Relativity’s value seems to be plummeting. For several years, an innovative, California-based launch company named Relativity Space has been the darling of investors and media. But the honeymoon appears to be over, Ars reports. A little more than a year ago, Relativity reached a valuation of $4.5 billion following its latest Series F fundraising round. This was despite only launching one rocket and then abandoning that program and pivoting to the development of a significantly larger reusable launch vehicle. The decision meant Relativity would not realize any significant revenue for several years, and Ars reported in September on some of the challenges the company has encountered developing the much larger Terran R rocket.
Gravity always wins … Relativity is a privately held company, so its financial statements aren’t public. However, we can glean some clues from the published quarterly report from Fidelity Investments, which owns Relativity shares. As of March 2024, Fidelity valued its 1.67 million shares at an estimated $31.8 million. However, in a report ending November 29 of last year, which was only recently published, Fidelity’s valuation of Relativity plummeted. Its stake in Relativity was then thought to be worth just $866,735—a per-share value of 52 cents. Shares in the other fundraising rounds are also valued at less than $1 each.
SpaceX has already launched four times this year. The space company is off to a fast start in 2025, with four missions in the first nine days of the year. Two of these missions launched Starlink internet satellites, and the other two deployed an Emirati-owned geostationary communications satellite and a batch of Starshield surveillance satellites for the National Reconnaissance Office. In its new year projections, SpaceX estimates it will launch more than 170 Falcon rockets, between Falcon 9 and Falcon Heavy, Spaceflight Now reports. This is in addition to SpaceX’s plans for up to 25 flights of the Starship rocket from Texas.
What’s in store this year?… Highlights of SpaceX’s launch manifest this year will likely include an attempt to catch and recover Starship after returning from orbit, a first in-orbit cryogenic propellant transfer demonstration with Starship, and perhaps the debut of a second launch pad at Starbase in South Texas. For the Falcon rocket fleet, notable missions this year will include launches of commercial robotic lunar landers for NASA’s CLPS program and several crew flights, including the first human spaceflight mission to fly in polar orbit. According to public schedules, a Falcon 9 rocket could launch a commercial mini-space station for Vast, a privately held startup, before the end of the year. That would be a significant accomplishment, but we won’t be surprised if this schedule moves to the right.
