The Federal Aviation Administration (FAA) said on Wednesday it was proposing to issue a vehicle operator license to venture-backed startup Relativity Space after completing an environmental review.

The FAA said Relativity Space must also meet FAA safety, risk and financial responsibility requirements before a license can be issued.

Relativity Space, which aims to build the world's first fleet of 3D-printed rockets, said in June it raised $650 million from a raft of new investors including BlackRock, hedge fund Soroban Capital, and the actor Jared Leto.