Startup iRocket announces plans to go public through SPAC merger
Posted: Sun, Jul 27, 2025, 12:50 PM ET (1650 GMT)
Startup Innovative Rocket Technologies, or iRocket, says it plans to go public through a SPAC merger. The company said Wednesday it agreed to merge with BPGC Acquisition Corp., a special-purpose acquisition company backed by Wilbur Ross, former secretary of commerce. The companies said the deal would value iRocket at $400 million but did not disclose how much money iRocket would raise. BPGC Acquisition Corp. originally raised $345 million but has given back most of that money through shareholder redemptions. The company, founded in 2018, says it plans to develop reusable launch vehicles, but has announced little progress beyond engine tests.
Startup Innovative Rocket Technologies, or iRocket, says it plans to go public through a SPAC merger. The company said Wednesday it agreed to merge with BPGC Acquisition Corp., a special-purpose acquisition company backed by Wilbur Ross, former secretary of commerce. The companies said the deal would value iRocket at $400 million but did not disclose how much money iRocket would raise. BPGC Acquisition Corp. originally raised $345 million but has given back most of that money through shareholder redemptions. The company, founded in 2018, says it plans to develop reusable launch vehicles, but has announced little progress beyond engine tests.
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