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Illustration for: NASA Picks Eric Schmidt's Relativity Space for a 2028 Mars Mission, Setting Up a Race With SpaceX
Value Add VC/Pulse/BIG TECH2028 Mars mission

NASA Picks Eric Schmidt's Relativity Space for a 2028 Mars Mission, Setting Up a Race With SpaceX

NASA selected Relativity Space -- the rocket company Eric Schmidt took over and now runs as CEO -- to build and fly the Aeolus orbiter to Mars in 2028, funded by an unnamed philanthropic backer. It's an audacious bet on an unproven launcher and, if it works, could make Relativity the first private mission to reach the Red Planet.

By the Numbers

Relativity Space
Company
Eric Schmidt
CEO
Aeolus orbiter
Mission
2028
Launch
Terran R
Rocket
SpaceXSPCX
TC
By the Markets Desk
Edited by Trace Cohen ยท Early-stage VC & angel ยท Founder, New York Venture Partners
June 19, 2026
1 min read
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THE RUNDOWN

1

A private, philanthropically funded Mars mission is a new model for space exploration outside NASA's budget cycle

2

It pits Schmidt's Relativity directly against SpaceX in the race to Mars

3

Relativity's Terran R has never reached orbit, so NASA is taking on real execution risk

4

Aeolus would deliver the first daily global view of Mars' dust, wind and temperature

TC

The VC Read ยท Trace's Take

Trace Cohen

The headline is Mars, but the real story is who's paying: an unnamed philanthropist underwriting a planetary mission is a genuinely new funding model for deep space. Schmidt buying a struggling rocket company and pointing it at Mars is exactly the kind of asymmetric, ego-and-mission bet that only a billionaire operator makes. The risk is blunt -- Terran R hasn't reached orbit -- so this is a call option, not a sure thing. But if it flies, the privatization of space just jumped from satellites to other planets, and that re-rates the whole category.

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Analysis

NASA has tapped Relativity Space to build a spacecraft, launch it, and fly it to Mars by 2028 in a mission called Aeolus -- four instruments that would deliver what NASA expects to be the first daily, global view of dust, wind and temperature in the Martian atmosphere. The orbiter would double as a communications relay, and the development is being paid for by a philanthropic backer Relativity has not named.

The company is an unusual choice. Relativity's Terran R has never reached orbit, and the firm ran into fundraising trouble before Eric Schmidt, the former Google CEO, took a majority stake last year and installed himself as chief executive. NASA is explicitly accepting that risk: there is no guarantee the mission makes it off the ground on a timeline this aggressive.

โ€œNASA is explicitly accepting that risk: there is no guarantee the mission makes it off the ground on a timeline this aggressive.โ€

The upside is strategic. If Aeolus launches on schedule, Relativity could become the first private company to reach Mars -- a milestone SpaceX has chased for years -- and validate a model where deep-pocketed philanthropy, not just federal appropriations, funds planetary science. It's a sign that the privatization of space has moved from low-Earth orbit to interplanetary ambitions.

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Reported by TechCrunch ยท Analysis by Value Add Pulse.

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@Trace_Cohenยทt@nyvp.com