Relativity Space, a company that is on a mission to create a 3D-printed rocket competitive with SpaceX, is on track to launch its first rocket by the end of the year after raising $650 million in a Series E venture round. The round was aiming to raise funds to accelerate the development of the Terran R rocket, which will be completely 3D printed and allegedly capable of launching bigger payloads than SpaceX’s Falcon 9. Relativity was founded in 2015 by veterans of tech companies Blue Origins and SpaceX.
In total, the company has raised $1.3 billion in venture backing, including finances from high-profile investors such as Mark Cuban. The company boasted an estimated valuation of $4.2 million in the previous round. Other investors include BlackRock, Tiger Global, Tribe Capital, Jared Leto, and others. Terran 1, the company’s first iteration of its 3D printed rocket, is geared towards competing with rideshare missions on larger rockets and small launch vehicles such as Rocket Lab’s Electron. The first test flight of Terran 1 is set to occur at the end of this year.
Read More: Relativity Space Raises $650 Million To Make Its 3D-Printed Rocket Competitive With SpaceX
