What's Happening?
Stoke Space has raised $510 million in a Series D funding round to accelerate the development of its Nova rocket. The funding will support production, completion of Launch Complex 14 at Cape Canaveral, and preparation for high launch cadence. Nova is designed as a fully reusable rocket, with its first orbital test flight expected next year. The funding round was led by the US Innovative Technology Fund, with participation from Washington Harbour Partners LP and General Innovation Capital Partners, among others.
Why It's Important?
The substantial investment in Stoke Space highlights the growing interest in reusable rocket technology, which promises to reduce launch costs and increase frequency. Nova's development could fill a gap in medium-lift launch capacity, benefiting both government and commercial entities. The funding also positions Stoke Space to compete for national security space launch contracts, potentially valued at $5.6 billion, indicating strong government support for innovative space technologies.
What's Next?
Stoke Space plans to use the funding to complete Nova's development and demonstrate its capabilities through initial flights. The company will also focus on expanding its Boltline software toolset for hardware engineering and supply chains. As Stoke prepares for Nova's first orbital test flight, it will likely engage with potential clients and partners to secure launch contracts, further establishing its presence in the space industry.
