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Ellis & Noone's "Relativity Space, Inc."

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Eric Berger reports; Relativity Space is moving on from the Terran 1 rocket to something much bigger
Company has announced some major changes; no more Terran 1 flights, moving directly to Terran R with 13 engines instead of 7, not 3D printing the tanks just engine parts, R second stage will not be reusable, 23.5 ton payload to LEO with reusing the booster, 33.5 tons to LEO in expendable mode.

Claiming the Terran R will fly in 2026. Can the company hang on that long? Even with $1.3 billion in the bank it’s going to be a challenge.

Relativity has signed a customer backlog of $1.65 billion in launch service agreements and has an additional $3.68 billion in customer pipeline. In its news release, Relativity included hopeful comments from constellation operators, including Iridium and OneWeb, about the rocket's potential.

What seems clear is that Ellis is positioning Relativity to compete directly against United Launch Alliance and Blue Origin as the second provider of medium- and large-lift launch services in the United States and Western world. Ellis is not stupid. He recognizes that SpaceX holds a dominant position in the global industry and that through its Falcon 9 and Starship offerings will amply be able to serve NASA, the US government, and commercial customers.