Ursa Major has chosen to stay in Colorado for a major expansion that would add about 1,850 new jobs, one of the largest projects to get tax incentives from the state in recent years.

The aerospace and defense company based in Berthoud confirmed with state officials it has chosen to keep its next project in Colorado, said Daniel Salvetti, the state’s leading semiconductor economic development official, during a Colorado Economic Development Commission meeting on Thursday.

In December, the EDC approved two sets of incentives for the company’s expansion including $35 million in job growth tax incentives and $8 million in CHIPS refundable tax credits. It approved another $15 million of the tax credits meant for semiconductor chip-related projects on Thursday after waiting on getting the company’s firm commitment.

The $15 million is all of the allocated amount allowed for the 2027 fiscal year and the EDC has already started to hold tax credits for 2028’s pool of funding to another locally based aerospace company looking to expand.

Ursa Major had until Aug. 1 to make a decision to earn the tax credits.

Keeping an expansion of this size was incredibly important to the state’s economic officials to maintain Colorado’s credibility as an aerospace and defense hub.

“We want to maintain their headquarters and center of gravity in Colorado,” according to an EDC memo last year. “It is critical that we secure projects like this to ensure companies not only start here but are able to scale and stay here.”

Ursa Major was also considering going to Ohio, Mississippi or California.

Ursa Major stayed here because Colorado is home, the company’s CEO Chris Spagnoletti said in an emailed statement Thursday morning.

“We’re grateful for Colorado’s partnership and support as we expand,” he said. “The state has been a strong champion of our mission to revitalize the defense industrial base, and we’re proud to deliver the systems the warfighter needs from the Centennial State.”

The company has stated it wants to expand in the Denver metro area but did not clarify where its new facility will be yet when asked for comment, nor when it will open. 

Ursa Major was founded in 2015 and specializes in hypersonics, solid rocket motors, space mobility and launch.