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In a bold leap toward the stars—and the Nasdaq—Innovative Rocket Technologies Inc., better known as iRocket, has announced a $400 million SPAC merger with BPGC Acquisition Corp., a blank-check firm led by none other than former U.S. Secretary of Commerce Wilbur Ross. The fusion of aerospace ingenuity and financial power was unveiled Wednesday and marks iRocket’s official countdown to a public listing.

Nasdaq Launch Imminent

Once the merger closes—targeted for Q4 2025—the combined entity will be named iRocket Technologies Inc. and will trade on the Nasdaq, potentially disrupting the global launch and propulsion markets with its low-cost, reusable rocket systems.

The transaction comes just six weeks after the two parties signed a non-binding letter of intent, now formalized into a definitive agreement. Law firms Greenberg Traurig LLP and White & Case LLP steered the deal for iRocket and BPGC, respectively.

Reusable, Scalable, Sustainable

iRocket is no typical aerospace upstart. It builds reusable rockets powered by a proprietary engine that burns liquid oxygen and methane—a cleaner combination that reduces engine stress and lowers operational costs. The firm is already collaborating with the U.S. Air Force Research Lab and Space Systems Command, enhancing its credibility in both civilian and defense markets.

“We exist to serve a bigger mission than just putting payloads in orbit,” said iRocket CEO Asad Malik, emphasizing the firm’s vision to democratize access to space while advancing innovation in launch systems.

Wilbur Ross Joins Mission Control

Ross, now at the helm of BPGC Management LP, brings heavyweight financial and strategic clout to the table. BPGC specializes in opportunistic buyouts and special situations in industrial and materials sectors—making this venture with a rocket company an audacious but calculated play.

“IRocket's combination of engineering talent, reusable systems, and solid motor capabilities uniquely position it to claim a large share of the propulsion market,” Ross noted, signaling confidence in the firm's tech and mission.

Upon deal completion, Ross is set to join iRocket’s board, tightening the synergy between finance, national defense, and private space innovation.

Legal Firepower on Both Sides

White & Case LLP’s multifaceted legal team was led by M&A partners Gary Silverman and Jeff Gilson, and included specialists in capital markets, tax, international trade, employment, litigation, tech, privacy, and real estate.

Greenberg Traurig LLP’s crew representing iRocket featured shareholders Scott Bornstein, Alan Annex, Adam Namoury, Jason Simon, and Elana Araj, reflecting the complexity and ambition of the deal.