Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #43

Ursa Major

Recipient: URSA MAJOR TECHNOLOGIES, INC. · UEI N7GDJHB2VBU4

About $10 raised for every $1 obligated. 81% of it came through prime contracts.

Capital raised
$544.0M
Federal obligations, FY2020–FY2026
$53.8M
Raised per $1 obligated
10.1×
Latest valuation
$1.6B
SPAC agreement, pre-money (closing Q1 2027)

Obligations by fiscal year

$M
1.0 FY20 0.8 FY21 1.8 FY22 14.6 FY23 0 FY24 17.2 FY25 18.3 FY26

Prime contracts Other Transactions Subawards

Contract mix

Prime contracts
$43.5M
Other Transactions
$10.3M
Subawards
$0

Cite this: Defense Tech Signals, "Capital vs. Contracts: Ursa Major," data as of 2026-11-08, https://data.defensetechsignals.com/c/ursa-major/.

Coverage: prime contracts, IDVs and grants (USAspending), direct Other Transactions (FPDS) and subawards received, FY2020–FY2026. Not included: consortium OTs, FY 2027 so far, loans and classified work. Capital raised: Compiled from announcements and press (Oct 2026). Obligations last refreshed 11/5/2026.