CarterFendley / CC BY-SA 4.0 · Wikimedia Commons
Stoke Space
Overview
Stoke Space is developing Nova — the first fully and rapidly reusable orbital rocket, with both first and second stages designed for same-day turnaround. The upper stage uses a hydrogen-fueled engine with a unique full-flow reuse architecture. The company completed key Hopper test vehicle hover flights in 2023–2024, with full-stack test flights in 2025. Selected for NSSL Lane 1 in 2025, providing a national-security launch pathway. The $860M Series D (Oct 2025, extended Feb 2026; ~$1.34B total raised) funds Nova's debut — targeted in 2026 from Launch Complex 14 at Cape Canaveral — and production scale-up.
Moat: Full reusability of both stages (including upper stage — an unsolved industry problem) is Stoke's core technical moat. Hydrogen-fueled upper stage with full-flow staged combustion delivers high specific impulse. NSSL Lane 1 selection validates government confidence in the architecture. a16z Series C lead signals top-tier defense/space investor conviction. If Stoke achieves upper-stage reusability, it would be the first company to solve the problem SpaceX has not yet solved for Starship's Starship upper stage.
Business
Primary customers
- Defense: U.S. Space Force (NSSL Lane 1)
- Commercial: Commercial satellite operators
- Government: NASA (potential future missions)
Sectors
Launch Services · Fully Reusable Rockets · National Security Space Launch
Gallery
Last Funding Round
Key Products
- Hopper (Second-Stage Prototype)operational
Subscale second-stage prototype vehicle. Completed hover and tethered tests in 2023; free-flight hover tests demonstrating full-flow hydrogen engine in 2024. Used to validate the unique regen-cooled reusable upper stage architecture.
First flight: 2023-09-01
- Novadevelopment
Full orbital launch vehicle — fully reusable first and second stages. Hydrogen-fueled upper stage; first and second stages both designed for rapid turnaround. Debut launch targeted 2026 from LC-14, Cape Canaveral.
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| U.S. Space Force | NSSL Lane 1 — National Security Space Launch provider selection | Undisclosed (IDIQ structure) | 2025 |
Investor Resources
Primary-source documents — straight from Stoke Space's investor relations and SEC filings.
Near-term Catalysts
- 2025–2026
First full-stack integrated vehicle test (both stages)
Integrated testing validates the full reusable vehicle stack and paves the way for first orbital launch attempt.
- 2026
Nova first orbital launch attempt from LC-14, Cape Canaveral
Achieving orbit would make Stoke one of the few companies to build a new rocket to orbit, and validate full upper-stage reusability architecture.
- 2026–2028
NSSL Lane 1 contract task order awards
Actual national-security launch orders from Space Force would generate first significant revenue and validate government confidence.
Top Risks
- Pre-revenue development stage — no orbital launches completed; technical risks inherent in novel full-reuse upper stage architecture.
- Hydrogen propulsion is technically demanding and infrastructure-intensive; most commercial launch providers have moved to methane or kerosene.
- Competitive pressure from Rocket Lab Neutron (methane, ~13,000 kg LEO), Firefly Eclipse (Northrop), and long-term from SpaceX Starship.
- NSSL Lane 1 contracts are awards but not guaranteed launch orders — Space Force must certify Stoke before booking missions.
- Capital intensive: even with ~$1.34B raised through the $860M Series D, reaching orbit and full reusability may require further rounds.
Recent Milestones
- 2023-09-01
Hopper second-stage prototype completes first free-flight hover test at Moses Lake, WA — demonstrating the full-flow hydrogen engine and active landing control system
- 2025-01-01
Selected for NSSL Lane 1 by U.S. Space Force — joins roster of approved national-security launch providers
- 2025-04-15
Series C: $260M led by Andreessen Horowitz (a16z) defense/space fund
- 2025-10
Series D: $510M announced to fund Nova development and LC-14 activation
- 2026-02-10
Series D extended to $860M (+$350M); total raised ~$1.34B — funds LC-14 activation at Cape Canaveral and Nova production scale-up ahead of a 2026 debut
From Management
Recent interviews and talks from Stoke Space's leadership — hear the strategy in their own words.
What investors should know
Q1What makes Stoke Space unique in the launch market?⌄
Q2What is the Hopper vehicle and what has it demonstrated?⌄
Q3What is NSSL Lane 1 and why does it matter for Stoke?⌄
Q4Who invested in Stoke's $260M Series C?⌄
Q5What is Stoke's timeline to first orbital launch?⌄
Q6How does Stoke compare to Rocket Lab and Firefly?⌄
Q7What are the biggest risks facing Stoke Space?⌄
Peers
Sources & References
Agency Document
Press Release
Trade Press
- TechCrunch — Stoke Space Raises $260M Series C Led by a16z · 2025-04-15(archived)
- Ars Technica — Stoke Space's Hopper Vehicle Nails Hover Test · 2023-09-01(archived)