In a significant development in the commercial space sector, Stoke Space has successfully raised $260 million in a recent funding round. This financial boost aims to further the company's progress on its ambitious project, the development of a fully reusable medium-lift launch vehicle named Nova, as well as upgrades to its launch site located at Cape Canaveral.
The Funding Announcement
On January 15, 2025, Stoke Space made headlines by announcing the closure of its Series C funding round. This round involved a collaboration of both new and returning investors, although specific details on the valuation of this funding round were not disclosed. To date, Stoke Space has raised a total of $480 million, including a previous $100 million Series B round that took place in October 2023.
Focus on Nova
Stoke Space, headquartered in Kent, Washington, has concentrated its development efforts on the Nova vehicle, which is designed as a medium-lift launcher. One notable feature of Nova is that both its stages are intended to be reused, dramatically enhancing economic efficiency in space access. Recently, Stoke Space achieved critical milestones by successfully conducting initial firings of its Zenith engine on a vertical test stand.
Stoke Space is developing Nova, a medium-class launch vehicle that features two reusable stages. Credit: Stoke Space
Investment Details
The recent Series C funding comprised both new and existing investors, showcasing a strong level of confidence in Stoke’s mission and business model. Some key participants in this round include:
- Breakthrough Energy Ventures
- Glade Brook Capital Partners
- Industrious Ventures
- Point72 Ventures
- Y Combinator
- University of Michigan
Andy Lapsa, the CEO and co-founder of Stoke Space, expressed gratitude towards the investors, reflecting on how this round validates their progress and enables an acceleration in the development of technologies aimed at transforming access to space.
Technology and Development Goals
Looking ahead, Stoke Space plans to allocate the new funding towards two main objectives:
- Completing the development of the Nova launch vehicle.
- Renovating Launch Complex 14 at Cape Canaveral Space Force Station to serve as the launch site for Nova.
Progress on Nova and Future Launches
The Nova vehicle is engineered to deliver up to 3,000 kilograms into low Earth orbit when both stages are reused, and up to 7,000 kilograms if one or both stages are expended. The innovative upper stage is equipped with an actively cooled metallic heat shield that allows it to return payloads directly from orbit.
Lapsa emphasized that the Nova vehicle addresses the needs of commercial customers, particularly those with smaller payloads, by providing a reliable and cost-effective launch option in a competitive landscape that currently offers limited solutions.
“Rapid and reliable reuse of a rocket’s upper stage is the last big challenge to solve before mobility to and from space becomes akin to other forms of transportation,” Lapsa stated, also adding, “This represents a significant inflection in the space economy, opening doors to a plethora of business opportunities that enhance life both on Earth and beyond.”
Anticipated Outcome and Industry Impact
With the completion of Nova, Stoke Space aims to pioneer new standards in launch vehicle reusability, enhancing the viability of space operations. The backing of prominent investors underlines the growing confidence in the commercial space sector and the innovative capabilities of companies like Stoke Space that push the envelope of current space travel technology.
Conclusion
Stoke Space's impressive funding announcement and ambitious vehicle development signify a promising future for the commercial space industry (SpaceNews). Investors and industry stakeholders alike are eagerly watching how Nova will shape the landscape of access to space in the coming years.
References
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