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Reusable rocket startup Stoke Space raises $100M for further development
Reusable rocket startup Stoke Space Technologes Inc. today announced that it has raised $100 million in new funding to finance the development of its first-stage rocket engine, the orbital version of its reusable second-stage rocket engine, and pay for new construction at the Cape Canaveral Space Force Station.
Founded in 2019 by former SpaceX Inc. and Blue Origin LLC employees, Stoke Space is developing next-generation space vehicles and technologies, including a fully reusable space launch vehicle called Nova. The company plans to launch satellites, providing services such as satellite rocket vehicle thruster systems, rocket engine refueling, cooled heat shields and on-demand launch services.
Along with developing its first-stage rocket engine, the company is developing a new type of rocket engine for its second stage. The new engine consists of a single engine with 30 thrust chambers arranged around the circumference of the vehicle that’s aimed at delivering additional power more efficiently while also eliminating the need for a separate heat shield.
The company says the overall design of the engine is simpler and more robust than traditional rocket engines. In making a simpler engine, the aim is to make it easier and faster to refurbish between flights, which will reduce the cost of space launches. Efficiency also comes with environmental advantages, with Stoke Space driven by a larger vision of promoting sustainable growth without compromising the Earth’s resources.
Stoke Space plans to launch its first orbital test flight from the Cape Canaveral Space Force Station’s Launch Complex 14, which it has received permission to take over, in 2025.
Industrious Ventures Inc. led the Series B round. Also participating: the University of Michigan, Sparta Group LLC, Long Journey Breakthrough Energy LP, YCombinator Inc., Point72 Ventures LLC, NFX LLC, MaC Ventures LLC, Toyota Ventures LLC and In-Q-Tel Inc.
“With our unique second-stage design, our team at Stoke is attempting to build the most robust fully reusable rocket in the world – one that turns around in 24 hours throughout a long service life,” co-founder and Chief Executive Andy Lapsa said in a statement. “This new round of funding is a huge vote of confidence in our team and the progress we’ve made.”
Including the new funding, Stoke Space has raised $175 million to date.
Image: Stoke Space
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