorer 1 FundUnited StatesSan Francisco, CA2LeadDec 2021
Mack & Co.United StatesNew York City, NY1ParticipantNov 2023
Marc Bell CapitalUnited StatesBoca Raton, FL1ParticipantNov 2020
Conconi Growth PartnersCanadaVancouver1ParticipantNov 2020
RTX VenturesUnited StatesWashington, DC1ParticipantNov 2023

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Ursa Major Competitors

Ursa Major competitors include listed companies like Creotech Instruments and BlackSky, and private ones like Zero Gravity Aircraft Industry, Deep Blue Aerospace, Aerospace Yuxing and Agnikul.

Public and private companies comparable to Ursa Major
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Zero Gravity Aircraft IndustryChinaHefeiPrivate--$630M-
Deep Blue AerospaceChinaZhengzhouPrivate--$700M-
Aerospace YuxingChinaBeijingPrivate--$707M-
Creotech InstrumentsPolandPolandPublicly listed$37M$10M$712M11.3x
AgnikulIndiaChennaiPrivate--$500M-
BlackSkyUnited StatesUnited StatesPublicly listed$107M($28M)$731M5.3x

Ursa Major Public Comps

Ursa Major is still privately-owned, but its public comps include Aerostar, Park Aerospace, Rossell Techsys, Figeac Aero, Elmet Group, QPS Holdings, Creotech Instruments, Chorus Aviation, BlackSky and Aeroflex Industries.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aerostar$132M$26M3.9x-19.9x-
Park Aerospace$73M$15M6.2x5.5x29.5x23.7x
Rossell Techsys$51M$7M11.4x-82.5x-
Figeac Aero$544M$75M1.4x1.3x10.4x8.1x
Elmet Group$202M$6M3.3x2.7x116.7x17.6x
QPS Holdings$24M$20M17.0x22.6x20.8x99.7x
Creotech Instruments$37M$10M19.4x11.3x71.4x51.7x
Chorus Aviation$942M$157M0.7x0.7x4.3x5.0x

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Common questions about Ursa Major

When was Ursa Major founded?Ursa Major was founded in 2015.
Where is Ursa Major headquartered?Ursa Major is headquartered in Denver, CO, United States.
Is Ursa Major publicly listed?No, Ursa Major is a private, VC-backed company.
What is Ursa Major's valuation?Ursa Major was last valued at $600M in its Series E in November 2025.
How much funding has Ursa Major raised?Ursa Major has raised $372M across 9 funding rounds.
What was Ursa Major's last funding round?Ursa Major's last funding round was a $100M Series E in November 2025, led by Eclipse Ventures.
Who are Ursa Major's investors?Ursa Major's investors include Space Capital, XN, Alsop Louie Partners, Alpha Edison, Alumni Ventures, BlackRock, Eclipse Ventures, Dolby Family Ventures, Explorer 1 Fund, Mack & Co. and 9 others.
What is Ursa Major's revenue?Ursa Major's latest recorded revenue is $19M (April 2023).
What is Ursa Major's revenue multiple?Ursa Major's latest valuation implies a 27.0x revenue multiple ($500M valuation on $19M of revenue).
Which companies are comparable to Ursa Major?Companies comparable to Ursa Major include Zero Gravity Aircraft Industry, Deep Blue Aerospace, Aerospace Yuxing, Creotech Instruments, Agnikul and BlackSky.

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