Stoke Space Raises $100 Million to Develop Reusable Rocket “Nova”

Washington-based startup Stoke Space has secured $100 million in new funding to advance its mission of developing a fully reusable rocket named “Nova.” The investment round, led by Industrious Ventures and joined by prominent investors such as the University of Michigan, Sparta Group, and Bill Gates’ Breakthrough Energy, brings Stoke’s total funding to $175 million since its founding in 2019.

Stoke’s recent successful low altitude launch of its prototype vehicle “Hopper2” has garnered attention in the space industry. Unlike its competitors, Stoke has taken a unique approach by developing and testing the second stage of the rocket before the first stage. CEO Andy Lapsa explained that this strategy allows them to build the right first stage to support the advanced technology of the second stage.

The company aims to position Nova as a “medium” class rocket capable of delivering 5,000 kilograms to low Earth orbit, filling the gap between Rocket Lab’s “light” Electron and SpaceX’s “heavy” Falcon 9. Stoke currently employs 95 people and operates a manufacturing and engineering facility in Kent, Washington, along with a test facility in Moses Lake, Washington.

Stoke’s recent funding will enable the company to continue its development efforts and strengthen the commercial space economy. With a launchpad assigned by Space Force at Cape Canaveral, Florida, Stoke is making progress towards its goal of providing the satellite industry with a faster time-to-revenue process.

“We’re trying to position ourselves to provide the best value to the satellite industry, in order to really shorten the time from factory to revenue,” said Lapsa.

As Stoke moves forward, the company plans to evolve its “Hopper2” vehicle into an orbit-ready second stage and build the large first stage of the rocket. With the support of its investors and a dedicated team, Stoke is poised to make significant contributions to the future of space exploration and satellite deployment.