/ Pre-IPO Risk Index / Relativity Space

Relativity Space

Space · Pre-IPO · $4.2B (Q1 2021, restructured 2024)
C-

Mixed (C-) — Round Z Pre-IPO Risk Grade

Relativity Space pivoted from the Terran 1 small-launch program to the Terran R medium-launch program after the December 2023 leadership transition (Tim Ellis stepped down as CEO; Eric Schmidt became Executive Chairman). The pivot required substantial capital and reset the company's near-term revenue trajectory. Terran R first orbital launch remains forward.

52
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Governance Risk
C
Valuation Methodology
C-
Secondary Liquidity
C
Financial Disclosure
C
Exit Probability
C-
/ Public-Record Events

Key risk events & disclosures.

  • Tim Ellis departed as CEO December 2023
  • Eric Schmidt assumed Executive Chairman role
  • Pivot from Terran 1 to Terran R medium-launch program
  • Terran R first orbital launch forward (2026 target)

/ Best for

Investors with high conviction on the Terran R program and willingness to hold through extended development timeline.

/ Watch out for

Terran R first-launch slip risk is material; competitive pressure from Rocket Lab Neutron, Stoke Space, and SpaceX Falcon 9 reuse compresses pricing power.