Reusable rocket startup Stoke Space raises $510 million in latest funding round

Oct 8 (Reuters) - Stoke Space said on Wednesday it has raised $510 million in a funding round led by entrepreneur Thomas Tull's US Innovative Technology Fund, to speed up development of its Nova reusable launch vehicles.

The round also drew backing from Washington Harbour Partners and General Innovation Capital Partners, and existing investors including 776, Breakthrough Energy, Glade Brook Capital and Toyota Ventures.

The Washington-based startup declined to provide the valuation at which it raised funds.

"Launch capacity is now a defining factor in the U.S. ability to compete and lead in the space economy," said Tull, chairman of USIT. "Stoke's pioneering approach to reusable launch systems directly advances our national security and commercial access to orbit."

Earlier this year, Stoke was awarded a National Security Space Launch contract by the U.S. Space Force, joining Elon Musk's SpaceX, Jeff Bezos' Blue Origin, Rocket Lab USA RKLB.O and United Launch Alliance and others, selected to strengthen U.S. space launch capabilities.

The award reflects the growing demand for medium-lift launch capacity for defense, including for the proposed Golden Dome missile defense system, the company said.

In January, the company had raised $260 million in a funding round.

Stoke Space is developing the fully reusable Nova rocket for frequent, low-cost space launches, backed by funding from the U.S. Space Force, NASA and other partners.