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American Focus > Blog > Tech and Science > A troubled SPAC plans to buy iRocket for $400M but it already returned most of its cash
Tech and Science

A troubled SPAC plans to buy iRocket for $400M but it already returned most of its cash

Last updated: July 23, 2025 10:15 pm
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A troubled SPAC plans to buy iRocket for 0M but it already returned most of its cash
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Unproven Rocket Startup iRocket to Go Public in $400 Million Merger with Depleted SPAC

In a surprising move, Innovative Rocket Technologies Inc. (iRocket) has announced a partnership with BPGC Acquisition Corp., a special purpose vehicle founded by former Commerce Secretary Wilbur Ross, to go public in a deal valued at $400 million. The transaction is set to be finalized in the fourth quarter of this year.

The SPAC, which raised $345 million in its IPO in March 2021, had almost depleted its cash reserves after failing to find an acquisition target by September 2024. With only $1.6 million left in trust, the SPAC extended its deadline to March 2026 in hopes of securing a deal.

Despite its limited funding, iRocket has garnered attention for its backing by venture capital firm Village Global, with investors like Bill Gates and Reid Hoffman. However, the startup has yet to conduct a test flight of its Shockwave launch vehicle since its founding in 2018, lagging behind competitors like Stoke Space and Firefly.

While iRocket aims to revolutionize the industry with features like full reusability and rapid refurbishment, it faces stiff competition from established players like Rocket Lab and Firefly. The company’s contracts with the Air Force Research Lab and Space Force provide some credibility, but its small team and lack of flight testing raise concerns.

Previously known as Ross Acquisition Corp II, the SPAC has a history of failed deals, including a terminated agreement with biopharma company Aprinoia Therapeutics in 2023. With cash reserves running low, iRocket may need to secure additional funding from private equity investors through a PIPE round to meet shareholder expectations.

See also  Perplexity offers to buy Google Chrome for $35bn

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