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Relativity Space Inc. has received nearly $800 million in funding from new CEO Eric Schmidt after co-founder Tim Ellis's efforts to innovate with 3D printing faltered, resulting in over $1 billion in losses. The company is now pivoting to conventional rocket manufacturing methods.

Schmidt, previously CEO of Google, aims to raise capital at a valuation exceeding $1 billion and has expanded the workforce with attractive compensation packages. The space sector faces challenges, with past failures from companies like Virgin Orbit and Astra Space highlighting the difficulties of achieving sustainable success. Schmidt's initiatives coincide with increased investment in the commercial space industry, driven by SpaceX's success and plans for an IPO as soon as 2026.