Relativity Space is working on a fully reusable 3D-printed rocket called Terran R that is expected to match the capabilities of SpaceX’s Falcon 9. The rocket is slated to be capable of lifting nearly 20 times as much payload as the company’s Terran 1 rocket, which is priced at $12 million per launch and can carry 1,250 kilograms to low Earth orbit.

CEO Tim Ellis says that Terran R will feature a new engine called Aeon R that the company has already begun developing, different from the Terran 1’s Aeon 1 engines that have been tested hundreds of times so far. Terran R will also become the first fully reusable rocket as only the first-stage boosters of Falcon 9 rockets are reusable. That’s why it is expected to be a strong competitor for Falcon 9.

Zoom In: Relativity Space is currently valued at $2.3 billion. The company is considered one of the most valuable private space companies in the world. Terran 1 which is the first rocket of Relativity Space founded 5 years ago will launch to space this year. On the other hand, the exact timetable for launching Terran R is not known yet. Relativity Space plans to launch Terran R from Cape Canaveral in Florida, where it previously secured a launch site for Terran 1 as well.

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