Relativity Space’s third generation 3D-printer in its new headquarters, with CEO Tim Ellis standing by for scale.
Rocket builder and 3D-printing specialist Relativity Space is raising $500 million of fresh capital in a new round being led by Tiger Global Management, people familiar with the financing told CNBC on Tuesday.
The new fundraise, expected to close in the coming days, would jump Relativity’s valuation to $2.3 billion, those people said. In addition to Tiger Global, Fidelity is also joining the round as a new Relativity investor. Existing investors in Relativity are also expected to be contributing — those include Social Capital, Playground Global, Y Combinator, Bond Capital, Tribe Capital, Jared Leto and Mark Cuban.
Tiger Global, the hedge fund of investor Chase Coleman, has more than $40 billion in assets under management.
Relativity declined CNBC’s request for comment.
Relativity Space conducts a pressure test of a 3D printed tank.
The company is building the first iteration of its Terran 1 rocket. But unlike other rockets, Relativity is using multiple 3D-printers, all developed in-house, to build Terran 1. The rocket is designed to have about 95% of its parts be 3D-printed, which allows Relativity’s rocket to be less complex, and faster to build or modify, than traditional rockets. Additionally, Relativity says its simpler process will eventually be capable