In a move that feels like science fiction come to life, Innovative Rocket Technologies Inc., the small New York launch startup backed by Bill Gates, Reid Hoffman, and Eric Schmidt through Village Global, announced on June 2 that it is gearing up for a $400 million special purpose acquisition company merger with Wilbur Ross's BPGC.

The company aims to bring its fully reusable Shockwave rocket to market by 2027, despite never having flown to space, Bloomberg says.

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Founded in 2018, iRocket is developing the Shockwave small launch vehicle, a fully reusable rocket that uses 3D‑printed engines and is designed to carry up to 1,500 kg of payload to low Earth orbit. According to iRocket, Shockwave touts a targeted turnaround of less than 24 hours between launches.

iRocket says it holds two U.S. government agreements: a $1.8 million tactical funding increase contract with U.S. Space Force and an $18 million cooperative research and development agreement with the Air Force Research Laboratory, ostensibly to advance engine testing and propulsion design, but no commercial launch contracts or actual orbital flights yet.

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Innovative Rocket Technologies Inc.'s small team, composed of just four employees excluding advisors, lags behind better‑funded peers like Rocket Lab and Firefly Aerospace, which already fly payloads routinely, TechCrunch says.

Market Opportunity: Can iRocket Technologies Scale Into the $1.8 Trillion Space Economy?

BPGC raised $345 million in its March 2021 initial public offering but by last September had returned most funds, retaining just $1.6 million, or 0.5%, in its trust, posing a financing cliff if no private investment in public equity occurs before close, TechCrunch reports.

Remaining shareholders extended the deadline to finalize a target to March, TechCrunch says. The deal will likely require a private investment in public equity round to fund the final close.

Analysts from McKinsey and the World Economic Forum forecast the global space economy to exceed $1.8 trillion by 2035, driven by demand for responsive, low-cost access to orbit especially for defense and commercial satellite operators, a sector Innovative Rocket Technologies Inc. aims to serve.

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What's Ahead for iRocket Technologies After the Merger

The startup’s statement confirms that Ross is expected to join iRocket's board, adding governance expertise as the company transitions to the public markets. The deal is still at the letter‑of‑intent stage, with a definitive agreement targeted for summer and closing planned before year‑end.

iRocket's contracts with the U.S. Space Force and Air Force Research Lab could give it an edge as demand grows for fast, cost‑effective launches to support defense and commercial satellite missions.

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