Schmidt joins other notable figures in the industry such as Elon Musk, known for SpaceX, and Jeff Bezos, associated with Blue Origin. Dave Limp, a former Amazon executive, assumed the role of CEO at Blue Origin in 2023, showcasing the dynamic leadership changes in the space exploration sector.

Relativity Space gained attention for launching the “world’s first 3D printed rocket,” named the Terran 1, even though it faced challenges soon after liftoff. The company is also actively developing the Terran R, described as a “reusable medium-to-heavy-lift launch vehicle.” In a press release on Monday, Relativity Space provided updates on the progress of Terran R, aiming for a launch in late 2026.

Schmidt also told Relativity Space employees today that he has made a significant investment in the company and taken a controlling stake, according to The New York Times. Relativity Space didn’t immediately reply to a request for comment.

“Today marks a powerful new chapter as Eric Schmidt @ericschmidt becomes Relativity’s CEO, while also providing substantial financial backing,“ Ellis says in a post on X. “I know there’s no one more tenacious or passionate to propel this dream forward. We have been working together to ensure a smooth transition, and I’ll proudly continue to support the team as Co-founder and Board member.”