Stoke raises $510M to scale reusable Nova launch vehicle - InforCapital

Stoke Space has raised $510 million in Series D funding, along with a $100 million debt facility led by Silicon Valley Bank. This capital injection more than doubles the company’s total funding to $990 million, marking a major step forward in scaling its fully reusable Nova launch vehicle.

The round was led by US Innovative Technology Fund (USIT), backed by Thomas Tull, and included new investors such as Washington Harbour Partners LP and General Innovation Capital Partners. Returning investors included 776, Breakthrough Energy, Glade Brook Capital, Industrious Ventures, NFX, Sparta Group, Toyota Ventures, and Woven Capital.

Earlier in 2025, Stoke secured a National Security Space Launch (NSSL) contract from the U.S. Space Force, reinforcing its strategic importance to both national defense and the growing demand for medium-lift orbital access. The company’s Nova vehicle is designed for high-frequency, fully reusable launches that serve a wide range of missions from satellite constellation deployment to in-space mobility and returning payloads to Earth.

Thomas Tull, Chairman of USIT, emphasized that launch capacity is a key competitive differentiator for the United States in the modern space race. He described Stoke’s work as the kind of innovation essential to maintaining leadership in the space industry.

Since its Series C, Stoke has completed mission duty cycle testing for Stage 1 and Stage 2 engines in flight-like configurations and advanced its structural qualification milestones. The company is also in the final stages of refurbishing Launch Complex 14 at Cape Canaveral Space Force Station, with activation expected in early 2026.

Andy Lapsa, Stoke’s co-founder and CEO, stated that this funding provides the resources needed to complete development and prepare Nova for its first launches. He highlighted that both government contracts and a strong pipeline of commercial missions confirm market demand for the company’s unique offering.

The new capital will be used to expand manufacturing of the Nova vehicle, finalize work at Launch Complex 14, and invest in supply chain infrastructure. Additionally, Stoke will enhance its Boltline product and prepare for high-cadence launch operations to better support the U.S. space industrial base.

With this momentum, Stoke positions itself as a key player in the next generation of American aerospace, delivering reliable, reusable, and responsive launch systems to serve both commercial and defense markets.