Stoke Space, which builds the world’s first 100% reusable medium-lift rocket, has landed $260 million in Series C funding. This investment more than doubled the company’s total funding, bringing it to $480 million.
The round involves participation of new and existing investors, including Breakthrough Energy Ventures, Glade Brook Capital Partners, Industrious Ventures, Leitmotif, Point72 Ventures, Seven Seven Six, the University of Michigan, Woven Capital, and Y Combinator, among others.
Construction at Launch Complex 14
Stoke intends to use the new funding to complete construction at the historic Launch Complex 14 at Cape Canaveral Space Force Station in Florida. It was allocated by the United States Space Force for dedicated use by Stoke’s Nova launch vehicle. Notably, Launch Complex 14 was host to John Glenn’s iconic Friendship 7 flight in 1962, which made him the first American to reach orbit.
The funds will also be used to finalise the development of Nova, and for enhancements to Stoke’s private test facility and manufacturing headquarters.
Ultra-low-cost on-demand space transportation
Founded by Andy Lapsa and Tom Feldman in 2020, Stoke Space is working on an innovative approach to creating ultra-low-cost on-demand space transportation. The company has made exceptional progress in developing 100% fully and rapidly reusable rockets for seamless mobility to, through, and from space. Its space vehicles are designed to operate with aircraft-like frequency.
Recently, the company completed the successful vertical test firing of its first-stage Zenith engine on its new, state-of-the-art test stand in Moses Lake, Washington.
With Zenith, Stoke became one of only two entities globally to develop and test a full-flow staged combustion engine, the type of rocket engine with the highest possible efficiency. The company claims to have pioneered the world’s first actively cooled metallic reentry heat shield, which is integrated into its high-efficiency upper-stage engine and enables full and rapid reuse.
“We deeply appreciate the confidence investors have placed in Stoke and our mission,” said Andy Lapsa, CEO and co-founder of Stoke Space. “This new investment validates our progress and enables us to accelerate the development of technologies that will redefine access to and from space.”
“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,” added Lapsa. “It represents a significant inflection in the space economy, and in turn opens the door to an incredible set of business opportunities that make life more vibrant on and off Earth.”
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