Eric Schmidt seeks to reboot Relativity Space

Zoom in: Sources say that Schmidt is basically recapping and refocusing Relativity, which has done a better job securing orders than delivering on them.

• No word on exactly how much Schmidt invested, or has committed to invest going forward, except that he now sits atop a preference stack of VCs who have written down their investments to either zero or nearly zero.
• Relativity had raised over $2 billion from such firms as Bond, Fidelity, Playground Global, and Social Capital, according to PitchBook.

The bottom line: Billionaires love to run in the space race.