Stoke Space Announces $1 Billion Funding Round to Advance Reusable Rocket Program

Stoke Space, a U.S.-based aerospace startup, has completed the initial closing of a $1 billion Series E funding round, according to a report by TechCrunch.

The company said the funds are intended to help it achieve orbital flight and to prepare a new, larger rocket for operational use, TechCrunch reported.

Stoke Space has been developing fully reusable rocket technology, an area in which SpaceX has established a dominant position with its Falcon 9 and Starship programs. The new funding round suggests investors see potential for competition in this segment of the space launch industry, according to the report.

Details regarding specific investors participating in the round, the exact valuation of the company, or a timeline for the rocket's first orbital attempt were not disclosed in the available reporting.

TechCrunch did not specify whether the $1 billion figure represents the total target for the round or the amount raised in this initial closing alone.