iRocket, A Next-Generation Reusable Rocket Developer, To Go Public Via $400 Million Merger With Wilbur Ross-Backed BPGC Acquisition Corp.

Innovative Rocket Technologies Inc. (“iRocket” or the “Company”), a next-generation reusable space rocket developer, and BPGC Acquisition Corp. (“BPGC”), a special purpose acquisition company sponsored by The Hon. Wilbur Ross, the 39th U.S. Secretary of Commerce with more than 55 years of private equity and investment banking experience, and BPGC Management LP, an independent private equity firm dedicated to opportunistic buyouts and special situations transactions in the global industrials, materials and chemicals sectors, jointly announced today that they have entered into a definitive Merger Agreement and Plan of Merger dated July 22, 2025 (the “Merger Agreement”), in connection with the previously-announced letter of intent. Upon closing, the combined company will operate under the name iRocket Technologies Inc. and the parties will plan to list the combined company on Nasdaq.

“We exist to serve a bigger mission than just putting payloads in orbit,” said Asad Malik, CEO of iRocket. “This partnership with BPGC Management LP and Wilbur Ross reflects a shared vision to advance global space access and accelerate innovation in launch technology. Our reusable, high-performance vehicles are built to reduce cost per mission, increase launch cadence, responsiveness, and strengthen critical capabilities for allies and strategic partners around the world.”

“iRocket’s unique combination of proven engineering talent, reusable launch systems, and solid rocket motor (“SRM”) capability positions the Company to capture a significant share of the global launch and propulsion market,” said The Hon. Wilbur Ross. “With its patented MACH-i Landing Engine technology, the team is building on years of breakthrough AI and engineering to unlock value for the industry and strengthen national security.”

“Through iRocket’s technologies and unique capabilities, it is poised to be a significant player in the more than $100 billion SRM and launch markets; we are excited to partner with iRocket’s dedicated and experienced leadership team,” said Nadim Qureshi, CEO of BPGC Acquisition Corp.

Early iRocket investor Anne Dwane, Co-Founder and General Partner of Village Global LP, (backed by Bill Gates, Eric Schmidt and Reid Hoffman), also commented, “What set iRocket apart from day one was its focus on building an end-to-end platform – proprietary engine technology and reusable vehicles to make scale possible. We’re proud to support the team as they transform the industrial backbone of space access for commercial space and defense customers alike, backed by a visionary CEO that has demonstrated resiliency.”

Investment Highlights

• Early entry into a fast and growing space industry, which is expected to grow to over $1.8 trillion by 2035 per McKinsey1

• Strong early customer momentum with over $1 billion in letters of intent and memorandum of understandings with several potential customers for national security and commercial satellites

• iRocket’s next-generation rocket engines and launch systems are cost-effective, scalable, and reusable, enabling rapid, low-cost access to space

• Established partnerships with the Department of Defense agencies including Airforce Research Lab and U.S. Space Systems Command; and a $1.8 million Tactical Funding Increase (“TACFI”) contract and $18 million Cooperative Research and Development Agreement (“CRADA”)

• Favorable geopolitical, budgetary, and policy tailwinds to support long-term SRM production and defense and commercial space launches

Over $1.8 Trillion Market Opportunity by 2035

According to McKinsey, the global space economy is projected to grow to over $1.8 trillion over the next decade, up from $630 billion in 2023. This figure includes both “backbone” applications – such as those for satellites, launchers and services like broadcast or television – and “reach” applications – those for which space technology helps companies across industries generate revenues.

Similarly, the rapidly growing small satellite market is expected to launch 58,000 new satellites by 2030, driven in part by national security and defense programs.

However, legacy launch systems in use today are expensive, inefficient, and single-use, hindering capacity expansion and broader-scale investments. The industry is in desperate need of affordable, rapid deployment options as government and commercial customers focus on cost-efficiency and reusability to bring down wait times from years to days.

iRocket’s next-generation rocket engines and launch systems can address this issue by enabling sustainable, scalable, and fully reusable small satellite launches.

iRocket’s Differentiated Approach

iRocket’s innovative and patented engine design—powered by its successfully tested MACH-i Landing Engine technology— will enable reusable, scalable launch vehicles for rapid and cost-effective transportation to LEO and beyond.

iRocket’s Shockwave launch vehicle is uniquely designed for recovery and reuse of all of its stages. Just as airplanes fly multiple flights, iRocket will Recondition, Reload, and Relaunch™ its rockets in under 24 hours. iRocket's patented liquid rocket engines will maintain high efficiency through descent as well as ascent. iRocket’s engines will be fueled with sustainable liquid oxygen and methane, which burns cooler, imparts less stress on components, and further supports iRocket's unique 24-hour turn-around time. Being on a leading edge with its rocket engine expertise, iRocket is also developing solid rocket motors that will transform boosters, missiles, and interceptors.

iRocket's 100% reusability will enable rapid, low-cost access to space, which is essential for meeting the high-frequency, high-volume demands of LEO constellations. iRocket will dramatically reduce launch costs, while responding to customers' needs and making small satellite constellations and responsive space missions less expensive. This capability will support the growing needs of defense, commercial, and scientific customers for on-demand, tactically responsive access to space. iRocket's reusability is expected to deliver a decisive competitive edge in the new space economy, unlocking markets for iRocket that expendable or partially reusable systems cannot profitably serve.

In addition, iRocket will offer a modular, reusable propulsion system that can be integrated or co-deployed by the rapidly increasing number of LEO orbit services including space debris mitigation, inspection, deorbit, on-orbit mobility, resupply missions for space stations, lunar space missions, repositioning, and end-of-life services. Integrating a multi-purpose chip into iRocket’s upper stage further enhances strategic and commercial value by enabling in-space data collection for government, commercial, or scientific use.

Details of the Proposed Transaction:

Pursuant to the Proposed Transaction, a newly formed entity iRocket Technologies Inc. (“Holdco”) will acquire both BPGC and iRocket, forming a new combined public company. The pre-money equity value of iRocket in the Proposed Transaction is $400 million, before potential earnouts based on share price performance.

The boards of directors of BPGC and iRocket have both unanimously approved the Proposed Transaction. The Proposed Transaction is subject to satisfaction of the conditions negotiated in the Merger Agreement, including equity holder approval and other customary conditions, and is expected to be completed in the fourth quarter of 2025.

Advisors

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC is serving as capital markets advisor and exclusive financial advisor to iRocket. Greenberg Traurig LLP is serving as legal counsel to iRocket. White & Case LLP is serving as legal counsel to BPGC. Alliance Advisors IR is serving as investor relations and public relations advisor to iRocket.