News Summary

Innovative Rocket Technologies Inc. (iRocket), a small launch startup backed by venture capital firm Village Global, is set to go public through a $400 million deal with BPGC Acquisition Corp., a special purpose acquisition company (SPAC) founded by former Commerce Secretary Wilbur Ross. Despite the ambitious valuation, the SPAC has returned most of its initial $345 million IPO cash to shareholders, leaving just $1.6 million in trust. iRocket, which has raised only a few million in venture funding and has yet to conduct a test flight of its Shockwave launch vehicle, aims to prove its value proposition of full reusability and rapid responsiveness in an increasingly competitive market. The startup has secured contracts with the Air Force Research Lab and the Space Force. However, given the SPAC’s depleted cash reserves, additional funding from private equity investors in a PIPE round will be necessary to complete the transaction.