Stoke Space secures $1 billion Series E to develop fully reusable rockets

Stoke Space Technologies announced the completion of the initial closing of a $1 billion Series E round, with participation from Point72 Ventures, Spark Capital, General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital and Y Combinator. CEO Andy Lapsa said the capital will be used to build infrastructure, increase production cadence and develop a second-generation launch system.

The company’s first vehicle, the Nova Pathfinder, capable of delivering three metric tons to low-Earth orbit, is targeted for an early-2027 launch after structural and ground-system tests at its Moses Lake facility. Stoke’s novel thermal protection circulates super-cooled liquid hydrogen to shield the reusable second stage, a method Lapsa claims has been exhaustively ground-tested. The firm also unveiled plans for the Nova Block 2, a 15-ton LEO launcher expected by 2029, positioned to compete with SpaceX’s Falcon 9 as it phases out. Existing launch contracts have already been signed, and Lapsa highlighted the growing demand for launch capacity as the space economy expands.