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Artist's illustration of the Terran R rocket. Image: Relativity Space

Relativity Space has raised $650 million to help fund its plans to build a fully reusable, 3D-printed rocket.

Why it matters: Relativity is part of a growing number of launch companies looking to capitalize on governments and other companies hoping to send their wares to space in the coming years.

Details: The fully reusable rocket — named Terran R — is expected to be 216-feet tall and able to launch 44,000 pounds of cargo to low-Earth orbit, slightly less than a SpaceX Falcon 9's capacity.

  • The smaller Terran-1 rocket, the company's first, is expected to take flight from Cape Canaveral later this year and is about 85% printed, according to Tim Ellis, co-founder and CEO of Relativity Space.
  • "Right now for Terran 1, the print time is on the order of three to four months. It's getting faster, and it will certainly be faster by the second one, the third one and fourth one," Ellis said, adding the company plans to be able to print the Terran R in under 60 days.
  • Relativity Space's funding round was led by Fidelity Management & Research Company, with new investors including BlackRock, Centricus, Coatue and Soroban Capital.

Yes, but: The future market for this kind of launch service still isn't crystal clear.

  • Companies see huge demand for launch today, but as more rockets come online in the coming years, it could make it more difficult to stand out to customers in a market crowded with rides to space.

Go deeper: Companies race to design private space stations before ISS goes offline

Go deeper

At least one person killed, 99 missing after deadly Miami-area condo collapse

A massive search-and-rescue operation is underway after a portion of a 12-story residential building in Surfside, Florida, collapsed at approximately 1:30 a.m. Thursday, according to AP.

The latest: Officials have accounted for 102 people who lived in the high-rise Champlain Towers South, but 99 people remained unaccounted for by midafternoon, said Mayor Daniella Levine Cava of Miami-Dade County at a press conference Thursday afternoon.

Biden strikes infrastructure deal with bipartisan group of senators

President Biden announced Thursday that he had agreed to a roughly $1 trillion infrastructure plan with a bipartisan group of ten senators, declaring: "We have a deal."

Why it matters: The agreement on the size and scope of an infrastructure package is a major achievement for Biden, who has long been a proponent of bipartisanship, but the compromise still faces serious hurdles in the House and Senate.

Pacific Northwest soon to be ground zero for record-shattering heat

Computer model projection showing the unusually strong heat dome over the Pacific Northwest on Sunday. (PivotalWeather).

A heat wave is bringing unprecedented high temperatures to the Pacific Northwest — a region of the country typically cooled by the ocean, rather than central air conditioning. The heat will begin Friday and last into early next week.

Why it matters: The heat wave will shatter monthly and all-time temperature records in the Pacific Northwest. Some of the records could break the old milestones by several degrees.