The former Google chief executive is taking a controlling interest in Relativity Space, which aims to build low-cost, reusable rockets to compete against Elon Musk’s SpaceX and to reach Mars.

Schmidt announced at a company meeting that he had made a “significant investment” in the firm and taken a “controlling stake” in it, the New York Times has reported. On top of that, Schmidt plans to take the role of CEO at the company.

Relativity Space announced it has begun production on the Terran R rocket aiming for a late 2026 launch from Cape Canaveral while also switching up CEOs.

Eric Schmidt, who was the CEO of Google from 2001 to 2011, is now the CEO of rocket startup Relativity Space, a company spokesperson confirmed to TechCrunch. Schmidt will be replacing Relativity Space co-founder Tim Ellis in the CEO role.

Former Google chief executive Eric Schmidt has taken a controlling interest in the Long Beach, California-based Relativity Space. The New York Times first reported the change becoming official, after Schmidt told employees in an all-hands meeting on Monday.