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Aerospace upstart Relativity Space and its CEO Tim Ellis are trying to take on SpaceX in the recyclable rocket race. The company has landed a new funding round to produce a fully reusable rocket that could launch within three years.

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Relativity Space, the Long Beach 3D-printed rocket maker, has unveiled plans to create a fully reusable rocket.

CEO Tim Ellis told CNBC that the move is an "obvious evolution" for the company. The announcement comes on the heels of a hefty $500 million round he closed in November.

"It's the same architecture, the same propellant, the same factory, the same 3D printers, the same avionics and the same team," Ellis told the outlet.

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