iRocket Eyes Public Listing via Wilbur Ross-Backed SPAC Merger
Deal News | Jun 03, 2025 | EIN
Innovative Rocket Technologies, known as iRocket, has signed a nonbinding letter of intent to merge with the special purpose acquisition company BPGC Acquisition Corp. in a transaction set to make iRocket a publicly traded entity by the end of 2025. BPGC is supported by Wilbur Ross who sees iRocket's technology as transformative for the U.S. defense and space launch capabilities. The deal values iRocket at $400 million, with potential earnouts depending on share price performance. iRocket, established in 2018, specializes in reusable rocket engines using 3D printing and additive manufacturing, with ongoing collaborations with the Department of Defense. Cohen & Company Capital Markets has been engaged as iRocket's capital markets adviser, while Greenberg Traurig and White & Case provide legal counsel to iRocket and BPGC, respectively.
Sectors
- Aerospace and Defense
- Private Equity and Venture Capital
Geography
- United States – BPGC is backed by a U.S. stakeholder, Wilbur Ross, and iRocket is positioning itself for U.S. defense applications, highlighting U.S. national interests.
Industry
- Aerospace and Defense – iRocket is involved in developing reusable rocket engines and works closely with the Department of Defense, making Aerospace and Defense a relevant sector.
- Private Equity and Venture Capital – The involvement of BPGC Acquisition, a SPAC, indicates relevance to the Private Equity and Venture Capital sector.
Financials
- $400 million – The proposed deal values iRocket at $400 million before potential earnouts.
- $1.8 million – A tactical funding increase from the Department of Defense for iRocket's reusable rockets.
- $18 million – A cooperative research and development agreement with the Department of Defense.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Innovative Rocket Technologies (iRocket) | Target Company | Company | A company developing reusable rocket engines, planning to go public through a SPAC merger. |
| BPGC Acquisition Corp. | Bidding Company | Company | A special purpose acquisition company (SPAC) backed by Wilbur Ross. |
| Wilbur Ross | Backer | Person | Former Secretary of the Department of Commerce, backing BPGC and poised to join iRocket's board. |
| Cohen & Company Capital Markets | Corporate Finance Advisor | Company | Serves as iRocket's exclusive sell-side adviser and lead capital markets adviser. |
| Greenberg Traurig | Legal Advisor | Company | Acts as iRocket's legal counsel in the transaction. |
| White & Case | Legal Advisor | Company | Advises BPGC on the proposed transaction's legal aspects. |