Space startup Innovative Rocket Technologies, or iRocket, will go public in the United States through a $400 million merger with special purpose acquisition company BPGC Acquisition, the two firms announced.
Following a slowdown after the 2020–2021 boom, investors are reviving SPAC deals this year as ongoing macroeconomic uncertainties—driven by President Donald Trump’s tariff policies—continue to hinder traditional dealmaking.
Meanwhile, Bitcoin Standard Treasury Company—a crypto firm holding more than 30,000 bitcoins—is also planning to go public via a SPAC merger with a Cantor Fitzgerald-backed blank-check company, with the goal of listing on the Nasdaq.
Investors increasingly view SPACs as a compelling alternative to traditional IPOs, which have remained sluggish due to ongoing tariff tensions. However, renewed momentum in trade negotiations has helped revive investor enthusiasm for new public listings.
Founded in 2018, iRocket focuses on developing rocket propulsion systems powered by liquid oxygen and methane. Its patented engine technology enables rapid reloading and relaunching, allowing for quicker mission turnaround.
Investor interest in space startups has surged in recent years, driven by strong backing from venture capital firms. The World Economic Forum estimates the global space economy could reach $1.8 trillion by 2035—a projection echoed by iRocket, which cited a McKinsey report highlighting this massive growth opportunity.
“iRocket’s unique combination of proven engineering talent, reusable launch systems, and solid rocket motor capability positions the Company to capture a significant share of the global launch and propulsion market,” said Wilbur Ross, the 39th U.S. Secretary of Commerce and a sponsor of BPGC.
Cohen & Company Capital Markets served as the financial advisor to the space startup on the transaction, which is expected to close in the fourth quarter of 2025.
Following the merger, the companies plan to list the combined entity on the Nasdaq stock exchange.
