Stoke Space Technologies has completed the initial closing of a $1 billion Series E funding round, marking a major milestone in the company’s quest to develop fully reusable rockets. The round was led by Point72 Ventures and Spark Capital, bringing the company’s total capital raised to $2.3 billion. This substantial investment positions Stoke as a serious competitor in the commercial space launch market, where it aims to achieve what no company has done before: create a rocket system where both the booster and second stage return to Earth for reuse.
Unlike its competitors, Stoke is developing a fully reusable rocket with both stages designed to return to Earth, a technical challenge that has eluded the industry. The company’s approach includes an innovative thermal protection system that uses super-cooled liquid hydrogen for active thermal shielding, addressing one of the most difficult aspects of reusable rocket technology. This cooling solution has been extensively tested on the ground and will be deployed on the first flight.
The company’s first vehicle, the Nova Pathfinder, is expected to take its inaugural flight in early 2027. This rocket will be capable of carrying 3 metric tons to low-Earth orbit, and Stoke has already sold launch contracts for the vehicle. The company has been conducting structural and operational tests at its Moses Lake facility, with upcoming ground test-firings planned for each stage of the rocket before flight operations begin.
Looking further ahead, Stoke has revealed plans for a larger vehicle called the Nova Block 2, which is targeted for deployment in 2029. This second-generation rocket will be capable of carrying 15 metric tons to low-Earth orbit, representing a significant increase in payload capacity compared to the Pathfinder. The Nova Block 2 will be based on the same core technologies as its predecessor, including the engines and the company’s novel heat shield system.
The ambitious timeline and technical goals come at a time when the space launch industry faces both opportunities and challenges. SpaceX, the current market leader, has spent over $10 billion on Starship development, illustrating the enormous capital requirements for developing fully reusable launch systems. Stoke’s $2.3 billion in total funding demonstrates investor confidence in the company’s approach and the growing demand for commercial launch services that can provide reliable, cost-effective access to space.
