Stoke Space, Washington Reusable Rocket Startup, Raises $100 Million
Three points you will get to know in this article:
- The primary focus is to swiftly advance and fortify the delicate commercial space economy, emphasizes Stoke’s CEO, Andy Lapsa.
- Stoke Space, a Washington startup, secured $100 million to advance the development of their reusable rocket, “Nova.”
- Stoke Space secured $100 million for its “Nova” reusable rocket and recently tested its “Hopper2” prototype with success.
Stoke Space, a startup based in Washington, joyfully announced on Thursday that it has successfully secured $100 million in fresh capital. This financial boost is a crucial step forward for the company as it strives to pioneer the development of “Nova,” an innovative and fully reusable rocket.
The recent injection of funds was spearheaded by Industrious Ventures, with the esteemed Steve Angel, chairman of the chemical behemoth Linde, taking a prominent role on Stoke’s board of directors. Notably, the University of Michigan, Sparta Group, Long Journey, Breakthrough Energy led by the visionary Bill Gates, YCombinator, Point72 Ventures, NFX, MaC Ventures, Toyota Ventures, and In-Q-Tel were among the notable investors participating in Stoke’s impressive fundraising endeavor.
This momentous achievement not only underscores Stoke Space’s ambitious mission but also solidifies its position as a pioneer in the space exploration domain. The future indeed looks promising for Stoke and its groundbreaking project, “Nova.”
Established in 2019, Stoke had garnered a total funding of $75 million thus far. A representative from the company opted not to disclose Stoke’s post-money valuation.
According to Stoke’s co-founder and CEO, Andy Lapsa, the primary focus is on maintaining momentum and advancing development to swiftly enter the market. The goal is to strengthen an inherently delicate commercial space economy as efficiently as possible.
Stoke’s recent endorsement comes just weeks following the culmination of a low-altitude launch of its “Hopper2” vehicle. During this mission, the rocket-powered prototype gracefully soared to approximately 30 feet before executing a successful landing after a mere 15 seconds.
In a landscape where numerous U.S. companies are vying to create reusable rockets to rival the accomplishments of Elon Musk’s SpaceX, Stoke is forging its path with a distinctive strategy compared to its competitors. Lapsa elucidated that the company’s focus has been on the development and testing of the rocket’s second stage before the first stage. This deliberate approach stems from the understanding that it’s not a feature that can be haphazardly appended later on.
“Initially, the absence of an available technological solution was a key factor. Furthermore, our curiosity revolved around envisioning the ideal configuration, essential for crafting the initial phase to support it,” shared Lapsa.
Stoke is actively shaping Nova into a rocket of “medium” class stature, proficient in transporting 5,000 kilograms to low Earth orbit. This strategic positioning places Nova squarely in the heart of the launch market, bridging the gap between Rocket Lab’s “light” Electron and SpaceX’s formidable “heavy” Falcon 9 in terms of its remarkable capabilities.
Stoke presently boasts a team of 95 dedicated individuals, stationed at our manufacturing and engineering hub in Kent, Washington, along with a cutting-edge testing facility in Moses Lake, Washington.
In a significant development earlier this year, Stoke was honored to receive a directive from the Space Force, granting us a launchpad at the iconic Cape Canaveral, Florida. As shared by Lapsa, our company is diligently embarking on the development of this new venture. The initial focus revolves around advancing our remarkable “Hopper2” vehicle into a sophisticated orbit-ready second stage. Concurrently, we are gearing up for the construction of the expansive first stage of our rocket. Lapsa expressed his optimism, stating that all these components are expected to seamlessly converge in the near future, marking an exciting milestone for Stoke.
Lapsa expressed our commitment to strategically position ourselves, aiming to deliver unparalleled value to the satellite industry. Our primary goal is to significantly reduce the duration from production to generating revenue.
Stoke Space’s triumphant $100 million funding round, led by Industrious Ventures and featuring notable investors like Bill Gates’s Breakthrough Energy, solidifies its pioneering role in space exploration. With the visionary Steve Angel joining the board, Stoke is set to propel its “Nova” rocket project forward. Stoke’s deliberate approach to rocket development, distinct from competitors, and strategic positioning in the launch market underscore their commitment to revolutionizing space travel. The recent Space Force directive and plans for Cape Canaveral affirm Stoke’s trajectory towards a groundbreaking future in satellite industry innovation.
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