Stoke Space Lands $1 Billion to Challenge SpaceX Reusability

CEO Andy Lapsa intends to use the capital to scale production and flight frequency while developing the company's second-generation vehicle. The funding round, led by Point72 Ventures and Spark Capital, brings Stoke’s total investment to $2.3 billion. Unlike competitors such as Rocket Lab or Relativity Space, the company is betting on an active cooling solution that circulates super-cooled liquid hydrogen through thermal shielding to survive atmospheric reentry.

Stoke’s debut vehicle, the Nova Pathfinder, is slated for a 2027 launch following successful structural tests at the company’s Moses Lake facility. The rocket is designed to carry three metric tons to low-Earth orbit, and the company has already secured launch contracts. Beyond the Pathfinder, development is underway for the Nova Block 2, a larger vehicle capable of delivering 15 metric tons to orbit by 2029. By positioning itself as a dedicated launch provider for third-party customers, Stoke aims to capitalize on the growing supply-demand gap in the space industry as SpaceX pivots toward its own internal projects.