Stoke Space Is Raising $1 Billion to Fund Flagship Nova Rocket

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessStoke Space Is Raising $1 Billion to Fund Flagship Nova RocketStoke Space Technologies Inc. is raising $1 billion to accelerate development and production of a fully reusable rocket to challenge Elon Musk’s SpaceX, people familiar with the matter said.Author of the article:Loren Grush, Kiel Porter and Ed Ludlow You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Stoke Space Technologies Inc. is raising $1 billion to accelerate development and production of a fully reusable rocket to challenge Elon Musk’s SpaceX, people familiar with the matter said.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe closely held startup is raising money at a valuation of around $9 billion, excluding the new funds, said the people, who asked not to be identified because the information is private. Stoke aims to close the round this month, the people said.A representative for Stoke declined to comment.Founded in 2019 by former engineers from Jeff Bezos-backed rocket maker Blue Origin LLC, Stoke has been working toward getting its Nova rocket ready for its debut launch. As is the case with SpaceX’s Falcon 9, Nova is designed to be reusable. But Stoke is aiming to recover the entire vehicle after each flight, which Falcon isn’t designed to do.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againSome of Stoke Space’s earlier investors include the Bill Gates-founded Breakthrough Energy Ventures, Glade Brook Capital and Toyota Ventures.The latest funding round comes after Stoke raised $860 million in an extended Series D that closed in February. The Kent, Washington-based company said then it had raised $1.34 billion to date.If successful, the new round would catapult Stoke ahead of competitor Relativity Space, which boasted a $4.2 billion valuation in 2021 prior to debuting its first spacecraft. Relativity later faced problems with its 3D-printed rocket technology.The Falcon 9 is partially reusable, with SpaceX saving the rocket’s first stage after each mission. Numerous rocket companies are developing Falcon competitors amid a capacity crunch in the global launch market.No rocket operator has yet achieved full reusability. Musk’s company is striving toward that goal with its massive Starship, but has yet to recover the entire vehicle intact.In order to recover its full Nova rocket, Stoke Space has been developing a new type of heat shield that uses liquid cooling to protect the vehicle from piping hot plasma when it comes back from space and plunges through the atmosphere. Stoke says its heat shield will not need much refurbishment between flights, allowing each Nova to fly again quickly.SpaceX’s Starship rocket relies on hexagonal ceramic tiles to keep the vehicle intact during the fall through the atmosphere. Although outside experts have raised questions about that heat shield’s capability, Musk said during the company’s recent earnings call that he believes that Starship’s heat shield design has been “solved.”This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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