Relativity Space
Relativity Space is developing Terran R, a reusable heavy-lift rocket, using software-driven manufacturing and large-scale additive manufacturing.
The Company
Relativity retired its smaller Terran 1 program to focus capital and engineering resources on the larger reusable Terran R vehicle.
Eric Schmidt acquired a controlling stake and became chief executive in 2025, effectively recapitalizing the company around that launch program.
Why It Matters
Relativity demonstrates the binary nature of late-stage space investing: technical milestones can overwhelm historical funding marks. Terran R progress is the key evidence investors need to assess the reset.
Valuation History
What Changed
Eric Schmidt took control and became CEO as the company refocused on Terran R.
Continued development and stage testing ahead of a planned debut.
THE NEXT COMPANY. A CLEARER PICTURE.
Get the next breakdown.
Independent company research and perspectives on private markets, delivered through The Private Ledger on Substack.