Innovative Rocket Technologies Inc. (iRocket), a next-generation reusable space rocket developer, and BPGC Acquisition Corp., a special purpose acquisition company (SPAC) sponsored by Wilbur Ross, the 39th U.S. Secretary of Commerce with more than 55 years of private equity and investment banking experience, and BPGC Management LP, an independent private equity firm dedicated to opportunistic buyouts and special situations transactions in the global industrials, materials and chemicals sectors, jointly announced today that they have entered into a definitive Merger Agreement and Plan of Merger dated July 22, 2025 in connection with the previously-announced letter of intent.
Upon closing, the combined company will operate under the name iRocket Technologies Inc. and the parties will plan to list the combined company on Nasdaq.
“We exist to serve a bigger mission than just putting payloads in orbit,” said Asad Malik, CEO of iRocket. “This partnership with BPGC Management LP and Wilbur Ross reflects a shared vision to advance global space access and accelerate innovation in launch technology. 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’s unique combination of proven engineering talent, reusable launch systems, and solid rocket motor (“SRM”) capability positions the Company to capture a significant share of the global launch and propulsion market," said The Hon. Wilbur Ross. "With its patented MACH-i Landing Engine technology, the team is building on years of breakthrough AI and engineering to unlock value for the industry and strengthen national security.”
“Through iRocket’s technologies and unique capabilities, it is poised to be a significant player in the more than $100 billion SRM and launch markets; we are excited to partner with iRocket’s dedicated and experienced leadership team,” said Nadim Qureshi, CEO of BPGC Acquisition Corp.
Early iRocket investor Anne Dwane, Co-Founder and General Partner of Village Global LP, (backed by Bill Gates, Eric Schmidt and Reid Hoffman), also commented, "What set iRocket apart from day one was its focus on building an end-to-end platform – proprietary engine technology and reusable vehicles to make scale possible. We’re proud to support the team as they transform the industrial backbone of space access for commercial space and defense customers alike, backed by a visionary CEO that has demonstrated resiliency.”
Investment Highlights
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Early entry into a fast and growing space industry, which is expected to grow to over US$ 1.8 trillion by 2035 per McKinsey.
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Strong early customer momentum with over US$ 1 billion in letters of intent and memorandum of understandings with several potential customers for national security and commercial satellites
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iRocket’s next-generation rocket engines and launch systems are cost-effective, scalable, and reusable, enabling rapid, low-cost access to space
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Established partnerships with the Department of Defense agencies including Airforce Research Lab and U.S. Space Systems Command; and a US$ 1.8 million Tactical Funding Increase (“TACFI”) contract and US$ 18 million Cooperative Research and Development Agreement (“CRADA”)
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Favorable geopolitical, budgetary, and policy tailwinds to support long-term SRM production and defense and commercial space launches
Over US$ 1.8 Trillion Market Opportunity by 2035
According to McKinsey, the global space economy is projected to grow to over $1.8 trillion over the next decade, up from $630 billion in 2023. This figure includes both “backbone” applications – such as those for satellites, launchers and services like broadcast or television – and “reach” applications – those for which space technology helps companies across industries generate revenues.
Similarly, the rapidly growing small satellite market is expected to launch 58,000 new satellites by 2030, driven in part by national security and defense programs.
However, legacy launch systems in use today are expensive, inefficient, and single-use, hindering capacity expansion and broader-scale investments. The industry is in desperate need of affordable, rapid deployment options as government and commercial customers focus on cost-efficiency and reusability to bring down wait times from years to days.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC is serving as capital markets advisor and exclusive financial advisor to iRocket. Greenberg Traurig LLP is serving as legal counsel to iRocket. White & Case LLP is serving as legal counsel to BPGC. Alliance Advisors IR is serving as investor relations and public relations advisor to iRocket.
