Stoke Space Technologies has secured $510 million in a new funding round, more than doubling its total capital to nearly $1 billion. The investment, led by Thomas Tull’s US Innovative Technology Fund, will accelerate the manufacturing of the company's fully reusable Nova launch vehicle.
Key Takeaways
- Stoke Space raised $510 million, increasing its total capital to $990 million.
- The funding is led by Thomas Tull’s US Innovative Technology Fund (USIT) with support from Silicon Valley Bank.
- The investment will be used to manufacture the fully reusable Nova launch vehicle.
- The company holds a U.S. Space Force contract for National Security Space Launch missions.
- Stoke is refurbishing Launch Complex 14 in Florida, targeting its first launch in early 2026.
Major Funding Boost for Reusable Launch Vehicle
Stoke Space, an aerospace company with facilities in Washington and Florida, has announced a significant capital injection of $510 million. This latest round of funding elevates the company's total raised capital to $990 million, providing substantial resources to advance its manufacturing capabilities.
The investment was led by Thomas Tull’s US Innovative Technology Fund (USIT), a firm focused on technologies critical to national security and economic leadership. Silicon Valley Bank also participated in the funding round. The new capital is designated for the production of Stoke's Nova Launch vehicle, a rocket designed for full and rapid reusability.
"Stoke’s pioneering approach to reusable launch systems directly advances our national security and commercial access to orbit," said Thomas Tull, chairman of USIT. "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."
Funding at a Glance
- New Funding: $510 million
- Total Capital Raised: $990 million
- Lead Investor: US Innovative Technology Fund (USIT)
- Primary Goal: Manufacture the Nova launch vehicle
Strategic Importance for National Security and Commerce
The development of the Nova rocket aligns with a growing demand for medium-lift launch capacity from both government and commercial sectors. Earlier this year, the U.S. Space Force awarded Stoke Space a National Security Space Launch (NSSL) contract, an award that underscores the strategic importance of expanding the nation's access to space.
The Nova vehicle is engineered to provide high-frequency, reliable access to orbit. Its key capabilities are intended to support a range of missions, including satellite constellation deployment, in-space mobility services, and the return of assets from space, a capability known as downmass.
Andy Lapsa, co-founder and CEO of Stoke, explained the impact of the new funding and government partnership.
"This funding gives us the runway to complete development and demonstrate Nova through its first flights," Lapsa stated. "We’ve designed Nova to address a real gap in launch capacity, and the National Security Space Launch award, along with our substantial manifest of contracted commercial launches, affirms that need."
Lapsa added that the support from investors and government partners allows the team to maintain a "laser focus" on bringing Nova's unique capabilities to the market.
Development and Operations Across the U.S.
Stoke Space operates a multi-state development and operations model, with key facilities strategically located in Washington state and Florida.
Moses Lake: The Proving Ground
The company's primary development and testing site is in Moses Lake, Washington. This facility is equipped with multiple launch test pads, a horizontal test platform for engine evaluation, and a control room. According to Katherine Cruz, Stoke's Vice President and Director of the Moses Lake site, the location offers significant advantages.
Why Moses Lake?
The Moses Lake area has a long history of aerospace development. Stoke Space leverages this by partnering with local organizations, including construction firms, the Port of Moses Lake, and fuel supplier Norco. This ecosystem provides a skilled workforce and established infrastructure, which are crucial for rocket development.
Stoke has also built a strong relationship with Big Bend Community College, a local educational institution that provides skilled technicians. "We have an employee on our team who came from Big Bend Community College. We hired him right out of school. He’s excellent," Cruz said in a previous interview. This partnership highlights the company's commitment to building a local talent pipeline.
Cape Canaveral: The Gateway to Orbit
On the East Coast, Stoke is actively refurbishing Launch Complex 14 at Cape Canaveral Space Force Station in Florida. This historic launch site is being modernized to support Nova's future orbital missions. The company anticipates that the site will be ready for active launch operations in early 2026.
With a secured launch site and now nearly $1 billion in total funding, Stoke is positioned to transition from development and testing to full-scale manufacturing and flight demonstrations. The company's progress represents a key step in the broader effort to create a more resilient and competitive U.S. launch industry.