iRocket engine test with thrust augmentation. Photo: iRocket

Launch startup iRocket plans to go public in a special purpose acquisition company (SPAC) merger with a blank check company backed by former U.S. Commerce Secretary Wilbur Ross. 

iRocket announced the SPAC deal with BPGC Acquisition Corp. (BPGC) on Wednesday, a deal that values the company at $400 million. iRocket’s full name is Innovative Rocket Technologies Inc. 

The company is developing the Shockwave launch vehicle for small to medium-sized payloads. The rocket is in development and has never flown. 

iRocket says the vehicle is being developed to be reusable, with a turnaround time of less than 24 hours between launches. The company has a patent on liquid rocket engines, which it calls MACH-i Landing Engine technology and is also developing solid rocket motors for boosters, missiles, and interceptors.

iRocket says it has more than $1 billion in letters of intent and MoUs with “several potential customers for national security and commercial satellites,” but has not announced any launch contracts. The company received $1.8 million in funding from AFWERX in 2023, and has a cooperative research and development agreement (CRADA) with the Air Force Research Laboratory signed in 2023 for engine development. 

“This partnership with BPGC Management LP and Wilbur Ross reflects a shared vision to advance global space access and accelerate innovation in launch technology,” CEO Asad Malik said. “Our reusable, high-performance vehicles are built to reduce cost per mission, increase launch cadence, responsiveness, and strengthen critical capabilities for allies and strategic partners around the world.”

iRocket follows Firefly Aerospace as the second launcher to announce plans this month to go public — but Firefly is taking the route of a traditional IPO, not a SPAC. 

SPACs have been in the news this week after direct-to-cell company Lynk Global canceled its SPAC deal with a blank check company led by Aaron Rodriguez.