Ex-Google CEO Eric Schmidt to lead SpaceX rival
What's the story
Former Google CEO Eric Schmidt has been named the new chief executive officer of Relativity Space, a nine-year-old rocket start-up.
This is Schmidt's first CEO role since he left Google roughly 15 years ago.
The billionaire techie is taking over from Tim Ellis, co-founder and former chief executive officer of Relativity Space.
Ellis will continue to support Relativity Space as a director on the company's board.
Strategic shift
Schmidt's investment and future plans
Not only has Schmidt taken on the role of CEO, but he has also made a significant investment in Relativity Space, acquiring a controlling stake in the company.
This strategic move comes at an important time as Relativity Space gears up for the 2026 launch of its larger rocket, Terran R.
The new rocket will compete with industry titans like SpaceX's Falcon 9 and Falcon Heavy.
Innovation drive
Relativity Space's innovative approach and ambitious goals
Relativity Space is known for its unconventional approach to rocket manufacturing, including the use of 3D printers, automated robots, and artificial intelligence.
The company had ambitious plans to launch the first private space mission to Mars by 2024.
However, some launch failures have temporarily put these bold goals on hold.