Stoke Space secures $510 million in Series D funding
Stoke Space, a rocket company founded in 2020, announced a $510 million Series D funding round on Wednesday, bringing its total capital raised to nearly $1 billion. The investment will support the completion and first flights of its innovative Nova rocket, targeted for launch in 2026. CEO Andy Lapsa stated the funds provide 'the runway to complete development' of the vehicle.
Stoke Space's latest funding doubles its previous total to $990 million, highlighting investor confidence in the startup amid a challenging market for new launch companies. Founded in 2020, the firm now employs about 280 people and focuses on the medium-lift Nova rocket, designed for full reusability from the payload fairing downward. This includes a regeneratively cooled heat shield on the second stage. In reusable mode, Nova can carry 3 metric tons to low-Earth orbit, increasing to 7 tons if expended.
The announcement draws parallels to Relativity Space, which raised $500 million in its Series D in November 2020 with 230 employees and planned a 2021 launch. Relativity's Terran 1 first flew in 2023 but has not launched since, leading to near-bankruptcy before a cash infusion from Eric Schmidt. It has shifted from 3D-printed rockets to the more conventional Terran R. Unlike Relativity, Stoke has invested more in hardware development than large facilities, operating in a tougher funding environment that underscores strong backing.
Rocket development often intensifies challenges near first flight, dubbed the 'Come to Jesus' period. This funding ensures Stoke can navigate these hurdles with its reputable engineering team. The Nova is set to debut at Launch Complex 14 at Cape Canaveral, aiming to shine as a new star in the launch industry.