Stoke, a rocket startup company, raised $510 million in Series D funding, the company announced last week. The new financing more than doubled the company’s total capital, which is now $990 million. Stoke plans to use the funds to “accelerate product development and expansion,” according to the press release.
Stoke’s stage 2 engine. Credit: Stoke
In March, the company was selected by the U.S. Space Force to participate in the National Security Space Launch (NSSL) Phase 3 Lane 1 program. Under the program, Stoke will compete for $5.6 billion in national security launch contracts.
“Stoke’s pioneering approach to reusable launch systems directly advances our national security and commercial access to orbit. Their vision for resilient, high-frequency launch operations is the kind of innovation essential to maintaining leadership in the space industry. We’re proud to support their mission in defining the next chapter of U.S. aerospace,” said Thomas Tull, Chairman of the US Innovative Technology Fund (USIT). USIT led the Series D funding along with Silicon Valley Bank.
Stoke is also using the funds to refurbish its Launch Complex 14 at Cape Canaveral Space Force Station in Florida. The complex is scheduled to open early next year. The company is also planning to invest in supply chain and infrastructure to prepare for high-cadence launch operations.
The Nova Rocket
Nova is Stoke’s fully reusable rocket. The model enables return shipments from space to Earth and could enable sustainable scaling of the aerospace market.
Nova also features, reportedly, the world’s first actively cooled heat shield, which enables minimal maintenance. The heat shield makes the second stage, the part of the rocket that is usually discarded, reusable. Most rockets use heat shields built of ceramic tiles or materials that burn away during reentry. These materials are fragile, expensive and time-consuming to replace.
Stoke designed a metal heat shield that can withstand the heat and stress of reentry. During reentry, liquid hydrogen is run through the shield to cool it from the inside out. The heat shield is combined with the rocket’s engine to create a single system that protects the rocket and provides propulsion.
While other companies have been able to reuse the first stage, such as SpaceX’s Falcon 9, Stoke is focused on full reusability, including the second stage.
The Nova rocket is scheduled to launch in 2026.
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