Stoke Space Technologies has secured $510 million in Series D funding to accelerate the development of its fully reusable Nova launch system. The funding round was led by Thomas Tull's US Innovative Technology Fund (USIT), with a debt facility of $100 million managed by Silicon Valley Bank. This new financing more than doubles Stoke Space's total capital raised to $990 million.
According to Stoke Space, the funds will be used to expand production capacity for the Nova launch vehicle and complete the refurbishment of Launch Complex 14 at Cape Canaveral Space Force Station in Florida. The company also plans to invest in its supply chain, its Boltline software for project management, and the infrastructure needed for high-cadence launch operations.
Andy Lapsa, co-founder and CEO of Stoke Space, stated that this funding provides the necessary runway to complete the development and demonstrate Nova through its first flights. The first launch is projected to occur in early 2026. Lapsa also mentioned that Nova is designed to address a real gap in launch capacity, which is affirmed by the National Security Space Launch (NSSL) award and a substantial manifest of contracted commercial launches.
Thomas Tull, chairman of USIT, emphasized the importance of Stoke's approach to reusable launch systems for national security and commercial access to orbit. He believes that Stoke's vision for resilient, high-frequency launch operations is crucial for maintaining leadership in the space industry.
Stoke Space's Nova launch vehicle is a fully reusable medium-lift vehicle designed to provide high-frequency access to orbit and support missions to, through, and from space, including satellite constellation deployment, in-space mobility, and downmass. The Nova system is designed to be fully and rapidly reusable. The company has facilities in Moses Lake, Washington; Kent, Washington; and Cape Canaveral, Florida. The Moses Lake facility includes multiple launch test pads, a lateral test site, and a control room.
The recent funding signifies a shift in the space launch industry towards defense-related projects. Stoke Space's selection for the National Security Space Launch Phase 3 program highlights its strategic alignment with U.S. government defense initiatives. This trend reflects the growing importance of space and AI for national security.
Stoke Space was founded in 2019 by Andy Lapsa and Tom Feldman, both veterans of Blue Origin. The company is focused on building a fully reusable rocket capable of putting two to 20 tons of payload in orbit.
