Nearly two years after its radical pivot, Fidelity slashes Relativity's valuation

"It's a big, bold bet," Ellis said in an interview. "But it's actually a really obvious decision." This pivot reflects confidence in developing a larger, more capable rocket.

With an advertised capacity of more than 1 metric ton to low-Earth orbit and a 'backlog' of launch contracts valued in the hundreds of millions of dollars, according to Ellis, Terran 1 had the potential to draw significant revenue.

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