Stoke is Stoked. Rocket Reusability Company Closes Series C Funding

Stoke Space, a private aerospace company headquartered in Kent, Washington, has raised $260 million in a Series C funding round, bringing its total funding to $480 million.

The new round saw participation from both new and existing investors, including Breakthrough Energy Ventures, Glade Brook Capital Partners, Industrious Ventures, Leitmotif, Point72 Ventures, Seven Seven Six, the University of Michigan, Woven Capital, and Y Combinator.

Stoke Space is developing Nova, a medium-lift rocket designed to achieve full reusability. Central to this system is the Zenith full-flow staged combustion engine, which uses a full-flow staged combustion cycle. The engine burns fuel and oxidizer in separate pre-burners before merging them in the main chamber. This setup increases efficiency, reduces stress on components, and enhances durability for repeated use, helping Stoke Space tackle the challenges of reusable rockets. Zenith engines are often employed in heavy lift launch vehicles that are needed to transport large payloads to orbit or beyond.

The Nova rocket also uses an actively cooled metallic reentry heat shield designed for rapid reuse. The metallic surface of the shield is designed to withstand extreme temperatures and physical stresses encountered during atmospheric reentry. Active cooling is achieved by circulating a coolant—such as liquid fuel or another fluid—through channels embedded in or beneath the metallic shield. This coolant absorbs and dissipates heat, preventing the shield from overheating and reducing thermal wear on the rocket’s structure. Unlike traditional ablative heat shields, which burn away during reentry, this design allows the shield to remain intact and ready for subsequent launches without significant refurbishment, aligning with Nova’s goal of rapid reusability.

Stoke targets commercial customers seeking cost-effective, on-demand access to space. In addition to its Kent, Washington headquarters, Stoke operates a test site in Moses Lake, Washington, and is expanding operations at Launch Complex 14 at Cape Canaveral, Florida. Stoke Space was co-founded in 2019 by CEO Andy Lapsa and Tom Feldman.

The new Series C funding will be used to support the completion of construction at Launch Complex 1, finalization of Nova’s development, and add to Stoke’s manufacturing and testing facilities. Recently, Stoke held a successful vertical test firing of its first-stage Zenith engine, making it one of only two companies worldwide to develop and test a full-flow staged combustion engine.

“We deeply appreciate the confidence investors have placed in Stoke and our mission,” said Mr. Lapsa. “This new investment validates our progress and enables us to accelerate the development of technologies that will redefine access to and from space.”

The aerospace industry is experiencing growing demand for cost-effective, reusable technologies to enable more frequent and economically viable access to space. Stoke Space is addressing this need by developing systems designed for complete and efficient rocket reuse. By employing advanced engineering techniques and focusing on reusability as a core design principle, the company aims to reduce operational costs and support the increasing pace of space operations. This approach reflects broader industry efforts to improve the sustainability and affordability of launch systems in response to evolving market requirements.

Breakthrough Energy Ventures focuses on funding companies that aim to reduce greenhouse gas emissions. Its most recent fund, Breakthrough Energy Ventures II LP, closed in January 2021 with $1 billion in committed capital. The firm was founded in 2015 and is headquartered in Kirkland, Washington.