Stoke Space raises another billion to rival SpaceX at re-flying rockets
Stoke Space Technologies has completed an initial $1 billion Series E funding round led by Point72 Ventures and Spark Capital, bringing its total fundraising to $2.3 billion. The company is developing fully reusable rockets designed to compete with SpaceX, with plans to launch its Nova Pathfinder vehicle in early 2027 and a larger Nova Block 2 model by 2029.
Why It Matters
Stoke's funding milestone reflects growing investor confidence in an alternative approach to reusable rocket technology at a time when SpaceX's Starship development costs have exceeded $10 billion. The company's strategy to develop a fully reusable second stage and focus on third-party launch customers positions it as a potential supplier when demand for commercial launch services is expected to increase.
Key Facts
- Series E funding: $1 billion initial closing, with $2.3 billion total raised
- Nova Pathfinder capacity: 3 metric tons to low-Earth orbit, targeted launch in early 2027
- Nova Block 2 capacity: 15 metric tons to low-Earth orbit, targeted deployment in 2029
- Lead investors: Point72 Ventures and Spark Capital
- Unique technology: Active cooling using super-cooled liquid hydrogen for thermal shielding
Stoke Space Technologies announced completion of its initial $1 billion Series E funding round, securing backing from prominent investors including Point72 Ventures and Spark Capital alongside participants like Woven Capital and Y Combinator. The capital infusion brings the company's cumulative fundraising to $2.3 billion as it races to establish itself as a challenger to SpaceX's dominance in the commercial launch market.
The company's distinguishing feature lies in its engineering approach to a long-standing challenge in rocket reusability. While SpaceX's Falcon 9 can return its booster stage and SpaceX continues developing Starship with a fully reusable design, Stoke aims to make both stages recoverable and reusable from its first vehicle. CEO Andy Lapsa emphasized that the company has developed an active thermal protection system using super-cooled liquid hydrogen to shield the upper stage during atmospheric reentry—a solution tested extensively on the ground and planned for deployment on initial flights.
Stoke's timeline calls for the Nova Pathfinder to reach orbit in early 2027, carrying three metric tons to low-Earth orbit. The company claims this will be the largest maiden vehicle launched by any U.S. rocket manufacturer. Following successful Pathfinder operations, the company plans to introduce the Nova Block 2 by 2029, capable of delivering 15 metric tons—comparable to the Falcon 9's payload capacity. This timeline notably aligns with SpaceX's expected phase-out of the Falcon 9, potentially positioning Stoke to capture commercial launch demand at a critical market moment.
Lapsa highlighted a strategic advantage in Stoke's business model: unlike SpaceX, which reserves some Starship capacity for internal projects, Stoke has committed to serving only third-party customers. He suggested this focus addresses an industry bottleneck, noting that launch availability fundamentally limits expansion of satellite constellations and space-based applications. The company has already secured launch contracts and maintains multiple Pathfinder vehicles in production, signaling confidence in reaching orbit despite the historically challenging track record of new rocket programs.
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