Relativity Space, a Los Angeles-based startup that’s working on 3D-printed rockets, has announced that it’s raised $500 million in Series D funding from a party of investors led by the hedge fund Tiger Global. Other notable participants in the round include General Catalyst, Baillie Gifford, Fidelity, Mary Meeker’s Bond, Playground Global, and entrepreneurs Mark Cuban and Spencer Rascoff (Zillow).

The $500 million round represents one of the largest-ever single rounds for a space startup, on par with several rounds raised by the aerospace leader SpaceX. Although the valuation that came with the round isn’t disclosed, previous reports that shed light on the funding round even before its formal announcement pegged the valuation at $2.3 billion.

Relativity Space is a very notable company, given its work on 3D printing rockets and rocket parts. It’s the first known company that’s looking to 3D print the majority of an entire rocket, with an aim of making the rocket-making process much cheaper, modular, and easier. 

Already, Relativity has secured contracts with commercial launch customers including NASA, Spaceflight Industries, and Iridium. The company is working on its first rocket, the Terran 1, which it says is on track to launch next year from Cape Canaveral, a locale that has long played host to major space launches both from NASA and the aerospace company SpaceX.

Relativity says it’s successfully tested a 3D-printed 23,000-pound thrust rocket engine, doing so for 186 seconds. Overall, the company says it’s conducted over 400 hot-fire tests.

Relativity has expanded over the years to more than 230 employees and recently moved to a new 120,000 sq. ft. headquarters in Long Beach, California. With its new capital, the company will expand even more, with hopes of pioneering the development of a 3D-printed rocket.

Photo: Relativity Space Co-founders Tim Ellis and Jordan Noone with a fully 3-D printed rocket segment|Relativity Space

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