Stoke Space Technologies has completed the initial phase of a $1 billion Series E funding round, which aims to expand the company’s operations and develop a larger rocket. This funding round, led by Point72 Ventures and Spark Capital, includes contributions from several other investors such as General Innovation, Glade Brook Capital, and Y Combinator. Stoke has now raised a total of $2.3 billion in funding across multiple rounds. The money will be used to scale infrastructure, increase production, boost flight frequency, and develop the second generation of Stoke’s rocket. Stoke’s approach to rocket design differs from many of its competitors. The company is working on a fully reusable rocket, where both the booster stage—responsible for lifting the rocket off the ground—and the second stage, which carries the payload into orbit, return to Earth. This reusability is expected to significantly reduce the cost of space travel. To achieve this, Stoke is using super-cooled liquid hydrogen, which not only serves as fuel but also acts as a thermal shield. The company has already tested this cooling method on the ground, which helps protect the rocket’s structure from extreme temperatures during flight. The first rocket in Stoke’s lineup, the Nova Pathfinder, is scheduled to make its first flight in early 2027 after undergoing structural and operational tests at the company’s Moses Lake facility. Before that, the company will conduct test-firings of each rocket stage on the ground to ensure they are ready for flight. The Nova Pathfinder is designed to carry three metric tons of cargo to low-Earth orbit, a significant capability for a new entrant in the space industry. Looking ahead, Stoke has announced plans for a larger rocket called the Nova Block 2, which will be able to carry 15 metric tons to low-Earth orbit and is expected to be deployed in 2029. CEO Andy Lapsa noted that the growth of the space industry depends on the availability of reliable launch services for customers outside of government and research institutions. He also mentioned that as SpaceX’s Falcon 9 rocket is gradually phased out, there could be increased demand for alternative launch options. However, Stoke has not yet announced any plans to operate its own space-based assets, such as satellites or space stations.