Eric Schmidt, the former CEO of Google, is set to take the reins as the CEO of Relativity Space, a 9-year-old startup that specializes in rocket technology, as confirmed by a company spokesperson in a statement to TechCrunch. This marks Schmidt’s first CEO role since his departure from Google nearly 15 years ago.

In a recent announcement to Relativity Space employees, Schmidt revealed that he has made a substantial investment in the company and acquired a controlling stake, as initially reported by The New York Times.

Schmidt will be succeeding Tim Ellis, the startup’s co-founder, as chief executive. In a post on X, Ellis expressed his intention to continue supporting Relativity Space as a director on the company’s board.

The timing of Schmidt’s appointment coincides with Relativity Space’s preparation for the launch of Terran R in 2026, a more advanced rocket that will compete with SpaceX’s Falcon 9 and Falcon Heavy. In anticipation of this launch, Relativity Space has secured nearly $3 billion in launch contracts with customers, according to The New York Times.

During his tenure as Google’s CEO, which spanned roughly 10 years, Schmidt played a crucial role in the company’s growth. He was brought on board in 2001 to lead the rapidly expanding search company, as Google’s board urged its young founders, Sergey Brin and Larry Page, to allow an experienced business leader to take the helm.

Now, as the CEO of Relativity Space, Schmidt will be joining the company at a pivotal moment in its history. His presence may bring both capital and expertise to help guide the company through the launch of Terran R. Additionally, Schmidt’s extensive connections in Washington, D.C., could potentially facilitate Relativity Space’s collaboration with government officials on future launches.

Relativity Space is known for its innovative approach to producing rockets, utilizing techniques such as 3D printing, automated robots, and artificial intelligence. The company had previously announced plans to launch the first private space mission to Mars by 2024, although certain challenges have led to delays in achieving these ambitious milestones.

In 2023, Relativity Space successfully launched its Terran 1 rocket, demonstrating the effectiveness of its 3D-printed technology. However, the rocket failed to reach orbit. The following month, the startup announced its decision to discontinue Terran 1 and focus exclusively on developing the Terran R.

Relativity Space, based in Long Beach, reportedly faced financial difficulties in 2024 and struggled to secure additional funding, as previously reported by Bloomberg. The company’s existing investors include notable names such as Mark Cuban, BlackRock, and Fidelity.

Although running a rocket company differs significantly from managing a search engine company, Schmidt has a proven track record of successfully growing startups. With intense competition in the space industry from companies like SpaceX, Rocket Lab, and Blue Origin, Relativity Space may benefit from Schmidt’s leadership and expertise at the helm.