Stoke Space raises another billion to rival SpaceX at re-flying rockets
Stoke Space has raised $1 billion in Series E funding to advance its development of fully reusable rockets. The company aims to compete with SpaceX by creating a vehicle where both the booster and the second stage are recoverable.
Why it matters
Advancements in fully reusable rocket technology could significantly lower the cost of space access, challenging the current industry dominance of SpaceX.
The fuel for a fully reusable rocket that can unlock truly low-cost access to space isn’t methane or liquid oxygen. It’s cash, and Stoke Space Technologies is tanking up. The company has now “completed the initial closing” of a $1 billion Series E round intended to help it reach orbit and prepare a new, larger rocket for operations.
“This round is really to scale,” CEO Andy Lapsa told TechCrunch. “To lay the infrastructure, to scale in production and flight frequency, and importantly to fund the development of the second generation vehicle.”
The round was led by Point72 Ventures (hedge fund billionaire Steve Cohen’s tech investment vehicle), and Spark Capital, and included investment from General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital and Y Combinator, among others.
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