3D-Printed Rockets · Terran R Reusable Launcher · $6.5B Valuation
Last updated: June 18, 2026 · Status:Pre-IPO — No S-1 Filed · S-1: Not filed
The short version
Relativity Space is the only company manufacturing orbital rockets using metal 3D printing at scale — reducing part count 100x and production time from years to weeks. Terran 1 launched in 2023. Terran R (fully reusable) is in development with first launch targeted 2026. $6.5B valuation, $1.3B raised. No S-1 filed — IPO likely 2027–2028 once commercial cadence is proven.
IPO Quick Facts
Field
Data
Company
Relativity Space Inc.
CEO
Tim Ellis
Headquarters
Long Beach, CA
Founded
2015
Product
3D-printed orbital rockets (Terran 1, Terran R)
Valuation
$6.5B (Series F, 2021)
Total Funding
$1.335B
Key Investors
Bond Capital, Tribe Capital, Playground Global, a16z
IPO Status
Pre-IPO — No S-1 Filed
Expected IPO
2027–2028 (estimate — no confirmed date)
Ticker
TBD
Primary Exchange
TBD (Nasdaq likely)
IPO Readiness Score
41
/ D+
IPO Readiness: D+ Grade
Innovative manufacturing technology and large addressable market. Blocked by: no S-1 filed, no proven commercial launch cadence, Terran R still in development, space market headwinds, and SpaceX dominance in the market. Needs consistent commercial success before IPO candidacy.
Why Relativity Space is Worth Watching
Relativity's 3D printing approach is genuinely differentiated. Traditional rocket manufacturing involves thousands of precision parts sourced from hundreds of suppliers over years. Relativity's "Stargate" printers reduce this to a handful of printed structures — fewer parts means fewer failure points and faster iteration. The question is whether this advantage translates to a meaningful cost and schedule advantage against SpaceX, which has a decade head start and vastly more flight data.
Terran 1's successful (if delayed) launch in 2023 proved the concept works. Terran R's success — a fully reusable rocket competing with Falcon 9 — would significantly change the IPO narrative. SpaceX proved reusable rockets are economically transformative. If Relativity can replicate even a fraction of that with a modern manufacturing approach, the valuation case is strong.
The risk: SpaceX's head start, Falcon 9's proven reliability, and Starship development create a challenging competitive environment. Commercial customers are risk-averse — they want proven vehicles, not promising technology.
Product Portfolio
Rocket
Status
Payload
Notes
Terran 1
Launched 2023
1,250 kg to LEO
First 3D-printed orbital rocket. Successfully reached orbit March 2023.
Terran R
In Development
20,000 kg to LEO
Fully reusable. Competes with Falcon 9. First launch targeted 2026.
Terran H
Planned
12,000 kg to LEO
Medium-lift partially reusable option.
IPO Timeline
2015
Relativity Space founded by Tim Ellis and Jordan Noone in Los Angeles.
2018–2021
Raises $1.335B across multiple rounds, reaching $6.5B valuation. Develops Stargate 3D printing technology.
March 2023
Terran 1 launches successfully. First 3D-printed orbital rocket to reach orbit.
2026 (NOW)
Terran R development and testing. First launch targeted 2026.
2027–2028 (Estimate)
Earliest plausible IPO window, assuming Terran R commercial launch success.
Relativity Space has not filed an S-1 as of June 2026. The company is focused on completing Terran R development and achieving commercial launches. An IPO is plausible in 2027–2028 once the company demonstrates consistent commercial launch cadence with Terran R.
Relativity Space was last valued at $6.5 billion from its Series F in 2021. The company has not raised at a higher valuation since the space market correction of 2022–2023, though its focus on 3D printing and reusable rockets remains differentiated.
Relativity prints its rockets using a proprietary metal 3D printing process called 'Stargate' — the largest 3D metal printers in the world. This reduces part count by 100x and production time from years to weeks. A single Stargate machine can print a rocket's entire main structure.
Terran R is Relativity's fully reusable medium-to-heavy lift rocket designed to compete with SpaceX Falcon 9. It uses the same 3D printing manufacturing approach as Terran 1 but at a larger scale. First launch is targeted for 2026.
Relativity competes with SpaceX (Falcon 9, Starship), Rocket Lab (Electron, Neutron), Blue Origin (New Glenn), and emerging players like Aalo Atomics. Relativity's differentiation is 3D printing — faster production, fewer parts, potential for lower costs at scale.
Pre-IPO Relativity Space shares may be available on secondary markets like Hiive for accredited investors. However, liquidity is limited and the company is not yet publicly traded. No S-1 has been filed.