An artist’s rendition of a Terran R rocket launching to orbit.
3D-printing specialist Relativity Space raised $650 million to step up work on a fully reusable rocket that will attempt to challenge Elon Musk’s SpaceX in less than three years, the company announced on Tuesday.
The money will be used “to accelerate some of the production ramp rate and get to a higher launch cadence as quickly as we can, because the demand is certainly there for it,” Relativity Space CEO Tim Ellis told CNBC.
Relativity’s new capital will be focused on its Terran R rocket, a launch vehicle that would be similar in size and power to SpaceX’s workhorse Falcon 9 rocket.
Terran R will carry 20 times…