Stoke Space raised $1 billion and is now building a bigger reusable rocket

Stoke Space Technologies has secured $1 billion in Series E funding to develop and scale its Nova Pathfinder and Block 2 reusable launch fleet. The round was led by Point72 Ventures and Spark Capital, with additional investors including General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital, Y Combinator, and more. The infusion of capital brings Stoke's total funding to $2.3 billion and values the company at around $9 billion pre-money.

CEO Andy Lapsa stated that the funds will be used to scale the company, build infrastructure, increase production, and launch more often. The money will also support the development of a second-generation vehicle. Stoke's flagship rocket, the Nova, is designed to be fully reusable from the start, with both the booster and upper stages returning to Earth after each launch.

The company is currently preparing the Nova Pathfinder for its first orbital flight and expanding its test facility in Moses Lake, Washington, to accommodate more flights. Stoke is also unveiling Nova Block 2, a larger version capable of delivering 15 tons to orbit. The company aims to speed up development due to increasing demand for launches and scarce launch slots.

Stoke was founded in 2019 by former Blue Origin engineers, and its ultimate goal is to challenge SpaceX's dominance in the launch market. While SpaceX has yet to achieve full reusability, its Starship program remains in testing. Stoke's pitch to investors is that if it can make both rocket stages reusable and launch frequently, it could significantly reduce launch costs, enabling more satellites, space factories, and other businesses to operate in orbit.