To avoid the Panama Canal, Relativity Space is moving some operations to Texas
As he consolidates control over Relativity Space, new owner and chief executive Eric Schmidt is planning significant changes at the launch company, including a move to the Lone Star State.
Schmidt’s recent acquisition of the California-based company, which has largely evolved away from its 3D-printing origins to becoming a more conventional rocket developer, has solved Relativity’s primary need. The company has been in a cash crunch for months, and being acquired by one of the 50 wealthiest people on the planet provides financial stability.
One source said Schmidt has made a “mega” investment in Relativity, but the company has not publicly stated the size. It is likely to be at least $1 billion, if not more. Schmidt is also taking an active hand in operations.
