Stoke Space Raises $1 Billion to Challenge SpaceX With Fully Reusable Rockets

Stoke Space Technologies has closed the initial $1 billion Series E funding round as the company works to develop fully reusable rockets and compete in the low-cost space launch market.

Point72 Ventures and Spark Capital led the round, with participation from General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital, and Y Combinator. The latest investment brings Stoke’s total funding to $2.3 billion.

Building a New Generation of Reusable Rockets

Stoke Space is targeting a challenge that has remained unsolved in the commercial launch industry: creating a rocket where both the first and second stages can return to Earth and be reused.

While SpaceX has achieved partial reusability with its Falcon 9 rocket and is developing the fully reusable Starship system, Stoke is designing its vehicles around complete reuse from the beginning.

CEO Andy Lapsa said the new funding will help the company expand manufacturing, increase flight frequency, and continue developing its second-generation vehicle.

Nova Rocket Program Moves Toward First Flight

Stoke’s first vehicle, the Nova Pathfinder, is expected to attempt its first flight in early 2027. The company has already completed structural and operational tests on the rocket’s first stage at its Moses Lake facility and plans to conduct additional ground tests before launch.

The vehicle is designed to carry three metric tons to low-Earth orbit. Stoke has already secured launch contracts for the rocket and says multiple Pathfinder vehicles are currently in production.

New Heat Shield Technology for Reentry

A major technical challenge for reusable rockets is protecting vehicles from extreme heat during atmospheric reentry. Stoke is developing an active cooling system that uses super-cooled liquid hydrogen flowing through the vehicle’s thermal protection system.

The company says the technology has undergone extensive ground testing and will be used during the Pathfinder’s first flight attempts.

Future Nova Block 2 Rocket

Beyond Pathfinder, Stoke is also developing a larger rocket called Nova Block 2. The vehicle is expected to use similar technologies, including the company’s engines and heat shield system, while carrying up to 15 metric tons to low-Earth orbit.

Stoke is targeting 2029 for Nova Block 2 deployment. The company believes demand for commercial launch services will continue growing as satellite operators and other customers seek reliable access to orbit.