Space · Wednesday, 9 September 2026
Stoke Space has never reached orbit. It raised $1bn this week and announced a bigger rocket for 2029.
The American company has now taken $2.3bn from investors without attempting a launch. Its first rocket slipped to early 2027, and it used the new money to start a second one.
$2.3bn
raised by Stoke Space since 2020, before any attempt at orbit
Rocket Lab had raised $148m by the time its Electron rocket reached orbit in January 2018
3 to 15 tonnes
what Stoke's first rocket carries, and what the one it announced on Tuesday is designed to carry
the bigger one is not due to fly until 2029, two years after the first
$450m
raised the same week by The Exploration Company, a European maker of cargo capsules
one of the largest scale-up rounds a European space firm has closed
203
successful orbital launches worldwide so far in 2026
the last five years have broken the record for how many rockets flew worldwide
The lead story — what happened
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Stoke Space, an American rocket company, raised $1bn on Tuesday in a round led by two investment firms, Point72 Ventures and Spark Capital.
[1] [2] [3] -
That takes what it has raised since it started in 2020 to $2.3bn. It has never attempted to put anything into orbit.
[1] [3] -
About $2.1bn of that total has arrived since January 2025, across four fundraises in twenty months.
[2] -
One person familiar with the round told Reuters it values Stoke at roughly $10bn. The company itself gave no figure.
[1] -
Its first rocket, Nova Pathfinder, was due to fly in late 2026. That has moved to early 2027.
[2] [4] -
On the same day, Stoke revealed a second and much larger rocket, Nova Block 2, which it hopes to fly in 2029.
[1] [2] -
Pathfinder is built to lift 3 tonnes to low Earth orbit, a few hundred kilometres up where most working satellites fly, and land again. Block 2 is designed for 15 tonnes.
[1] [4] -
Block 2 uses 14 of Stoke's Zenith engines on its first stage, twice as many as Pathfinder's seven.
[1] [2] -
Chief executive Andy Lapsa said customers are ordering bigger satellites and more of them, and will need to replace ageing ones.
[1] -
Pathfinder's flights are already booked for the next couple of years, Lapsa said, though he would not say how many.
[1] -
Reuters reports that Pathfinder, once the company's centrepiece, is now treated as a stepping stone to Block 2.
[1] -
Stoke joined the US Space Force's launch pool in March 2025, but cannot bid for a single mission until Nova has flown.
[2] -
Rocket Lab had raised $148m when it closed its Series D in March 2017. Its Electron rocket reached orbit ten months later.
[2]
Who is involved
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Stoke Space
an American rocket company in Kent, Washington, founded in 2020; it is building a rocket meant to land and fly again in one piece, and it raised the $1bn
[2] [4] -
Andy Lapsa
Stoke's chief executive and co-founder; he said the new money lets the company begin full development of the larger rocket
[1] [3] -
Point72 Ventures and Spark Capital
two American investment firms; they co-led the round and have backed Stoke since its first big fundraise in 2021
[2] -
The US Space Force
the American military branch that buys military launches; it put Stoke in its launch pool in March 2025 and will not let it bid until Nova flies
[2]
How it unfolded
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2020 Stoke Space is founded
[1] -
June 2026 Pathfinder's first stage completes 46 structural tests at Moses Lake, Washington
[2] -
Tuesday Stoke announces $1bn and reveals the larger Nova Block 2 for the first time
[2] [3] -
Early 2027 Nova Pathfinder's first launch, moved back from late 2026
[2] [4] -
2029 the planned first flight of Nova Block 2
[1] [2]
Where this points
Watch whether Nova Pathfinder actually leaves the pad in early 2027, because until it does Stoke cannot bid for a US Space Force mission and Block 2 is a design resting on nothing that has flown.
What is pushing on the whole day
The bar and the word are our reading of how hard each one is pushing today. The arrow is where it is heading. The evidence is in the stories below.
Stoke Space has raised $2.3bn without attempting a launch
Stoke's rocket is designed to land in one piece
NASA removed the Swift telescope from next year's IXPE proposals without giving a reason
a new paper says the century-old description of a black hole leaves out the expanding universe
The rest of the day
9 more stories on this beat.
