Stoke Space Raises $1 Billion to Scale Fully Reusable Nova Rocket
The aerospace startup brings total funding to $2.3 billion as it expands infrastructure and unveils a larger medium-lift vehicle.
Stoke Space has closed an initial $1 billion tranche of its Series E funding round to accelerate the development of its fully reusable launch system. The investment marks a critical pivot from prototype testing to industrial scaling for the company's Nova rocket program.
The funding round was co-led by Point72 Ventures and Spark Capital, bringing Stoke Space's total capital raised to $2.3 billion. CEO and cofounder Andy Lapsa stated the capital is earmarked for laying infrastructure, scaling production, increasing flight frequency, and funding the development of a second-generation vehicle.
Alongside the financial announcement, the company unveiled "Nova Block 2," a larger medium-lift vehicle designed to follow the initial "Nova Pathfinder" rocket. While the Pathfinder is scheduled for its first orbital launch in early 2027—carrying a spacecraft for asteroid mining firm AstroForge—the Block 2 variant is targeted for a 2029 debut. The Block 2 vehicle will be capable of delivering 15 metric tons to low Earth orbit (LEO).
The Path to Full Reusability
Stoke Space is attempting to achieve full reusability for both the booster and the second stage, a technical milestone that remains elusive in the global launch industry. To manage the extreme thermal loads of reentry, Stoke employs a specialized active-cooling system. This technology flows super-cooled liquid hydrogen through a metallic heat shield to protect the vehicle during its descent through the atmosphere.
To support this hardware evolution, the company is aggressively expanding its physical footprint. Stoke is increasing its test facility in Moses Lake, Washington, from 75 acres to 550 acres. Additionally, the company has nearly completed the rebuild of Launch Complex 14 (LC-14) at Cape Canaveral to facilitate upcoming orbital attempts.
Market Implications
Achieving full reusability is widely considered the "holy grail" of space launch because it could potentially reduce the cost of accessing space by an order of magnitude. By positioning Nova Block 2 as a medium-lift option, Stoke aims to fill a specific market gap. The vehicle is designed for customers who require high capacity and high cadence but do not need the massive scale of SpaceX's Starship, and who wish to avoid competing with SpaceX's internal mission priorities.
Future Milestones
Industry observers will now look toward the early 2027 launch of the Nova Pathfinder as the first major validation of Stoke's active-cooling and reusability claims. Success with the AstroForge mission will be the primary indicator of whether the company can transition from its current infrastructure build-out to a reliable, operational launch cadence by the time Nova Block 2 enters service in 2029.