(Bloomberg) — Eric Schmidt, the former chief executive officer of Google, has made a significant investment in 3D-printed rocket maker Relativity Space Inc., according to people with knowledge of the matter.
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The businessman, who has a range of investment and philanthropic interests, has been backing the company since last year, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The company previously faced challenges raising money in 2024, according to Bloomberg reporting.
A representative for Schmidt declined to comment. Relativity didn’t immediately respond to a request for comment. It wasn’t clear how much Schmidt invested.
Relativity, which is based in Long Beach, California, was founded in 2015 with the ambition of building rockets that were almost entirely 3D-printed. The company received a valuation of $4.2 billion in 2021, with a list of investors that includes Fidelity Management & Research Company, Jared Leto and Mark Cuban.
The company launched its first rocket, the Terran 1, in 2023 during a test flight that failed to reach orbit. It opted to discontinue development of the vehicle afterward, instead focusing on the Terran R, a larger vehicle that is due to fly in 2026.
Last year, Relativity’s cash reserves ran low as the company struggled to raise the additional capital it needed for Terran R’s development and daily operations.
Schmidt, 69, was the CEO of Alphabet Inc., then called Google, until 2011, when he became executive chairman, and left the board in 2019. Since then he has been involved in philanthropic and investment efforts, alongside advisory work with the US Government and his family foundation.
–With assistance from Julia Love.
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