Relational events are a type of social interactions, that sometimes are referred to as dynamic networks. Its dynamics typically depends on emerging patterns, so-called endogenous variables, or external forces, referred to as exogenous variables. Comprehensive information on the actors in the network, especially for huge networks, is rare, however. A latent space approach in network analysis has been a popular way to account for unmeasured covariates that are driving network configurations. Bayesian and EM-type algorithms have been proposed for inferring the latent space, but both the sheer size many social network applications as well as the dynamic nature of the process, and therefore the latent space, make computations prohibitively expensive. In this work we propose a likelihood-based algorithm that can deal with huge relational event networks. We propose a hierarchical strategy for inferring network community dynamics embedded into an interpretable latent space. Node dynamics are described by smooth spline processes. To make the framework feasible for large networks we borrow from machine learning optimization methodology. Model-based clustering is carried out via a convex clustering penalization, encouraging shared trajectories for ease of interpretation. We propose a model-based approach for separating macro-microstructures and perform a hierarchical analysis within successive hierarchies. The method can fit millions of nodes on a public Colab GPU in a few minutes. The code and a tutorial are available in a Github repository.