Stoke raises a $510M Series D plus $100M in debt to finish Nova

Stoke Space/Nova

Stoke Space raised $510 million in a Series D equity round led by Thomas Tull's US Innovative Technology Fund, plus a $100 million debt facility from Silicon Valley Bank. The total capital of $990 million will fund Nova development, initial flights, expanded manufacturing and Cape Canaveral pad activation targeted for early 2026.

• Series D: $510 million equity led by US Innovative Technology Fund; Silicon Valley Bank led $100M debt.
• Additional supporters: Washington Harbour Partners, General Innovation Capital, and existing backers including 776, Breakthrough Energy, Toyota Ventures.
• Uses: complete Nova development, demonstrate through initial flights, expand production, activate Launch Complex 14.
• CEO Andy Lapsa: funding covers runway for development and first flights of the fully reusable Nova rocket.