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

Stoke Space Technologies has completed the initial closing of a $1 billion Series E funding round to support its efforts in developing fully reusable rockets. The capital will be used to scale production, increase flight frequency, and advance a second-generation vehicle. CEO Andy Lapsa emphasized that the funding is crucial for building infrastructure and preparing for orbital launches. The round was led by Point72 Ventures and Spark Capital, with participation from several other investors including General Innovation and Y Combinator. Stoke Space is among a select group of startups targeting the low-cost launch market dominated by SpaceX. Unlike competitors such as Rocket Lab and Relativity Space, Stoke is focused on creating a rocket where both the booster and the second stage return to Earth for reuse. This approach aims to significantly reduce launch costs but has not been successfully demonstrated before. SpaceX has invested over $10 billion in its Starship program, which also targets full reusability but has yet to reach orbit. Stoke’s approach involves an innovative thermal protection system that actively cools the second stage using super-cooled liquid hydrogen, a method extensively tested on the ground. The company plans to launch its first vehicle, the Nova Pathfinder, in early 2027. This rocket can carry three metric tons to low-Earth orbit and is expected to be the largest debut vehicle from a U.S. rocket manufacturer. 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. This vehicle is slated for deployment in 2029, coinciding with the anticipated retirement of SpaceX’s Falcon 9. Stoke sees this timing as an opportunity to address growing demand for launch services. Lapsa highlighted the broader industry impact, noting that the expansion of the space economy depends on increasing the number of rockets available to third-party customers. Unlike SpaceX, which balances internal projects with commercial launches, Stoke does not plan to operate its own space assets, potentially offering more availability to satellite operators. The new funding positions Stoke Space to advance its ambitious goal of enabling more frequent and affordable access to space, which could accelerate deployment of satellite constellations and other space-based applications.