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Stoke Space Stock (STOS)

Stoke Space is a developer of reusable rockets that provide access to and from any orbit to the satellite industry.

About Stoke Space Stock

Founded

2019

Headquarters

Kent, WA, US

Total Funding

176M

Industries

Science and Engineering, Travel and Tourism, Transportation

Stoke Space is an aerospace manufacturer developing Nova, a fully reusable launch vehicle designed to provide high-cadence, sustainable access to low Earth orbit and beyond. The company’s stated mission is to scale the space economy by employing a 100% reusable rocket architecture capable of rapid turnaround times for frequent orbital delivery.

Stoke Space Press Mentions

Stay in the know about the latest news on Stoke Space

Stoke Space Management

Leadership team at Stoke Space

Co-Founder

Andy Lapsa

Co-Founder & CTO

Thomas Feldman

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Stoke Space Key Facts

  • Major Capital Influx and Valuation Surge: In October 2025, Stoke Space closed a $510 million Series D funding round, complemented by a $100 million debt facility. Led by the national security-focused US Innovative Technology Fund (USIT), this round more than doubled the company’s total capital to nearly $1 billion and propelled its valuation to approximately $1.95 billion. This financial runway is specifically designated to scale production of the Nova launch vehicle and complete the activation of Launch Complex 14 at Cape Canaveral, scheduled for early 2026.
  • Strategic Selection for National Security Launch Program: In March 2025, the U.S. Space Force added Stoke Space to its $5.6 billion National Security Space Launch (NSSL) Phase 3 Lane 1 program. This selection allows Stoke to compete for a decade of high-value government contracts alongside established giants like SpaceX and Blue Origin. The award serves as a profound validation of Stoke’s 100% reusable architecture, particularly its ability to meet stringent military requirements for "dynamic space operations," including the repositioning and return of assets from orbit.
  • Commercial Diversification via "Boltline" Software: Stoke has successfully monetized its internal engineering tools, rebranding its cloud-based hardware management platform as Boltline (formerly Fusion) in August 2025. Reported to have doubled its revenue in the first half of fiscal year 2025, Boltline has secured adoption across the aerospace, biotech, and advanced manufacturing sectors. This auxiliary revenue stream provides a unique hedge against the capital-intensive nature of rocket development and demonstrates the team's ability to commercialize secondary innovations while pursuing its primary orbital goals.
  • Market Saturation and "SpaceX-First" Contracting Bias: Although Stoke Space was selected for the $5.6 billion NSSL Phase 3 Lane 1 program, current task orders in early 2026 continue to be dominated by incumbents. In January 2026, the Space Force awarded $739 million in task orders solely to SpaceX for nine missions, highlighting a persistent "performance gap" where startups must successfully reach orbit before capturing meaningful revenue. Stoke faces a significant "maturity wall" as it remains unproven compared to Rocket Lab’s Neutron (planning 2026 flight) and Blue Origin’s New Glenn, both of which are competing for the same mid-lift, reusable niche.
  • Increased Regulatory Burden and Airspace Congestion: The FAA and U.S. Space Force have introduced stricter launch cadences for 2026 to manage record-breaking flight volumes, specifically in the Florida corridor. New Part 450 regulations, which become mandatory for legacy operators by March 10, 2026, require exhaustive safety and debris-mitigation certifications. As Stoke prepares for its Nova debut at Launch Complex 14, it must navigate a crowded manifest where SpaceX Starship operations could shut down Florida airspace for up to 400 aircraft per window, potentially leading to prolonged "ground stop" delays that increase the daily "burn rate" of Stoke’s capital-intensive operations.
  • Escalating Cyber and Geopolitical Space Threats: As a key defense contractor for USIT-led national security interests, Stoke is a primary target for state-sponsored espionage. The 2025/2026 Space Threat Assessments report a 118% increase in cyber incidents targeting the aerospace sector, specifically focusing on the theft of proprietary engine source code and credentials. Furthermore, Russia and China have explicitly identified commercial assets used by the U.S. military as "legitimate targets," creating a heightened insurance and liability risk for Stoke's future government-supported missions in contested orbits.

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