Stoke Space Technologies has completed the initial closing of a $1 billion Series E funding round, bringing its total funds raised to $2.3 billion, as it races to develop a fully reusable rocket capable of competing with Elon Musk's SpaceX. Unlike rivals such as Rocket Lab, Relativity Space and Firefly Aerospace, Stoke is pursuing a rocket in which both the booster and the payload-carrying second stage return to Earth for reuse, a feat that has never been achieved and requires substantial capital investment.

The round was led by Point72 Ventures and Spark Capital, with additional backing from Glade Brook Capital, Y Combinator and others, and will fund production scaling and a second-generation vehicle. CEO Andy Lapsa said the company's first rocket, the Nova Pathfinder, is expected to launch in early 2027, using a distinctive active-cooling heat shield that flows super-cooled liquid hydrogen to protect the vehicle during re-entry, an approach that has proven challenging for SpaceX's Starship. The Pathfinder, which can carry three metric tons to low-Earth orbit, has already secured launch contracts and would be the largest debut rocket from any US launch provider.