Another Silicon Valley investor is getting into the rocket business.
Former Google chief executive Eric Schmidt has taken a controlling interest in the Long Beach, California-based Relativity Space. The New York Times first reported the change becoming official, after Schmidt told employees in an all-hands meeting on Monday.
Schmidt’s involvement with Relativity has been quietly discussed among space industry insiders for a few months. Multiple sources told Ars that he has largely been bankrolling the company since the end of October, when the company’s previous fundraising dried up.
It is not immediately clear why Schmidt is taking a hands-on approach at Relativity. However, it is one of the few US-based companies with a credible path toward developing a medium-lift rocket that could potentially challenge the dominance of SpaceX and its Falcon 9 rocket. If the Terran R booster becomes commercially successful, it could play a big role in launching megaconstellations.
Schmidt’s ascension also means that Tim Ellis, the company’s co-founder, chief executive, and almost sole public persona for nearly a decade, is now out of a leadership position.
“Today marks a powerful new chapter as Eric Schmidt becomes Relativity’s CEO, while also providing substantial financial backing,” Ellis wrote on the social media site X. “I know there’s no one more tenacious or passionate to propel this dream forward. We have been working together to ensure a smooth transition, and I’ll proudly continue to support the team as Co-founder and Board member.”
Terran R’s road to launch
On Monday, Relativity also released a nearly 45-minute video that outlines the development of the Terran R rocket to date and the lengths it must go to reach the launch pad. Tellingly, Ellis appears only briefly in the video, which features several other senior officials who presumably will remain with the company, including Chief Operating Officer Zach Dunn.
