Rocket Startup Enters $400 Million Deal With Wilbur Ross' SPAC.

The article focuses on Innovative Rocket Technologies Inc. (iRocket), a New York-based startup developing the fully reusable Shockwave rocket, which announced a $400 million merger with BPGC Acquisition Corp., a special purpose acquisition company (SPAC) backed by former US Secretary of Commerce Wilbur Ross. The merger, expected to complete in late 2025, will list the combined company on Nasdaq as iRocket Technologies Inc. Founded in 2018, iRocket holds contracts with the US Space Force and Air Force Research Lab but has yet to launch, with its first flight planned for 2027. The article also contextualizes iRocket’s SPAC deal within the broader commercial space industry’s mixed experiences with SPAC mergers, noting several high-profile failures and some successes.