Stoke Space Technologies seeks $1 billion for reusable rocket development

Stoke Space Technologies is seeking to raise $1 billion to accelerate the development and production of its Nova rocket, a vehicle designed to be fully reusable. The startup aims to position itself as a direct competitor to SpaceX, which currently controls over 90 percent of the global commercial satellite launch market.

According to sources familiar with the matter, the funding round is expected to close this month. The move would value Stoke Space Technologies at approximately $9 billion before the new capital is included. Unlike many existing systems that focus on reusing only the first stage, Stoke Space is pursuing a design where the entire system functions as a reusable platform to reduce payload costs.