Stoke Space Raises $1 Billion to Challenge SpaceX With Fully Reusable Rockets
Stoke Space raises $1 billion to launch Nova Pathfinder in 2027 and develop Nova Block 2, a fully reusable 15-ton rocket targeted for 2029 to challenge SpaceX.
Summary
Stoke Space Technologies said on September 8, 2026, that it had completed the initial close of a $1 billion Series E, lifting total funding to $2.3 billion. Point72 Ventures, Steve Cohen’s technology investment vehicle, and Spark Capital led; General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital and Y Combinator also invested. CEO Andy Lapsa said the money will expand infrastructure, production and launch cadence and fund the second-generation Nova Block 2. Unlike Rocket Lab, Relativity Space and Firefly Aerospace, Stoke is pursuing full reuse from the outset, returning both stages, a feat not yet achieved.
Nova Pathfinder, with sold launch contracts and multiple vehicles in production, is slated to fly in early 2027 and carry three metric tons to low Earth orbit, which Lapsa calls the largest debut capacity from a U.S. rocket maker. Structural and operational first-stage tests are complete at Moses Lake; ground firings of both stages and integrated rocket-pad testing come next. Its ground-tested heat shield circulates super-cooled liquid hydrogen and can use surplus coolant to reduce reentry risk on early flights. Lapsa says Pathfinder can reach market and orbit without this round, though launch schedules and first-flight success remain uncertain.
Nova Block 2, in development for several years with Pathfinder’s engines and heat shield, targets 2029 and 15 metric tons to low Earth orbit, slightly more than Falcon 9. SpaceX has spent well over $10 billion across a decade on Starship, which remains short of orbit but could reach it on its next flight; Falcon 9 reuses only its booster, and Elon Musk says it will retire in 2029. Lapsa expects demand to outstrip supply either way. Stoke has disclosed no plans for space assets that would compete with customers, unlike SpaceX’s internal missions.
Positives
- The $1 billion Series E initial close lifts Stoke Space’s total funding to $2.3 billion.
- Nova Pathfinder already has launch contracts and multiple vehicles in production ahead of its targeted early 2027 debut.
- Three metric tons of low Earth orbit capacity would make Pathfinder the largest debut vehicle from a U.S. rocket maker, Andy Lapsa says.
- Super-cooled liquid hydrogen actively cools Stoke’s heat shield, with surplus coolant available to protect early reentries.
- Nova Block 2 targets 15 metric tons in 2029, slightly exceeding Falcon 9’s capacity while serving third-party customers.
Risks & concerns
- No rocket has yet returned both its booster and payload-carrying second stage for economical reuse.
- Nova Pathfinder still requires ground firings of both stages and integrated testing with its launch pad.
- Stoke’s active heat shield has been extensively ground-tested but has not yet survived an atmospheric reentry.
- SpaceX’s decade-long, $10 billion-plus Starship effort shows the cost and difficulty of developing full reusability.
- Early 2027 and 2029 targets face an industry history of launch delays and incomplete first-flight success.