Stoke Space raises another $260 million, more than doubling its private capital
Stoke’s Nova rocket
The rocket startup Stoke Space, which is attempting to develop its own fully reusable two stage rocket, announced yesterday that it has successfully raised $260 million of private investment capital in its most recent funding round, more that doubling what it had raised previously and bringing the total raised by the company to $480 million.
The funding round involves new and existing investors including Breakthrough Energy Ventures, Glade Brook Capital Partners, Industrious Ventures, Leitmotif, Point72 Ventures, Seven Seven Six, the University of Michigan, Woven Capital, and Y Combinator, among others.
The company’s Nova rocket will use what has become the standard for first stage re-use, a vertical take-off and landing. Its second stage however will also be reusable, something no one has yet succeeded in doing, and Stoke intends to do it in a radical manner. Rather than use a single nozzle on its upper stage, it has instead gone with a new design whereby thrust is released through a string small nozzles placed in a ring on the bottom outside of the stage. The base of the stage can thus get a heat shield. The plan is to have the stage return much like many returnable capsules, with the small nozzles then used to provide control and thrust during landing.
This new influx of cash indicates renewed confidence in the company among the investor class. Its recent successful test of its Zenith first stage engines probably help fuel that confidence.
It had hoped to do its first test launch this year from Cape Canaveral, but has recently been burdened with new environmental red tape that might impact those plans.
