Stoke 的可完全复用 Nova 赌注：融资 13.4 亿美元，目标 2026 年底首飞

做的是什么生意

Stoke Space is a Kent, Washington launch startup developing Nova, a fully reusable medium-lift rocket (about 3,000 kg to low Earth orbit reusable, 7,000 kg expendable) whose second stage uses an actively cooled metallic heat shield; it also sells Boltline, an engineering and manufacturing software product.

启动资金：January 2025 Series C of $260M; October 2025 Series D of $510M led by USIT with existing investors including 776, Breakthrough Energy, Glade Brook Capital, NFX and Toyota Ventures, bringing total capital to $990M (Satellite Today); the extended Series D closed at $860M in February 2026, with $1.34B raised to date (Bloomberg); Bloomberg reported in August 2026 that Stoke was raising about $1B at a roughly $9B valuation.

起因

Stoke Space was founded in 2019 in Kent, Washington by former Blue Origin engineers (Bloomberg), with co-founder and CEO Andy Lapsa arguing the prize was full reusability: a rocket that recovers the entire vehicle, not just the booster. Nova is sized between Rocket Lab's Electron and Falcon 9 — a medium-lift gap Stoke says is underserved — and in March 2025 the US Space Force added the company to NSSL Phase 3 Lane 1, letting it compete for national security launches once demonstrated and certified (Satellite Today).

经过

By October 2025 Stoke had raised $990M across a $260M Series C (January 2025) and a $510M Series D led by Thomas Tull's USIT, after completing mission duty cycle testing on both stages' flight-like engines. In February 2026 the Series D extension closed at $860M, taking total funding to $1.34B. In June 2026 Stoke completed Nova Stage 1 proto-qualification: 46 structural test objectives at its Moses Lake, Washington site (Raptor Group), with the debut targeted for late 2026 from Launch Complex 14 at Cape Canaveral, which the company refurbished in about a year.

结果

As of 2026-09-02 Nova has not flown. Bloomberg reported (2026-08-12) that Stoke was raising about $1B at a ~$9B valuation to fund development and production, and the first launch is still targeted for the end of 2026 — a flight that would make Stoke the closest thing to a fully reusable launcher after SpaceX, whose Starship has yet to recover an entire vehicle intact.

可借鉴之处

把别人丢弃的部分当作产品：Stoke 的主动冷却金属二级取代了脆弱的瓦片，将完全复用从一个口号变成了工程进度表。