Each with its own sources. None of these is a link to the story above.
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02
A European capsule maker raises $450m
The Exploration Company, a European firm founded in 2021, raised $450m this week, one of the largest scale-up rounds a European space company has closed.
[5] [6] It is building Nyx, a capsule meant to carry cargo up to space stations and bring it back down, and Storm, a rocket engine designed to be flown again rather than thrown away.[5] Nyx has flown twice at reduced size, with mixed results, and its first trip to the International Space Station is planned for 2028.[5] Why it matters — It has already won more than $2bn in contracts, including deals with Axiom Space, Starlab and Vast to carry supplies to commercial space stations that have not been built.
[5] Its customers are betting on a capsule that has not flown at full size, and it is betting on stations that do not yet exist. -
03
NASA drops a telescope from next year's proposals
On or about 8 September, NASA removed the option to propose joint observations with the Swift telescope from the next round of proposals for IXPE, its X-ray observatory.
[7] IXPE's Guest Observer programme lets astronomers anywhere apply for observing time on any topic, and a joint option lets a single proposal book two telescopes at once, so the pairing is committed a year before anyone observes anything.[7] The deadline for this round is unchanged at 17 September, and NASA's notice gives no reason for the removal.[7] Why it matters — Whatever is unsettled about Swift's future, this is where it shows up first: not in an announcement, but in what astronomers are permitted to ask for next year.
[7] -
04
A cargo ship was burned up on purpose
The Progress 94 freighter undocked from the International Space Station at 11:18 in the morning, US eastern time, on Monday.
[8] It was due to burn up in the atmosphere later the same day.[8] Progress ships are uncrewed Russian freighters flown by Roscosmos, Russia's space agency. This one launched from Baikonur in Kazakhstan in March on a Soyuz rocket, reached the station two days later and docked itself to a module called Poisk, carrying about three tonnes of food, fuel and supplies.[8] The crew filled it with rubbish before it left.[8] Why it matters — Destroying the ship is how the station empties its bins, and nothing about a Progress is meant to survive the trip home.
[8] The two fundraises above are being spent on the opposite idea, hardware built to come back.[1] [5] -
05
A paper says black holes grow with the universe
Two theoretical physicists, Valerio Faraoni and Massimiliano Rinaldi, argue in a new paper that black holes expand along with the expanding universe rather than sitting immune to it.
[9] The standard description of a black hole, written more than a century ago, treats it as a still object in an unchanging empty void, because that makes the sums workable.[9] The pair tracked the boundary beyond which light cannot escape. The only answer that held together was one where it grows at exactly the rate the universe does.[9] The paper is a preprint and unreviewed.[9] Why it matters — If it survives review, the enormous early black holes the James Webb Space Telescope keeps finding would not have had to eat their way to that size. The expansion would have carried them there.
[9] -
06
Comets caught boiling near a young star
Astronomers led by Aline Novais at Lund University in Sweden report signs of comets falling towards PDS 70, a young star about 370 light years away.
[10] They found absorption lines of sodium in archived data from HARPS, an instrument built to hunt planets, which appeared and vanished over a few nights and moved faster than the star itself.[10] That pattern fits gas boiling off a comet crossing in front of the star, and does not fit a steady wind from the surrounding disc of dust.[10] The work is published in Nature Communications.[10] Why it matters — PDS 70 is one of the few systems whose planets have been photographed directly, and water vapour was already found in its inner disc.
[10] Comets carrying ice inwards is one of the leading explanations for where Earth's own water came from.[10] -
07
Schoolchildren name two merging galaxies
Students from Waiakea High School and the Volcano School of Arts and Sciences, both on Hawaii's Big Island, used the Gemini North telescope on Maunakea to observe NGC 7253.
[11] It is a pair of spiral galaxies caught in each other's gravity and slowly merging into one.[11] They had time on the telescope through Project Hokulani, an internship for local students.[11] They gave the image a Hawaiian name, Na 'Uhane Mahoe Huki Pu i ke Ola, which means the twin spirits pulling together creating life.[11] Why it matters — Maunakea is one of the best sites on Earth for a telescope and also land many Native Hawaiians hold sacred, which has made the observatories there the subject of a long dispute.
