iRocket to Go Public in $400M SPAC Deal with Wilbur Ross's Firm, Plans 2027 Launch

Innovative Rocket Technologies Inc. (iRocket), a New York-based launch startup backed by Bill Gates, Reid Hoffman, and Eric Schmidt, is set to go public in a $400 million SPAC deal with Wilbur Ross's BPGC. The company aims to launch its fully reusable Shockwave rocket by 2027, despite never having flown to space. The deal is expected to close in Q4 2025, with the combined entity listed on Nasdaq. iRocket develops reusable rocket propulsion technology designed for rapid turnaround, although it has not yet flown a vehicle to orbit.

Innovative Rocket Technologies Inc. (iRocket), a New York-based launch startup backed by prominent investors including Bill Gates, Reid Hoffman, and Eric Schmidt through Village Global, has announced plans to go public through a $400 million special purpose acquisition company (SPAC) deal with Wilbur Ross's BPGC. The company aims to bring its fully reusable Shockwave rocket to market by 2027, despite having yet to conduct an orbital flight.

The deal, expected to close in the fourth quarter of 2025, will list the combined entity on Nasdaq. iRocket develops liquid oxygen and methane-fueled reusable rocket propulsion technology designed for rapid turnaround, though it has not yet flown a vehicle to orbit. The company's Shockwave small launch vehicle is designed to carry up to 1,500 kg of payload to low Earth orbit and boasts a targeted turnaround of less than 24 hours between launches.

According to iRocket Technologies founder and CEO Asad Malik, the partnership with BPGC Management LP and Wilbur Ross will provide the strategic capital, network, and governance necessary to execute the company's mission at scale. This mission includes securing the future of U.S. defense and space capabilities, a sector increasingly driven by demand for responsive, low-cost access to orbit [1].

iRocket holds two U.S. government agreements: a $1.8 million tactical funding increase contract with the U.S. Space Force and an $18 million cooperative research and development agreement with the Air Force Research Laboratory. These contracts could give iRocket an edge as demand grows for fast, cost-effective launches to support defense and commercial satellite missions [1].

While iRocket's small team of four employees (excluding advisors) lags behind better-funded peers like Rocket Lab and Firefly Aerospace, which already fly payloads routinely, the company's proprietary design and technologies hold significant promise. Analysts forecast the global space economy to exceed $1.8 trillion by 2035, driven by demand for responsive, low-cost access to orbit, a sector iRocket aims to serve [1].

The deal is still at the letter-of-intent stage, with a definitive agreement targeted for summer and closing planned before year-end. Ross is expected to join iRocket's board, adding governance expertise as the company transitions to the public markets [1].

References:
[1] https://www.benzinga.com/news/topics/25/07/46757189/bill-gates-reid-hoffman%E2%80%91backed-irocket-will-go-public-in-400m-spac-deal-with-wilbur-rosss-firm-shockwave-rocket-sets-2027-launch