KENT, Washington — Stoke Space has closed a $1 billion Series E financing round, adding to its previous investor backing to bring the company’s total capital raised to $2.3 billion. The Kent-based aerospace firm announced the funding on September 8, outlining its strategy to develop fully reusable launch vehicles, starting with the Nova Pathfinder and the more powerful Nova Block 2.
“We are humbled by the trust our investors and customers have placed in us in pursuit of this critical generational challenge,” said Andy Lapsa, Stoke’s CEO and co-founder. “This investment enables us to scale toward delivering the capability and cadence our customers require.”
The newly acquired funds will support both vehicle development and the expansion of physical infrastructure. Stoke is planning a significant upgrade to its Moses Lake Test Site in Washington, increasing the facility from 75 acres to 475 acres to accommodate propulsion and vehicle testing. Additionally, the company is enhancing its operations at Cape Canaveral Space Force Station in Florida, where it was selected by the U.S. Space Force in 2023 to manage Space Launch Complex-14. A new payload processing facility is currently under construction there, designed to handle both the Pathfinder and Block 2 rockets. Stoke is also developing an offshore recovery platform to complete its full reusability architecture.
Nova Pathfinder serves as the proving ground for Stoke’s reusable technology. The two-stage vehicle’s first stage utilizes seven Zenith engines, which employ a full-flow staged-combustion cycle fueled by liquid oxygen and liquefied natural gas. Stoke describes this engine cycle as one of the most difficult to develop but notes that it produces fewer residuals and requires less maintenance between flights. The upper stage features a unique metal heat shield actively cooled by liquid hydrogen, rather than traditional ceramic tiles, and incorporates 12 small dual-thrust chambers arranged around the shield. In 2023, the company successfully conducted a hopper test, flying the upper stage approximately 30 feet before a safe landing.
The larger Nova Block 2 rocket is designed to deliver up to 15 tons to low Earth orbit. It will feature 14 Zenith engines on its first stage and an upgraded upper stage with independent systems for each of the 12 engines, potentially increasing thrust by more than fivefold. Block 2 will also switch from tapered tanks to cylindrical designs, allowing for a 5-meter-wide fairing to accommodate larger payloads.
Stoke targets early 2027 for the inaugural launch of Nova Pathfinder, which will carry a customer payload. If successful, the company intends to fly multiple Pathfinder missions through 2027 and 2028 while continuing Block 2 development. The first Block 2 launch is scheduled for 2029, aiming to compete in the market for commercial and national security satellite constellations alongside vehicles like SpaceX’s Falcon 9 and Rocket Lab’s Neutron.
As SpaceX moves toward operational Starship flights, which may eventually lead to the phase-out of Falcon 9, Stoke sees an opening for Nova Block 2. Despite the introduction of the larger rocket, Stoke plans to retain Pathfinder in its fleet, citing the value of offering multiple capabilities for missions well-suited to the smaller vehicle’s configuration.
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