Stoke Space Technologies, the aerospace company developing fully reusable medium-lift launch vehicles, has announced a $510 million Series D funding round led by Thomas Tull’s US Innovative Technology Fund (USIT), alongside a $100 million debt facility led by Silicon Valley Bank. The new financing more than doubles Stoke’s total capital to $990 million, fueling the company’s rapid product development and expansion plans.
The funding round also saw participation from Washington Harbour Partners LP and General Innovation Capital Partners, emphasizing Stoke’s strategic importance to U.S. national security and the domestic aerospace industrial base. Existing investors contributing to the round include 776, Breakthrough Energy, Glade Brook Capital, Industrious Ventures, NFX, Sparta Group, Toyota Ventures, Woven Capital, and others.
Supporting National Security and Commercial Space Growth
Earlier this year, Stoke received a National Security Space Launch contract from the U.S. Space Force, highlighting the growing demand for medium-lift launch capacity across commercial, defense, and emerging space architectures, including projects like Golden Dome. Stoke’s fully reusable Nova launch vehicle is being designed to provide high-frequency access to orbit and support a variety of missions, such as:
- Satellite constellation deployment
- In-space mobility and servicing
- Downmass operations
“Launch capacity is now a defining factor in the U.S.’s ability to compete and lead in the space economy,” said Thomas Tull, Chairman of USIT. “Stoke’s pioneering approach to reusable launch systems directly advances our national security and commercial access to orbit. Their vision for resilient, high-frequency launch operations is the kind of innovation essential to maintaining leadership in the space industry. We’re proud to support their mission in defining the next chapter of U.S. aerospace.”
Progress on Nova Development and Infrastructure
Since its Series C round, Stoke has achieved several critical milestones:
- Completed mission duty cycle testing on Stage 1 and Stage 2 flight-like engine configurations.
- Advanced structural qualifications for both stages.
- Made significant progress on refurbishing Launch Complex 14 at Cape Canaveral Space Force Station, scheduled for activation in early 2026.
“This funding gives us the runway to complete development and demonstrate Nova through its first flights,” said Andy Lapsa, Co-Founder and CEO of Stoke. “We’ve designed Nova to address a real gap in launch capacity, and the National Security Space Launch award, along with our substantial manifest of contracted commercial launches, affirms that need. The fresh support from our investors and government partners enables our team to remain laser focused on bringing Nova’s unique capabilities to market.”
Expanding Production and High-Cadence Operations
The new capital will be used to:
- Expand production capacity for the Nova launch vehicle.
- Complete activation of Launch Complex 14 at Cape Canaveral.
- Invest in supply chain and infrastructure, including Stoke’s Boltline product, to enable high-cadence launch operations.
By scaling manufacturing and operational capacity, Stoke aims to strengthen the U.S. space industrial base while providing reliable, reusable launch solutions for a broad spectrum of commercial and defense missions.
The funding and continued investor support position Stoke to accelerate its timeline toward first Nova flights, addressing a critical gap in medium-lift launch capacity and advancing the U.S.’s leadership in space access.
