Launch Startup iRocket to Go Public Via SPAC Deal Backed by Wilbur Ross
Launch startup, iRocket, has announced its intention to go public through a merger with SPAC, BPGC Acquisition Corp. (BPGC), backed by former U.S. Commerce Secretary, Wilbur Ross. The transaction, disclosed on July 24th, assigns a valuation of $400 million to iRocket, formally known as Innovative Rocket Technologies Inc.
The company is currently developing its Shockwave launch vehicle, designed for small to medium-sized payloads. The vehicle remains in the development phase and has not yet conducted any flights. iRocket reports that Shockwave will be reusable, with an anticipated turnaround time of under 24 hours between launches. The company holds a patent on its MACH-i Landing Engine technology for liquid rocket engines and is simultaneously working on solid rocket motors applicable to boosters, missiles, and interceptors.
According to iRocket, it has secured more than $1 billion in letters of intent and memoranda of understanding from potential customers in national security and commercial satellite sectors, though it has yet to announce any finalized launch contracts. In 2023, the company received $1.8 million in funding from AFWERX and entered into a cooperative research and development agreement (CRADA) with the Air Force Research Laboratory to support engine development.
“This partnership with BPGC Management LP and Wilbur Ross demonstrates our shared commitment to advancing global space access and fostering innovation in launch technology,” stated CEO Asad Malik. “Our high-performance, reusable vehicles are engineered to lower mission costs, increase launch frequency and responsiveness, and bolster critical capabilities for allies and strategic partners worldwide.”
iRocket is the second launch provider this month, following Firefly Aerospace, to declare plans to go public. Notably, Firefly is pursuing a traditional IPO, as opposed to a SPAC merger. SPAC transactions have drawn attention recently, exemplified by Lynk Global’s decision to cancel its proposed SPAC deal with a blank check company led by Aaron Rodriguez.