Reusable-rocket maker Innovative Rocket Technologies, or iRocket, has disclosed plans to go public in the U.S. through a $400 million merger with a special-purpose acquisition company (SPAC), BPGC Acquisition Corp. With this merger, iRocket is expected to be listed on the Nasdaq later this year.
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The company is backed by high-profile investors like Village Global, a venture firm supported by tech experts like Bill Gates and Eric Schmidt. Notably, iRocket’s leadership includes veterans from NASA, the U.S. Space Force, Aerojet Rocketdyne, and Elon Musk’s SpaceX.
Its reusable rocket technology aims to lower launch costs and increase responsiveness, goals that are similar to SpaceX’s Falcon 9 and Starship programs.
So far, iRocket has landed major government deals, including $1.8 million from the U.S. Space Force and $18 million from the Air Force Research Lab. However, it has yet to launch into orbit, with its first flight scheduled for 2027.
Who Stands to Gain or Lose?
Companies that could be impacted by iRocket going public include Rocket Lab (RKLB), as iRocket’s entry could intensify competition in the small satellite launch market, especially with its promise of 24-hour rocket turnaround.
While iRocket isn’t a direct rival yet, its methane-fueled engines and government contracts could position it as a future competitor of SpaceX in rapid-response missions.
Further, iRocket’s success or failure could influence investor sentiment toward space SPACs, such as Virgin Galactic (SPCE), especially after Virgin Orbit’s bankruptcy.