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iRocket to support SpaceBelt KSA’s satellite launch integration, mission planning, and propulsion systems for up to 30 upcoming SpaceBelt KSA orbital launches across Saudi Arabia and the Gulf
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$640 million agreement to be fulfilled over a five-year period; long-term, recurring contract with a national space infrastructure platform further demonstrates iRocket’s differentiated technology, scalability, and go-to-market strategy
Innovative Rocket Technologies Inc., a next-generation reusable space rocket developer, and BPGC Acquisition Corp. (“BPGC”), a special purpose acquisition company sponsored by industrialist investor 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, announced that iRocket has entered into a five-year launch integration, mission planning, and propulsion systems agreement with SpaceBelt KSA (“SpaceBelt KSA”), a Saudi-based space logistics and satellite security platform focused on building sovereign, encrypted communication infrastructure across the Gulf region, for a total contract value of up to $640 million.
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Asad Malik, CEO of iRocket, said, “This partnership places iRocket at the forefront of one of the most strategic and forward-looking space innovation initiatives in the Middle East, and, importantly, further validates our position as a go-to services provider. We believe that our multi-year agreement with SpaceBelt KSA reflects the global demand for securing economically viable and scalable space access as nations and corporations alike seek to strengthen their communication and surveillance capabilities.”
“This relationship marks a significant step in our journey to become a regional and global leader in secure space operations,” commented Cliff Beek, CEO of SpaceBelt KSA. “Aligning our efforts with the iRocket team advances our vision to build sovereign space-based infrastructure for the Kingdom that delivers strategic value across defense, enterprise, and diplomacy sectors.”
“As a private entity, we are proud to partner with leading innovators in space systems to develop the core infrastructure for sovereign space logistics, supporting both the national and commercial ambitions of Saudi Arabia’s Vision 2030,” said Eng. Mohammed Al-Tuwaijri, Co-Founder and Chairman of SpaceBelt KSA. “We hope this collaboration will not only strengthen Saudi Arabia’s technological capabilities and create new high-skilled jobs, but also enhance the Kingdom’s position as a regional leader in the space sector, attract international investment, and drive economic diversification for the benefit of all Saudis.”
Under the agreement, iRocket will provide launch vehicle integration, mission planning, and propulsion system for up to 30 of SpaceBelt KSA’s upcoming orbital launches. The partnership includes multiple launches of satellite constellations, laying the foundation for a secure, resilient, and autonomous space-based communications network across Saudi Arabia and the broader Gulf Cooperation Council (“GCC”) region. The collaboration also includes joint testing and future launch operations within the GCC, paving the way for technology transfer, regional manufacturing, and the expansion of space-based capabilities that support both national security and commercial growth.
SpaceBelt KSA’s mission is to secure the future of space-based communications platforms in Saudi Arabia and the region through its patented satellite technologies. By enabling encrypted satellite networks, secure data transmission, and digitally sovereign infrastructure, the Company is advancing a tech-driven future that supports Saudi Arabia’s broader space innovation strategy under Vision 2030.
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