SPAC-Backed iRocket Aims for $400M Merger Despite Cash Shortfall
iRocket plans a $400M SPAC merger with BPGC, despite minimal funding and no test flights. Will the startup defy the odds?
Matilda
SPAC-Backed iRocket Aims for $400M Merger Despite Cash Shortfall iRocket SPAC Merger Faces Doubts Amid Empty SPAC Coffers A little-known space startup, Innovative Rocket Technologies Inc. (iRocket), is making headlines with a surprising move: it plans to go public via a SPAC deal valued at $400 million. The irocket SPAC merger is being executed with BPGC Acquisition Corp., a special purpose acquisition company (SPAC) led by former U.S. Commerce Secretary Wilbur Ross. While the news might raise eyebrows in the world of space tech, what’s even more eyebrow-raising is the state of BPGC's finances — the trust reportedly holds only around $1.6 million, or just 0.5% of its original $345 million raised in 2021. This dramatic mismatch between the intended merger valuation and available SPAC capital is sparking intense curiosity and skepticism across financial and space innovation communities. Image Credits:iRocket Many are asking whether the irocket SPAC merger is more hype than hope. iRocket, founded in 2018 and based in New York, has yet to conduct a te…
