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Stoke Space, a company that makes reusable rockets, raises $510 Million in its latest round of funding

Stoke Space announced on Wednesday that it had raised $510m in a round of funding led by Thomas Tull, the US Innovative Technology Fund. The money will be used to accelerate development of Nova reusable launch vehicles.

Investors including 776 Breakthrough Energy Glade Brook Capital, Toyota Ventures, Glade Brook Capital, and Washington Harbour Partners also participated in the round.

The Washington-based startup refused to disclose the valuation at which they raised funding.

Tull, the chairman of USIT, said that "Lift capacity is now an important factor in our ability to compete in and lead the space economy." "Stoke’s pioneering approach towards reusable launch systems directly enhances our national security as well as commercial access to space."

Stoke, along with SpaceX, Jeff Bezos Blue Origin, Rocket Lab USA, United Launch Alliance, and other companies, was selected by the U.S. Space Force to enhance U.S. launch capabilities.

The company stated that the award is a reflection of the increasing demand for medium-lift launch capability for defense, and for the proposed Golden Dome system missile defense.

The company reported a January profit of $1.1 million.

Raised $260 Million

In a funding round.

Stoke Space, with funding from NASA, the U.S. Space Force and other partners, is developing a fully reusable Nova rocket to launch spacecraft at low cost. (Reporting from Prakhar Srivastava, Bengaluru. Editing by Sahal Muhammad)

(source: Reuters)