What’s the deal? Stoke Space is raising $1 billion in a Series E round to accelerate development and production of its fully reusable Nova rocket, according to people familiar with the matter.
The Kent, Washington-based startup is raising the money at a valuation of around $9 billion, excluding the new funds, and aims to close the round this month.
Why now? The round follows an extended Series D that closed in February, in which Stoke raised $860 million. The company said then it had raised $1.34 billion to date.
What’s the endgame? Founded in 2019 by former engineers from Jeff Bezos-backed Blue Origin, Stoke is working to ready Nova for its debut launch. Unlike SpaceX’s partially reusable Falcon 9, which recovers only its first stage, Nova is designed to be recovered in full after each flight.
Earlier investors include Breakthrough Energy Ventures, founded by Bill Gates, along with Glade Brook Capital and Toyota Ventures. A representative for Stoke declined to comment.
What could go wrong? No rocket operator has yet achieved full reusability. Rival Relativity Space, valued at $4.2 billion in 2021, later hit problems with its 3D-printed rocket technology.
The signal: Numerous companies are developing Falcon competitors amid a capacity crunch in the global launch market. At $1 billion, Stoke’s raise sits in the top 1% of all Series E rounds by US tech companies — a sign of how much capital investors are willing to commit to breaking SpaceX’s grip on reusable launch.
