Eric Schmidt Takes the Helm at Relativity Space

Eric Schmidt has been appointed as the new CEO of the U.S. aerospace startup Relativity Space, a company known for its innovative approach to rocket manufacturing. Schmidt, who previously served as the CEO of Google from 2001 to 2011, has not held a leadership role since leaving the tech giant.

During a recent meeting, Schmidt announced to the company's staff that he has made a significant investment in Relativity Space, acquiring a majority stake in the firm. This change in leadership comes as the company, established in 2015 by Timothy Ellis and Jordan Noone--both former employees of SpaceX--looks to advance its mission of creating cost-effective rocket solutions.

The primary goal of Relativity Space is to develop rockets that leverage 3D printing technology, aiming to reduce both production costs and timeframes. The company's first rocket, the Terran 1, was predominantly made from 3D-printed components. Its inaugural launch, however, ended in failure when the rocket exploded shortly after takeoff in March 2023, failing to reach orbit.

Following the setback, Relativity Space announced plans to pivot from the Terran 1 to focus on the development of the larger Terran R rocket, which is designed to compete with SpaceX's Falcon 9. The Terran R is anticipated to be reusable and includes fewer 3D-printed parts than its predecessor, with the first launch expected to occur next year.

While the exact amount of Schmidt's investment remains undisclosed, it is known that Relativity Space has raised approximately $2 billion through various funding rounds and is currently valued between $4 billion and $6 billion.