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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."

Deal Dynamics: What's on the Launch Pad

The $400 million valuation is pre-earnout, meaning the ultimate value could soar higher if iRocket meets future performance milestones. A definitive merger agreement is expected by summer, with the deal targeted to close before year-end.

Ross, who will join iRocket’s board post-merger, brings both political clout and Wall Street heft to the deal. His SPAC, originally named Ross Acquisition Corp. II, raised $300 million in a 2021 IPO but was delisted by the NYSE in 2024 after failing to seal a transaction within the required window. This iRocket deal marks a strategic rebound.

SPAC Shakeups and Second Chances

The BPGC SPAC previously pursued a merger with biotech firm Aprinoia in 2023, a deal that later fizzled. That’s hardly unusual in the current SPAC landscape, where dozens of high-profile combinations have collapsed under the weight of financing hurdles and shifting market sentiment.

Blank check companies like BPGC are designed to hunt for merger targets and take them public — but they’re on the clock. If they don’t complete a deal within a set timeframe, they’re forced to return capital to investors, as happened to many during the SPAC boom and bust cycle.

For iRocket, this transaction could be a springboard — or a rocket-fueled gamble. It remains unclear how much cash the startup will actually receive or whether additional fundraising will be necessary to close the loop.