Stoke Space Technologies has completed the initial closing of a $1 billion Series E round to prepare its fully reusable Nova rocket for orbit and develop a much larger second-generation vehicle. The financing brings the rocket startup’s total capital raised to $2.3 billion.
Point72 Ventures and Spark Capital co-led the round, with participation from General Innovation, Glade Brook Capital, US Innovative Technology, Washington Harbour Partners, Woven Capital and Y Combinator. In its official funding announcement, Stoke said the capital will also support higher production and launch capacity.
“This round is really to scale,” CEO Andy Lapsa told TechCrunch. He said the money would fund infrastructure, increased production and flight frequency, and development of the company’s second-generation rocket.
Stoke Targets Full Rocket Reusability
Stoke is developing a rocket where both the first-stage booster and payload-carrying second stage can return to Earth for reuse. SpaceX currently reuses Falcon 9 boosters and is developing Starship as a fully reusable system, while competitors including Rocket Lab, Relativity Space and Firefly Aerospace are pursuing their own launch vehicles.
One of Stoke’s key technologies is an actively cooled heat shield for the second stage. Super-cooled liquid hydrogen flows through the thermal shield to protect the vehicle from extreme temperatures during atmospheric reentry.
Lapsa said Stoke can initially flow more coolant than necessary to keep the surface cooler during early flights. The company has tested the technology extensively on the ground and plans to use it during Nova Pathfinder’s first flight.
Stoke expects Pathfinder to fly in early 2027 after structural and operational testing at its Moses Lake facility. The next stage of testing involves firing both rocket stages on the ground with the launch infrastructure before attempting flight.
Nova Block 2 Targets 15 Tons to Orbit
Stoke has already sold launch contracts for Pathfinder and has multiple vehicles in production. The company says the rocket will serve customers while demonstrating technologies needed for full and rapid reuse.
The new financing will also accelerate Nova Block 2, a larger vehicle Stoke has been developing for several years. It is designed to carry 15 metric tons to low-Earth orbit while using technologies derived from Pathfinder, including Stoke’s engines and actively cooled heat shield.
Stoke plans to deploy Block 2 in 2029. That timing could coincide with SpaceX’s stated plans to eventually retire Falcon 9 as Starship assumes more launch missions.
Lapsa said growing demand for launch capacity exists regardless of whether Falcon 9 retires on that schedule. Unlike SpaceX, Stoke has not announced plans to operate its own satellite constellations or other space assets that would compete with outside customers for launches.
Featured image credits: Magnific.com
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