Stoke Space raises $1 billion to develop fully reusable Nova rockets

Stoke Space has secured $1 billion in a new Series E funding round, bringing its total capital raised to $2.3 billion. The investment, led by Point72 Ventures and Spark Capital, is intended to fund orbital flight preparations, expand production and testing infrastructure, and develop the company’s next-generation launch vehicle.

Alongside the funding announcement, the company unveiled the Nova Block 2, a larger version of its future fully reusable rocket. Designed to carry 15 tons to low Earth orbit (LEO), the Nova Block 2 is expected to make its first flight in 2029. This capacity places it in direct competition with Rocket Lab’s Neutron rocket.

A key differentiator for Stoke Space is its focus on full reusability. Unlike the Falcon 9, where only the first stage is recovered, Stoke aims to recover both the booster and the upper stage. To manage the challenges of atmospheric reentry for the second stage, the company is developing a metallic heat shield actively cooled by liquid hydrogen.

Before the Nova Block 2 enters service, the company plans to launch the Nova Pathfinder in early 2027. This model will serve as a technology demonstrator capable of carrying payloads to orbit while testing the company’s unique recovery systems.