The company is looking to build the world’s first 100% reusable medium-lift rocket, it says. For example, for the high-frequency access to orbit required by satellite constellation deployment.
The latest investment round was led by Thomas Tull’s USIT (US Innovative Technology Fund). This was in conjunction with a $100 million debt facility led by Silicon Valley Bank.
Also participating was Washington Harbour Partners LP and General Innovation Capital Partners. Existing backers involved include 776, Breakthrough Energy, Glade Brook Capital, Industrious Ventures, NFX, Sparta Group, Toyota Ventures, and Woven Capital.
Nova flights
The company says the financing “will accelerate product development and expansion”.
“This funding gives us the runway to complete development and demonstrate Nova through its first flights,” said Andy Lapsa, Stoke’s co-founder and CEO.
“We’ve designed Nova to address a real gap in launch capacity, and the National Security Space Launch award, along with our substantial manifest of contracted commercial launches, affirms that need. The fresh support from our investors and government partners enables our team to remain laser focused on bringing Nova’s unique capabilities to market.”
It brings the company’s total funding to $990 million.
Reusable rocket
Lead investor, USIT, highlighted the importance of a reusable launch capacity.
“Launch capacity is now a defining factor in the U.S.’s ability to compete and lead in the space economy,” said Thomas Tull, Chairman of USIT. “Stoke’s pioneering approach to reusable launch systems directly advances our national security and commercial access to orbit.
“Their vision for resilient, high-frequency launch operations is the kind of innovation essential to maintaining leadership in the space industry. We’re proud to support their mission in defining the next chapter of U.S. aerospace.”
Cape Canaveral
At the start of the year, Stoke was raising $260m in a Series C investment round.
It said it would use that latest backing to complete the development of its reusable Nova launch vehicle. And that it would also improve its private test facility and manufacturing headquarters, in Kent, Washington state (top).
Since then Stoke has completed mission duty cycle testing on Stage 1 and Stage 2 flight-like engine configurations, it said, and advanced structural qualifications for both stages.
It also confirms progress in the refurbishment of its Launch Complex 14 at Cape Canaveral Space Force Station, Florida. This is scheduled for activation in early 2026.
Golden Dome
As mentioned, also earlier this year, the U.S. Space Force awarded Stoke a National Security Space Launch contract for Nova.
The award “reflects the growing demand for medium-lift capacity”, says the company. This is across commercial and defence sectors, and it highlights President Trump’s “Golden Dome” initiative.
Images: Stoke Space
See also: ReOrbit raises €45m Series A for satellite manufacturing
