Former Google CEO Eric Schmidt has taken on the role of CEO at Relativity Space, a nine-year-old rocket startup, marking his return to a chief executive position nearly 15 years after leaving Google. Schmidt’s appointment was confirmed by a company spokesperson to TechCrunch.
On Monday, Schmidt informed Relativity Space employees of a substantial investment he had made, granting him a controlling stake in the company. He succeeds Tim Ellis, one of the founders, who will remain as a board director to continue supporting the company’s vision.
Schmidt steps into this role at a pivotal time for Relativity Space, which is preparing for the anticipated 2026 launch of the Terran R rocket. This new model is expected to compete directly with SpaceX’s Falcon 9 and Falcon Heavy rockets. In preparation for the Terran R’s inaugural launch, Relativity Space has secured contracts worth nearly $3 billion with various clients.
During his decade-long tenure as CEO of Google, Schmidt was brought on to steer the rapidly expanding search engine at a time when its young founders, Sergey Brin and Larry Page, needed experienced guidance. Now, Schmidt’s leadership comes as Relativity Space aims to revolutionise space travel with innovative production techniques, including 3D printing and advanced automation, all bolstered by artificial intelligence.
The company originally intended to undertake its first private Mars mission by 2024 but has faced delays due to various challenges. In 2023, Relativity Space successfully launched its Terran 1 rocket, showcasing the viability of its 3D-printed technology, although the rocket unfortunately failed to achieve orbit. Following this, the company decided to cease further development on Terran 1 and concentrate entirely on the new Terran R model.
However, in 2024, Relativity Space encountered financial hurdles, reportedly experiencing cash flow issues and difficulties in raising additional funding. Notable investors in the company have included Mark Cuban, BlackRock, and Fidelity.
While leading a rocket company presents a different challenge compared to managing a tech giant like Google, Schmidt has a track record of fostering startup growth. With fierce competition from industry players such as SpaceX, Rocket Lab, and Blue Origin, Schmidt’s extensive experience and connections, particularly in Washington D.C., could play a crucial role in propelling Relativity Space forward as it navigates the complexities of the rapidly evolving space industry.
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