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Stoke Space is a company established in 2019 in Kent, Washington, that is working on the development of fully reusable medium-lift rockets, offering ultra-low-cost, on-demand access to space. The innovative approach aims to transform space transportation by enabling rapid and reliable reuse of rocket component
Company overview
Stoke Space’s mission is focused on developing a fully reusable rocket system that can be turned around rapidly for multiple launches, much like the operational cadence of commercial airliners.
The flagship project of the company is the Nova rocket, which is the world’s first 100% reusable medium-lift launch vehicle, capable of carrying payloads to various orbits with unprecedented efficiency. A key innovation in Stoke’s design is the development of an actively cooled metallic reentry heat shield, integrated into its high-efficiency upper-stage engine, enabling the rocket to withstand the intense heat of reentry and be quickly refurbished for subsequent flights.
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Funding detail
The $260 million Series C round was led by Breakthrough Energy Ventures, a firm famous for investing in transformative technologies. Other participants in the round included Glade Brook Capital Partners, Industrious Ventures, Leitmotif, Point72 Ventures, Seven Seven Six, the University of Michigan, Woven Capital, and Y Combinator. The round more than doubles Stoke Space’s total funding to $480 million and represents investor confidence in the company’s vision and technological advancements.
Andy Lapsa, CEO and co-founder of Stoke Space, was thankful for the investment. “We really appreciate the confidence investors have put in Stoke and our mission. This new investment confirms our work so far and will enable us to step up the development of technologies that will change the access to and from space.
Strategic Objectives Post-Funding
- Advance Nova Rocket Development: Complete design and engineering on the Nova rocket, ensuring performance and safety are in line with those needed to get into orbit.
- Build Launch Complex 14: Complete the construction of Launch Complex 14 at Cape Canaveral Space Force Station in Florida, a historic site allocated by the U.S. Space Force for Stoke’s exclusive use. It will be the main launching pad for the Nova rocket, providing frequent and reliable access to space.
- Improve Testing and Manufacturing Infrastructure: Invest in cutting-edge infrastructure in their private test facility and manufacturing headquarters to streamline production processes and rigorously test rocket components.
- Increase Workforce: Hire best-in-class talent within engineering, manufacturing, and operations to support the accelerated development timeline and prepare for commercial launch operations.
Technological Advances
Stoke Space is advancing a number of game-changing technologies in reusable rocketry:
- Full-Flow Staged Combustion Engine: The company’s Zenith engine is one of only two in the world to use full-flow staged combustion, which provides the highest possible efficiency and performance for rocket engines.
- Actively Cooled Metallic Reentry Heat Shield: This innovation enables the rocket’s upper stage to survive the extreme temperatures of reentry without ablative materials, allowing for rapid reuse.
- Rapid Reusability: Stoke’s design philosophy emphasizes quick turnaround times between launches, aiming to achieve a level of operational readiness comparable to that of commercial aviation.
Market Adoption and Growth
The space industry is experiencing a surge in demand for cost-effective and reliable access to orbit, driven by the proliferation of satellite constellations, scientific research, and commercial ventures. Stoke Space’s fully reusable rocket technology positions the company to meet this demand by offering a sustainable and economically viable launch solution. The recent funding round reflects the market’s recognition of Stoke’s potential to disrupt the traditional expendable launch model and set new standards for space transportation.
Leadership Perspective
Andy Lapsa is an aerospace engineer with a propulsion systems background, and he founded Stoke Space to make space access as routine as air travel. Under his leadership, the company has achieved a number of key milestones, including the successful vertical test firings of the Zenith engine and proprietary reusability technologies. Innovation and operational excellence continue to drive Stoke Space toward its goal of redefining space logistics.
Future Outlook
With Series C funding, Stoke Space is fast-tracking the way to conduct orbital test flights for the Nova rocket and commence commercial operations. In addressing full reusability, Stoke meets economic and environmental needs concerning space launch activities, setting the firm in a crucial position for the sustainable expansion of human presence in space.
Summary
Stoke Space Corporation, one of the world’s pioneering aerospace companies fully focused on developing reusable rockets, announced that it has raised $260 million in Series C funding. The latest funding round is led by Breakthrough Energy Ventures with other prominent investors like Glade Brook Capital Partners and Y Combinator. Total funding for Stoke Space Corporation now totals to $480 million. This amount will expedite the development of Stoke’s Nova rocket and the building of Launch Complex 14 at Cape Canaveral Space Force Station.