Billionaire Jeff Bezos’ space company, Blue Origin, is preparing to lay off a significant number of employees as part of a cost-cutting plan.

Bloomberg News reported that the technology and space giant Blue Origin is gearing up for substantial layoffs to reduce costs and increase rocket launches. The exact size of the planned job cuts has not been clarified.

However, a source familiar with the matter mentioned that the expectation is for Jeff Bezos’ space company to lay off hundreds of people, possibly exceeding a thousand. The report stated that Blue Origin will address the job cuts in a meeting with CEO Dave Limp on Thursday morning. This decision comes about a month after the company’s introduction of the New Glenn rocket.