Stoke Space’s private-market valuation has surged to roughly $9 billion, driven by intense investor enthusiasm for the reusable-rocket startup. According to Forge Global data, its Forge Price hit $119.38 per share on Sept. 9—a 198% jump from its previous price and up nearly 497% over the past year.
The valuation surge follows a $1 billion Series E round last month, bringing Stoke Space’s total capital raised to about $2.3 billion. The new funding will accelerate development of Nova, its fully reusable launch vehicle designed to bring both stages back to Earth, drastically lowering launch costs and boosting flight frequency.
The company’s rapid repricing reflects its steep trajectory: valued at under $1 billion in its Series C round in January 2025, Stoke Space reached $3.42 billion in February’s Series D ($49.92/share) before climbing to $9 billion in August.
Former Blue Origin Engineers Bet On Reusable Rockets
The funding comes as investors are increasingly betting on a broader group of private space companies beyond SpaceX.
Stoke Space was founded in 2019 by former Blue Origin engineers Andy Lapsa and Tom Feldman, who now serve as CEO and CTO, respectively. The company was created around a relatively ambitious premise for the launch industry: that rockets should be designed for rapid, repeated reuse from the outset rather than treating reusability as an incremental upgrade.
The company is targeting commercial, civil, and defense customers, giving Stoke exposure to several of the fastest-growing segments of the space economy.
Its government work already includes a NASA partnership focused on reusable upper-stage reentry technology and a U.S. Space Force contract that allows Stoke to compete for missions under the National Security Space Launch program.
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Stoke Faces Growing Reusable-Rocket Competition
Stoke is entering an increasingly crowded market as investors and governments seek alternatives to SpaceX and additional launch capacity. Rocket Lab, Firefly Aerospace, and Blue Origin are among the companies developing next-generation launch systems, while SpaceX is continuing to push toward greater reusability with Starship.
That distinction could become particularly important as launch demand grows.
Stoke says its first orbital vehicle, Nova Pathfinder, remains on track for its first flight in the first part of 2027, with the initial mission intended to demonstrate the technologies needed for full reuse while also carrying customer payloads. The company is also developing a larger Nova Block 2 vehicle aimed at expanding its launch capabilities.
The timing puts Stoke at an important inflection point. Investors have now committed billions of dollars to the company, but its ability to justify a roughly $9 billion private-market valuation will ultimately depend on whether it can turn its reusable-rocket technology into a reliable, high-frequency commercial launch business.
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