Former Google CEO Eric Schmidt has [1]taken control of rocket startup Relativity Space , replacing co-founder Tim Ellis as CEO and significantly funding the company's development of its medium-lift rocket, Terran R. The New York Times [2]first reported (paywalled) the news. Ars Technica reports:

> 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.

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> 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 [3]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."

Relativity also on Monday [4]released a video outlining the development of the Terran R rocket and the work required to reach the launch pad.

According to the video, the first "flight" version of the Terran R rocket will be built this year, with tentative plans to launch from a pad at Cape Canaveral, Florida, in 2026. "The company aims to soft land the first stage of the first launch in the Atlantic Ocean," adds Ars. "However, the 'Block 1' version of the rocket will not fly again."

"Full reuse of the first stage will be delayed to future upgrades. Eventually, the Relativity officials said, they intend to reach a flight rate of 50 to 100 rockets a year with the Terran R when the vehicle is fully developed."



[1] https://arstechnica.com/space/2025/03/former-google-ceo-eric-schmidt-is-the-new-leader-of-relativity-space/

[2] https://www.nytimes.com/2025/03/10/technology/eric-schmidt-relativity-space.html?searchResultPosition=1

[3] https://x.com/thetimellis/status/1899191048481788092

[4] https://www.youtube.com/watch?v=2c1VB44Ll90