Fidelity Contrafund marked one Relativity Space share position at 52 cents per share in a report ending November 29, 2024, down from $19 in March 2024. That was an investor’s mark on a private-company holding—not a public share price, a new financing price, or proof that the whole company was worth a particular amount.
What Fidelity’s reported mark showed
Ars Technica reported that Fidelity Contrafund held 1.67 million shares from Relativity Space’s Series D financing. Fidelity marked that position at an estimated $31.8 million, or $19 per share, in its March 2024 quarterly report. The mark was $16 per share in the third-quarter report, then 52 cents per share, or $866,735 for the position, in the report ending November 29, 2024. Ars also reported that shares from Relativity’s other fundraising rounds were marked below $1 each in that November report. These are figures reported from Fidelity fund reports, not prices at which investors could trade Relativity shares. Ars Technica’s January 7, 2025 report cautioned that the figures were about 30 days old when published and that Fidelity’s valuation methodology was opaque.
| Reporting period | Contrafund Series D mark reported by Ars | What the figure represents |
|---|---|---|
| March 2024 | $19 per share; $31.8 million for the reported 1.67 million-share position | Fidelity’s estimated mark on that fund holding |
| Third quarter 2024 | $16 per share | Fidelity’s reported mark on the same Series D position |
| Report ending November 29, 2024 | 52 cents per share; $866,735 for the position | Fidelity’s reported mark on the same Series D position |
Ars described the November mark as a steep markdown. It also estimated that Relativity “might now be worth something around $100 million,” but that was the reporter’s extrapolation from fund marks, not a company-disclosed valuation. The figures do not establish a current audited valuation or a price for all of Relativity’s shares.
Why the markdown is not a company-wide valuation
A fund mark is the value a fund assigns to a particular security it holds. It can help readers understand how that investor is carrying its position, but it is not interchangeable with a priced funding round, an acquisition offer, or the value of every share and other interest in a private company. Without Fidelity’s methodology and details about how the mark relates to other securities and company-wide capitalization, the per-share figure cannot be used on its own to calculate what all of Relativity is worth.
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The clearest comparison is therefore limited: Ars reported that Fidelity’s mark on the Contrafund Series D position fell from $19 per share in March 2024 to 52 cents in the report ending November 29, 2024. Relativity’s prior reported company valuation was $4.5 billion following its November 2023 Series F financing, according to Ars. That financing-era figure and the later mark refer to different things and dates; they do not by themselves establish a current company valuation.
How Relativity’s pivot provides context
Relativity Space was founded in 2016 by engineers Tim Ellis and Jordan Noone, according to Ars. The company built Terran 1 around additive manufacturing and flew it once, in March 2023. After that flight, Ellis announced a pivot to the larger Terran R. Ars reported that the pivot left Relativity without an operational rocket while it concentrated resources on Terran R, and described challenges in sourcing some large components externally rather than making or printing them in-house. This is reported business context, not audited information about company revenue, costs, or the reasons behind Fidelity’s specific mark.
Ellis called the decision “a big, bold bet” and “actually a really obvious decision” in an interview quoted by Ars. A Relativity spokesperson told the publication that the team was focused on milestones and progress and remained confident in its strategic vision. Those statements describe the company’s view; they are not independent confirmation of its performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What later public updates do—and do not—add
Fidelity’s Contrafund holdings listing dated August 31, 2026, shows $46,319 for Relativity Space Inc and $1,426 for Relativity Space Inc warrants. Fidelity identifies the listing as unaudited. It does not show share counts or financing-round details for those entries, so they cannot be converted into a per-share mark or used to estimate Relativity’s total value. They also cannot be compared directly with the 2024 Series D per-share figures. Fidelity’s Contrafund holdings listing supplies the later fund-level figures, not the missing valuation details.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesOperational updates offer separate context about the company’s development work, not a way to resolve its valuation. In an update published September 11, 2026, Relativity said all 13 flight-one sea-level Aeon R engines had been installed on the thrust structure. It also reported stage-two tank inspection and test-stand preparations, acceptance testing of engines for a later flight, and ongoing launch-infrastructure work at Cape Canaveral. Those are company-reported milestones. Relativity’s August 2026 update does not confirm that a Terran R launch has taken place.
A November 2025 joint announcement from Relativity and SES said their expanded agreement added previously unannounced SES launches and planned Terran R’s first launch for late 2026 from Cape Canaveral. That was a dated plan, not a guarantee. A June 2026 Relativity update separately reported first-stage qualification testing, completion of acceptance testing for flight-one first-stage Aeon R engines, and launch-site work; it also announced an Interplanetary Sciences Program and a planned Mars science orbiter for 2028. These company announcements describe plans and reported progress, but they do not provide an independent assessment of readiness or establish that a launch schedule was met. The November 2025 Relativity–SES announcement and Relativity’s June 2026 update give those plans and milestones in their dated context.
Quick Recap
How to interpret the headline
- What was marked down: a Contrafund holding in Relativity’s Series D shares, as reported by Ars—not a public-market quote.
- What the numbers establish: a sharp change in Fidelity’s reported per-share mark between March and November 2024 for that position.
- What they do not establish: a transaction price, the present value of Relativity as a whole, or the price another investor would pay.
- What later filings add: two aggregate dollar amounts in Fidelity’s August 2026 listing, without the share counts or round information needed for a comparable per-share valuation.
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