In a deal that could send shockwaves through the aerospace and defense sectors, Innovative Rocket Technologies Inc., or iRocket, announced plans to go public at a $400 million valuation through a SPAC merger led by none other than former U.S. Commerce Secretary Wilbur Ross.
The burgeoning space-tech firm and BPGC Acquisition Corp., a special purpose acquisition company chaired by Ross and tied to private equity firm BPGC Management LP, have signed a non-binding letter of intent to merge, with the goal of listing iRocket on the Nasdaq later this year.
Reusable Rockets, National Security, and Strategic Capital
iRocket, headquartered in New York, is on a mission to disrupt the space launch economy with its proprietary reusable rocket technology. Its focus? Slashing launch costs and ramping up deployment of satellite constellations for both commercial operators and national defense contracts.
“Our mission is to secure the future of U.S. defense and space capabilities,” said iRocket CEO Asid Malik. “This partnership with Wilbur Ross and BPGC will give us the capital, connections, and governance muscle to scale aggressively.”
Ross, a longtime dealmaker and cabinet official under President Donald Trump, echoed the bullish sentiment. “iRocket represents a rare opportunity to back a company that is both visionary and execution-focused,” he said. “Their tech isn’t just bold — it’s battlefield ready.”
