Stoke Space Raises $1 Billion, Reveals Plans for Larger Reusable Rocket

Rocket launch startup Stoke Space has closed a $1 billion funding round to accelerate the development of its reusable rockets and build a larger vehicle to meet growing demand for satellite constellation launches. The capital infusion underscores intense investor interest in the commercial space sector as companies race to provide lower-cost access to orbit.

New Funding and Valuation

The Series E round, led by Point72 Ventures and Spark Capital, values Stoke Space at approximately $10 billion, according to a person familiar with the matter cited by Reuters. This latest round brings the company's total capital raised to $2.3 billion since its founding in 2020.

In an interview with Reuters, CEO Andy Lapsa stated the funds will speed up the development of the company's first rocket, the Nova Pathfinder, which is slated for a 2027 debut. The funding will also support a more powerful rocket, the Nova Block 2, which has been in development for over a year.

Strategy Shift to Larger Rocket

Stoke is intensifying its focus on the larger Nova Block 2 in response to market trends. "We have seen customers moving up in both size and quantity of their spacecraft, and that’s one of the big reasons to fully greenlight the Block 2," Lapsa told Reuters. The first launch of the Block 2 is anticipated in 2029.

The smaller Pathfinder, whose launch manifest is reportedly fully booked for its first few years, is now viewed as a stepping stone to the more capable Block 2. This strategic shift positions Stoke to better compete for contracts to replenish large satellite constellations, a key driver of launch market demand.

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Market Context and Specifications

Stoke is one of a few U.S. companies, alongside SpaceX and Rocket Lab, developing fully or mostly reusable orbital rockets to dramatically reduce launch costs. The Block 2 rocket aims to compete directly with established market leaders.

Key payload capacities to low Earth orbit (LEO) include:

• Nova Pathfinder: 3 metric tons (reusable) or 7 metric tons (expendable).
• Nova Block 2: 15 metric tons (reusable) or 23 metric tons (expendable).

The Block 2's capacity places it nearly on par with SpaceX's Falcon 9, the current industry workhorse, signaling Stoke's ambition to capture a significant share of the global launch market.