Stoke Space Secures $1 Billion to Advance Fully Reusable Rockets and Challenge SpaceX

Stoke Space Technologies has closed the initial portion of a $1 billion Series E funding round to support its goal of developing fully reusable rockets capable of lowering the cost of access to space. The capital will be used to scale production, increase flight cadence, and advance a second-generation rocket. Led by Point72 Ventures and Spark Capital, the round also included investments from General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital, and Y Combinator. This brings Stoke’s total funding to approximately $2.3 billion. Unlike many competitors, Stoke is targeting the recovery and reuse of both the rocket’s booster and its second stage, a technical challenge not yet achieved by others in the industry. SpaceX’s Falcon 9 reuses only the booster, while its Starship vehicle aims for full reusability but has yet to reach orbit. Stoke’s approach features a unique thermal protection system that actively cools the rocket’s second stage by flowing super-cooled liquid hydrogen through its heat shield. CEO Andy Lapsa noted that extensive ground testing has validated this method, which will be employed on the vehicle’s first flight. The company plans to launch its first rocket, the Nova Pathfinder, in early 2027. The vehicle is designed to carry three metric tons to low-Earth orbit, potentially making it the largest debut rocket by a U.S. company. Stoke has already secured launch contracts for this vehicle. Following the Pathfinder, Stoke is developing a larger rocket, the Nova Block 2, capable of delivering 15 metric tons to low-Earth orbit—slightly exceeding Falcon 9’s payload capacity. This vehicle is expected to enter service around 2029, coinciding with SpaceX’s anticipated retirement of the Falcon 9. Lapsa highlighted the growing demand for launch services and suggested that even if Falcon 9 remains operational, the market will require more rockets to meet customer needs. He also pointed out that unlike SpaceX’s Starship, which will prioritize internal projects alongside commercial launches, Stoke plans to focus solely on third-party customers. The new funding round positions Stoke Space to advance its ambitious vision of fully reusable rockets, which could significantly reduce launch costs and enable broader deployment of satellite constellations and space applications.