NASA
Relativity Space
Overview
Vertically integrated 3D-printed rocket manufacturer, led since March 2025 by Eric Schmidt (former Google CEO), who took a controlling stake; co-founder Tim Ellis departed the CEO role. Pivoted from small Terran 1 (reached space March 2023 but did not achieve orbit) to larger reusable Terran R, which carries a launch backlog of roughly $3B. SES multi-launch agreement ($200M+) secured as anchor customer. Aeon R engine completed 25+ successful hot fires at Stennis Space Center. First Terran R flight targeting NET Q1 2027.
Moat: World's largest metal 3D printers (Stargate) enable rapid design iteration at a fraction of traditional tooling cost. Terran R's partially 3D-printed reusable first stage targets Falcon 9 payload class at lower per-unit manufacturing cost. SES anchor contract provides $200M+ revenue visibility.
Business
Primary customers
- Commercial: SES (satellite operator)
- Government: U.S. Government / DoD
Sectors
Launch Services · Additive Manufacturing · Medium Lift
Gallery
Key Products
- Terran Rdevelopment
Medium-to-heavy reusable rocket (partially 3D-printed); Aeon R LOX/methane engines
- Terran 1retired
Small-lift 3D-printed rocket; first launch March 2023; reached space but did not orbit; program retired
First flight: 2023-03-22
Investor Resources
Primary-source documents — straight from Relativity Space's investor relations and SEC filings.
Near-term Catalysts
- 2026
Terran R first stage completion and engine integration
Major manufacturing milestone on path to first flight
- 2027 Q1
Terran R first flight
Validates 3D-printing manufacturing approach at orbital scale; unlocks SES and government revenue
Top Risks
- No orbital flights yet — significant execution risk before first Terran R launch
- Delay from 2026 to 2027 first flight target; further delays could pressure SES contract
- Funding gap risk if additional capital needed before first flight generates revenue
- SpaceX Falcon 9 and Rocket Lab Neutron target similar medium-lift market segment
Recent Milestones
- 2025-03-10
Eric Schmidt becomes CEO after taking a controlling stake in the company; co-founder Tim Ellis departs — Terran R backlog disclosed at ~$3B
- 2023-03-22
Terran 1 first launch — reached space (100 km) but did not achieve orbit; world's first 3D-printed orbital rocket attempt
- 2025
Aeon R engine completed 25+ successful hot fires at Stennis Space Center including 4 in a single day
- 2025
Terran R first stage structural barrels welded; thrust section completed; first stage in final assembly
- 2025-11
SES multi-launch agreement $200M+ confirmed for Terran R launches
From Management
Recent interviews and talks from Relativity Space's leadership — hear the strategy in their own words.
What investors should know
Q1What is Terran R and when will it fly?⌄
Q2What happened to Terran 1?⌄
Q3What is Relativity Space's total funding and valuation?⌄
Q4What is Relativity's manufacturing advantage?⌄
Q5Who are Relativity's key customers?⌄
Q6How does Terran R compare to competitors?⌄
Q7Is Relativity Space planning an IPO?⌄
Peers
Sources & References
Trade Press
- TechCrunch — Relativity Space $650M Series E at $4.2B Valuation Jun 2022 · 2022-06-08(archived)
- SpaceNews — Relativity Names Eric Schmidt as CEO as it Updates Terran R Development · 2025-03-10(archived)