KENT: Stoke Space Technologies, a U.S. rocket builder, said on Tuesday it has raised $510 million in a Series D funding round and secured a $100 million debt facility, providing fresh capital to speed development of its fully reusable Nova launch vehicle.
The equity round was led by Thomas Tull’s US Innovative Technology Fund (USIT), with participation from new investors Washington Harbour Partners and General Innovation Capital. A syndicate of existing backers, including 776 and Breakthrough Energy, also joined. The $100 million debt facility was led by Silicon Valley Bank.
The new financing more than doubles the company’s total capital raised to $990 million.
“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 Space.
The investment underscores growing demand for medium-lift launch capacity from both commercial and national security customers. Earlier this year, the U.S. Space Force awarded Stoke a National Security Space Launch (NSSL) contract, a significant endorsement for a company yet to reach orbit.
“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, in a statement. “Stoke’s pioneering approach to reusable launch systems directly advances our national security and commercial access to orbit.”
Stoke is developing the Nova rocket to be fully and rapidly reusable, a design aimed at providing high-frequency, lower-cost access to orbit for missions such as satellite constellation deployment.
Since its previous funding round, the company has progressed in testing engine configurations for both rocket stages and is refurbishing Launch Complex 14 at Cape Canaveral Space Force Station in Florida. The launch site is scheduled for activation in early 2026.
The new capital will be used to expand production capacity for the Nova vehicle, complete work on the launch complex, and invest in its supply chain.