Eric Schmidt Takes on CEO Role at Relativity Space

Eric Schmidt, the former CEO of Google, has recently taken over as the chief executive of Relativity Space, a rocket startup that has been in operation for nine years. This marks Schmidt’s first CEO role since leaving Google nearly 15 years ago, according to a company spokesperson’s statement to TechCrunch.

In a meeting with Relativity Space employees, Schmidt disclosed that he has made a significant investment in the company, acquiring a controlling stake. His move to Relativity Space came as a surprise and signals his commitment to the startup’s future. He will succeed Tim Ellis, one of the company’s founders, who will remain involved as a director on the board.

One of the key tasks ahead for Schmidt will be overseeing the launch of the company’s new rocket, Terran R, planned for 2026. This larger rocket is designed to compete with established players like SpaceX, particularly its Falcon 9 and Falcon Heavy models. To prepare for the Terran R’s upcoming debut, Relativity Space has already secured nearly $3 billion in launch contracts with various customers, as reported by the New York Times.

Schmidt’s leadership at Google’s helm lasted around ten years, during which he was brought in to guide the fast-growing tech firm by the company’s board. The founders, Sergey Brin and Larry Page, were encouraged to let a seasoned executive take charge, which led to Schmidt’s appointment in 2001. Now, with his extensive background, Schmidt is stepping into a pivotal role at Relativity Space just as it aims to make significant strides in the aerospace sector.

Relativity Space is noteworthy for its unique approach to rocket production, utilizing advanced technologies like 3D printing, automated robotics, and artificial intelligence in its manufacturing process. The company also had ambitions to lead the first private mission to Mars by 2024. However, recent challenges have delayed these bold plans.

In 2023, the company successfully launched its Terran 1 rocket as a demonstration of its 3D-printed technology. Nevertheless, Terran 1 did not reach orbit, leading Relativity Space to decide to end its development in favor of focusing on the Terran R rocket.

Despite facing obstacles, including cash flow issues in 2024, which made funding a challenge, Relativity Space has a notable list of previous investors, such as Mark Cuban, BlackRock, and Fidelity. These financial ties have provided some level of backing during turbulent times for the company.

While transitioning from running a major tech company to leading a rocket startup may appear challenging, Schmidt’s track record suggests he is capable of driving growth and navigating complex business landscapes. The space industry is fiercely competitive, with companies like SpaceX, Rocket Lab, and Blue Origin vying for market share. Having someone with Schmidt’s expertise and connections, particularly in Washington, D.C., may provide Relativity Space with invaluable support as it moves forward with its ambitious plans.