Sierra Space CEO Tom Vice steps down amid challenges as $5 billion startup struggles to launch space plane

Sierra Space CEO Tom Vice has left the company. Vice stepped down from his role, according to a report from CNBC. Chairman Fatih Ozmen will serve as interim CEO, with Eren Ozmen as president.

The company also confirmed in a statement on Monday that Vice retired on December 31. Chairman Fatih Ozmen will temporarily take on the role of CEO, with Eren Ozmen serving as president.

“After three and half years in the role, Tom Vice has retired as Sierra Space CEO as of the end of 2024 — we thank him for his leadership and wish him well in his retirement,” a Sierra Space spokesperson said in a statement.

Sierra Space, spun off from aerospace contractor Sierra Nevada Corporation (SNC) in 2021, has grown into one of the most valuable private U.S. companies in the space sector, with a valuation exceeding $5 billion. However, the company has faced challenges in launching its Dream Chaser reusable cargo space plane, a cornerstone of its strategy to secure a strong foothold in the industry.

Vice joined Sierra Space in 2021, shortly after SNC owners Fatih and Eren Ozmen spun out the company. Under his leadership, the company attracted investments from major firms such as General Atlantic, Coatue, BlackRock, and AE Industrial Partners. Before this role, Vice was CEO of Aerion Supersonic, a startup focused on high-speed business jets that shuttered in 2021.

The Dream Chaser space plane, named Tenacity, was originally slated for a 2021 debut. However, as of 2024, it remains grounded due to delays, including setbacks with United Launch Alliance’s Vulcan rocket, which was intended to carry Tenacity into space. This delay has impacted Sierra Space’s ability to fulfill NASA contracts for cargo missions to and from the International Space Station.

Despite these hurdles, Sierra Space continues to pursue its ambitious goals. The company has secured NASA contracts for seven Dream Chaser cargo missions and announced that Tenacity is now targeting a launch no earlier than May. Alongside its space plane, Sierra Space is advancing its work on inflatable space station habitats and satellite buses, boosted by a $740 million Pentagon contract secured last year.

The company has also experienced significant shifts under Vice’s leadership, including layoffs and turnover in key executive positions. In 2024, Vice spoke about plans to take Sierra Space public, aiming for an IPO as early as 2025. For now, the company remains privately held.

As Sierra Space moves forward, the focus will undoubtedly remain on overcoming the technical and operational challenges tied to Dream Chaser while continuing to expand its offerings in the space sector.

Sierra Space CEO Tom Vice