Stoke Space Technologies has raised $1 billion in a Series E funding round as it aims to compete with SpaceX by developing a fully reusable rocket. The company plans to use the capital to achieve orbit with its Nova Pathfinder vehicle and to prepare a larger second-generation rocket for operational flights. CEO Andy Lapsa emphasized that the funding will support scaling production, flight frequency, and the development of more advanced rocket systems. Leading the round were Point72 Ventures, Spark Capital, and a consortium of investors including General Innovation and Y Combinator.

Unlike many competitors, Stoke is targeting a rocket with both reusable first and second stages, a feat not yet accomplished in the space industry. This approach contrasts with SpaceX’s Falcon 9, which recovers only the first stage, and with the ongoing development of Starship, which aims for full reusability but faces technical hurdles. Stoke’s key technology involves flowing super-cooled liquid hydrogen through its thermal shield to protect the rocket’s second stage during reentry, an active cooling method that has been extensively tested on the ground and will be trialed on the initial flight.

The Nova Pathfinder rocket, slated for a launch window in early 2027, will carry three metric tons to low Earth orbit and represents the largest debut vehicle by a U.S. company to date, according to Lapsa. The startup has already secured contracts for launches and completed significant ground testing of the rocket’s stages and launch systems. Following Pathfinder, Stoke plans to introduce its Nova Block 2, a larger vehicle capable of delivering 15 metric tons to orbit. This rocket is expected to be operational by 2029, timed to potentially replace the Falcon 9 as it is phased out.

With SpaceX’s Starship still in development and anticipated to prioritize internal missions, Stoke sees an opportunity to serve commercial and government customers more effectively. Lapsa highlighted the growing imbalance between launch demand and supply, suggesting this creates space for new players. Stoke’s ambitions align with an industry push to deploy numerous satellite constellations and applications that have been delayed, and the company believes its fully reusable rockets will help reduce costs and increase access to space in the coming years.