Billionaire Jeff Bezos’s space company Blue Origin is preparing to lay off a significant number of employees to reduce costs. According to Bloomberg News, it is expected that the number of layoffs will exceed one thousand.

Bloomberg News reported that the technology and space giant Blue Origin is gearing up for substantial layoffs to cut costs and increase rocket launches. The exact size of the planned layoffs is still unclear.

However, a source familiar with the matter said that Jeff Bezos’s space company is expected to lay off hundreds of people, and possibly exceed one thousand. The report noted that the layoffs will be discussed in a meeting on Thursday morning with CEO Dave Limp. This decision comes about a month after the company’s unveiling of the New Glenn rocket.