A Rocket Maker Burned Through Cash, Then Eric Schmidt Swooped In

Relativity Space Inc. co-founder Tim Ellis wanted to revolutionize the rocket industry with 3D printing. He persuaded big-name investors from BlackRock Inc. and Fidelity Investments to Mark Cuban and Jared Leto to back his vision.

But after burning through more than $1 billion, Ellis wasn’t entirely able to make his big idea pan out.

Now, the company is attempting to forge ahead with rockets made by more traditional methods — and a new boss. It has received nearly $800 million in fresh funding from its new CEO, former Google chief Eric Schmidt, according to a person familiar with the ...