Ursa Major Technologies
Makes rocket engines and solid motors for defense and space launch.
On the record
Checkpoint: Navy decision on whether MK 104 design contract converts to multi-year production award
The call
Ursa Major has real contracts and hardware, but whether it becomes a lasting second source or gets squeezed out by Anduril hinges on decisions due within 18 months.
Ursa Major Technologies builds rocket engines and thrusters for the U.S. Department of Defense, using a special manufacturing process and holding government security clearances that take years to obtain. The company is not easy to replace because its engines have actually flown, it has passed tough Pentagon inspections, and the process to make its engines is hard to copy, plus new competitors face legal export restrictions on military hardware. However, Anduril Industries is a richer competitor fighting for the same government contracts, and if the Navy or Army picks Anduril instead of Ursa Major for major production orders, Ursa Major could run out of money before it reaches profitability.
Why
01
AI pressure: None apparent. AI does not build hardware here; Ursa Major uses AI-aided design and additive manufacturing to speed engine production, not to sell software. Could AI do the core job? Unlikely.
02
Bigger players: Anduril Industries. Better funded and self-financing hypersonic payloads, Anduril is named by Army officials as a peer supplier chasing the same contracts. Could a giant copy it? No, they are blocked.
03
What protects it. Flight-proven engines, DoD security clearances, ITAR-protected IP, and a Pentagon push to fund second sources away from Aerojet and Northrop.
What would change this call
Navy decision on MK 104 converting from $10M design deal to multi-year production contract. Shows whether Ursa Major secures durable revenue or stalls at design-stage work.
Army hypersonics down-select outcome among Ursa Major, Anduril, and Castelion. Reveals whether Ursa Major keeps pace with better-capitalized rivals for the same contracts.
Additional Draper/HAVOC flight test results reported after July 2026. Tests whether production-scale hardware claims hold up under continued flight validation.
Army hypersonics down-select outcome among Ursa Major, Anduril, and Castelion. Reveals whether Ursa Major keeps pace with better-capitalized rivals for the same contracts.
Additional Draper/HAVOC flight test results reported after July 2026. Tests whether production-scale hardware claims hold up under continued flight validation.
Key numbers
- $100M Series E closed, plus $50M debt commitments
- $115M+ in new bookings through Q3 2025
- $28.6M AFRL contract for Draper engine demo
Named risks
- MK 104 program may stall at $10M design stage rather than converting to multi-year production.
- Better-capitalized Anduril, reportedly seeking $100B valuation, could outcompete for same DoD hypersonics dollars.
- Financial figures like $122.2M revenue and 450 headcount rely on unconfirmed aggregator estimates.
- Legacy primes Aerojet Rocketdyne and Northrop Grumman are not structurally barred from re-entering or acquiring rivals.
- New CEO Chris Spagnoletti, in role since February 19, 2026, must execute risky pivot to all-up-round integrator.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Anduril Industries | losing to | Self-funded and flew three hypersonic payloads on Rocket Lab launch, better capitalized, reportedly in talks for $100B valuation, July 2026 |
| Castelion | contesting | Named alongside Ursa Major and Anduril as candidate Army hypersonic supplier, July 15, 2026 |
| Aerojet Rocketdyne/L3Harris and Northrop Grumman | gaining on | DoD deliberately funding second sources like Ursa Major to break their SRM duopoly, per July 2026 reporting |
Questions people ask
- Is Ursa Major Technologies profitable?
- No profitability figures are disclosed. Ursa Major is privately held and venture/debt financed, having raised roughly $442.7M cumulatively through a $100M Series E closed November 18, 2025. Bookings exceeded $115M through the first three quarters of 2025, but no net income or profitability data has been published.
- Could AI replace Ursa Major Technologies?
- Unlikely. Ursa Major's core moat is physical rocket engine manufacturing, flight qualification, ITAR clearances, and trusted government relationships built through repeated tests like the January 27, 2026 Draper engine flight. AI can assist design simulation but cannot replicate certified hardware, security clearances, or flight-proven telemetry.
- Who is Ursa Major Technologies' biggest competitor?
- Anduril Industries is the most pressing rival, named alongside Ursa Major and Castelion by a U.S. Army acquisition official in July 2026 as candidate hypersonic suppliers. Anduril self-funded and flew three hypersonic payloads on a Rocket Lab launch and is far better capitalized, per Aviation Week, July 15, 2026.
- Who owns Ursa Major Technologies?
- Ursa Major is privately owned, with no single parent. Backers include Eclipse, Woodline Partners, Principia Growth, XN, Alsop Louie Partners, RTX Ventures, and BlackRock-managed funds, following a $100M Series E led by Eclipse that closed November 18, 2025.
- Has Ursa Major Technologies had layoffs?
- No layoffs are reported in available sourcing. Headcount instead appears to be growing, from about 270 employees in April 2023 to roughly 330 by mid-2026 per BuiltInColorado, with Series E proceeds explicitly earmarked to scale manufacturing and production staff.
- What is Ursa Major's most important upcoming milestone?
- The U.S. Navy's decision on the MK 104 solid rocket motor program. As of July 15, 2026, it remains a $10M design contract; industry newsletter Defense Tech Signals called its conversion to a multi-year production agreement the company's most important near-term milestone, as of April 21, 2026.
Timeline
- 2026-07-15Navy awards Ursa Major $10M contract to advance MK 104 solid rocket motor design
- 2026-07-15Army official publicly names Anduril, Castelion, and Ursa Major as candidate hypersonic suppliers
- 2026-06-07Follow-on ARMD flight, 45 days after first, expands Draper engine flight envelope
- 2026-02-24Ursa Major unveils HAVOC hypersonic missile system, target unit cost below $3M
- 2026-02-19Chris Spagnoletti appointed CEO, succeeding prior leadership
- 2026-02-04Series E close announced with new board members Ron Sugar and Gilman Louie
- 2026-01-27Draper engine flies on AFRL's Affordable Rapid Missile Demonstrator, reaches supersonic speed
- 2026-01-09Ursa Major named partner on Teledyne Brown Engineering's Army D3I IDIQ contract
- 2025-11-18Ursa Major closes $100M Series E plus $50M debt commitments
- 2025-05-02AFRL awards $28.6M firm-fixed-price contract for Draper engine flight demonstrator
Revision history
24 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Ursa Major Technologies (2026-07-02)
- Who Owns Ursa Major Company? (2025-07-25)
- Ursa Major Raises $100 Million... (2025-11-18)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-06-29)
- Ursa Major Appoints Chris Spagnoletti as Chief Executive Officer (2026-02-19)
- Ursa Major Raises $100 Million... (2026-02-04)
- Ursa Major Technologies Company Profile
- Ursa Major Wins $28.6M U.S. Military Contract (2025-05-02)
- Ursa Major Completes SRM Manufacturing Pathfinder Program (2026-07-07)
- U.S. Navy Awards Ursa Major $10M MK 104 Development Contract (2026-07-15)
- Ursa Major Joins Teledyne as Key Partner on Army D3I IDIQ (2026-01-09)
- Ursa Major Colorado Office: Careers, Perks + Culture (2026-06-15)