❯ Stoke Space Raises $1B to Move Its Fully Reusable Nova Rocket Toward Production

Initial CloseStoke Space announced the initial close of a $1 billion Series E co-led by Point72 Ventures and Spark Capital at a valuation of about $10 billion, bringing total funding to roughly $2.3 billion to $2.4 billion. It is developing the fully reusable two-stage Nova launch vehicle along with engines, stages, launch infrastructure and refurbishment systems intended to lower the cost of putting satellites into orbit through frequent reuse.

From Prototype to ProductionFounded in 2019 by engineers with Blue Origin engine experience, Stoke first tested reusable upper-stage technology before advancing the complete Nova vehicle, engines and launch-site preparations. The 2026 round arrives as the program moves from prototype validation toward manufacturing and first-flight infrastructure. The $1 billion represents more than 40% of all capital raised, signaling a shift in spending from individual tests to an entire launch system.

The Upper-Stage ProblemSeveral companies can recover a first stage; Stoke is attacking the upper stage, which must survive reentry heat and land precisely. Its architecture integrates propulsion and thermal protection in pursuit of rapid refurbishment and repeated flight. If Nova achieves full reuse, turnaround time after each mission will matter more commercially than isolated performance. Until first flight, reliability and launch cadence are proven, the $10 billion valuation still carries classic space-development risk.

Beyond Terrestrial ComputeCapital is underwriting the turnover rate of space transportation. Satellite communications, earth observation and orbital computing all require more frequent and cheaper launches, making rockets the supply side of digital infrastructure’s expansion into space. Stoke does not need to match SpaceX immediately, but it must show that full reuse can produce dependable schedules and lower marginal cost before technical value becomes orders and cash flow.

▪ SIGNALLarge space-tech rounds are shifting from one-time lift capacity to reusable turnaround, making manufacturing and refurbishment central to the next valuation.