Los Angeles-based Relativity Space has raised $500M in a round of Series D financing led by Tiger Global Management and will use the funds to advance the development of its launch vehicle, 3D printing technologies and other programs.
“We are on track to launch our first Terran 1 rocket to orbit next year with existing capital on our balance sheet. With this new Series D funding, we will now dramatically accelerate the development of our long-term plans and look beyond first launch,“ Tim Ellis, co-founder and CEO of Relativity Space, said in a statement published Monday.
Relativity used 3D printing to speed up the development of the Terran 1 orbital rocket in less than 60 days.
New and existing investors participated in the funding round and those include Fidelity Management & Research Co., ICONIQ Capital, Baillie Gifford, General Catalyst, Senator Investment Group, Elad Gil, XN, BOND, Tribe Capital, 3L, Mark Cuban, Playground Global, Spencer Rascoff, K5 Global and Allen & Company.
Relativity said it achieved several milestones in the past year, including a contract with Iridium Communications to send up to six ground spare satellites to low-Earth orbit as part of the Iridium NEXT constellation and the company's selection by Lockheed Martin for NASA's Tipping Point contract to perform a cryogenic fluid management launch mission.
Allen & Company and Fenwick & West respectively served as Relativity Space's financial and legal advisers in the financing round.