[11] This image was taken and named by schoolchildren from the island itself. -
08
The next wave of Mars missions is mostly not American
The Planetary Society published a survey of what is coming next at Mars on 7 September, written by the planetary scientist Ari Koeppel.
[12] NASA's plan to bring Martian rock back to Earth is on indefinite hold, and its three new robotic Mars missions were chosen outside the open, peer-reviewed competition that normally decides them.[12] Japan's MMX spacecraft will try to scoop 10 grams off Phobos, the larger of Mars's two moons, and fly it home.[12] Europe's Rosalind Franklin rover, held up since the 2008 financial crisis, now has a launch contract for 2028.[12] Why it matters — Nobody knows whether Phobos is an asteroid Mars captured or debris knocked off Mars itself, and 10 grams would settle it.
[12] The samples NASA has already collected and sealed on Mars still have no ride home.[12] -
09
Pixxel's buyers turn out to be governments
Pixxel, the Indian company whose $100m fundraise was reported on Monday, has told Payload who is actually buying from it.
[14] [15] Its satellites read the ground by splitting light into many narrow bands, which shows what a surface is made of rather than only what it looks like.[14] [15] The customer list is almost all public bodies. It holds contracts from the US National Reconnaissance Office, a place in NASA's $476m programme for buying small-satellite data, and the lead on India's first private Earth-watching fleet.[14] About 25 satellites are in build.[14] Why it matters — Chief executive Awais Ahmed said today's demand is a fraction of what is coming, and compared this kind of imaging with radar imaging seven or eight years ago.
[14] A company selling mainly to defence ministries and space agencies has the same exposure as the rocket firms above: most of its money is promised by buyers whose own programmes are unfinished. -
10
A neural network to help a spacecraft find its bearings
A team led by Jian Guan has published a design in Scientific Reports for a small neural network that reads star-tracker pictures.
[13] A star tracker is the camera a spacecraft uses to work out which way it is pointing: it photographs a patch of sky and measures the centre of each star to a fraction of a pixel.[13] The usual methods assume each star is one neat blob, so a close pair of stars confuses them. The paper reports its network spotting those pairs every time, against about 54 per cent for the conventional method.[13] Why it matters — Almost everything a spacecraft does depends on knowing which way it is pointing, from aiming an antenna at Earth to holding a telescope steady.
[13] The authors say their result is simulated, was run on a desktop graphics card, and has not been tried on space-qualified hardware.[13] The work was funded by China's civil space programme.[13]
Why an unbuilt rocket and an unbuilt space station count as proof of each other
A rocket that has never flown is fully booked, and the customers booking it have not built their satellites or their stations either.
The twist
A signed customer is treated as evidence that a product will work, even when that customer has not built their own product either.
How it works
- A rocket or a spacecraft costs almost all its money years before it works once
- So the builder needs customers signed up long before there is a product
- The customers are often building something that does not exist yet either
- Each side shows the other's signature as the reason its own plan is safe
- Money arrives for both, and nothing has yet been tested
The same force, elsewhere today
Where this chain is also running, in today's other stories.
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The Exploration Company's $450m
the same step, one industry over: it holds more than $2bn in contracts to carry supplies to commercial space stations, and those stations have not been built
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NASA dropping Swift from next year's IXPE proposals
the same chain running backwards: once one side stops being something you can plan around, the plan built on it is quietly deleted rather than argued about
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The next wave of Mars missions
NASA's three new robotic missions are justified as groundwork for human landings that have no date, and the human landings are justified by the groundwork
Where you've seen this
Shopping centres
a developer borrows against signed leases from shops that will only open if the centre gets built
Films
an actor signs because a director is attached, the director stays because the actor signed, and the money comes after both
New railway stations
houses are approved because a station is planned, and the station is approved because the houses are planned
The catch
One buyer refuses to play. The US Space Force put Stoke in its launch pool in March 2025 and still will not let it bid for a mission until Nova has actually flown.
And the whole of it
Everyone here is being reasonable from where they sit. The investor sees a rocket with a full order book. The customer sees a supplier with a billion dollars in the bank. Neither is lying, and neither can see the whole loop from one seat. A lot of the money underneath is ordinary savings, and the satellites at the far end of the chain carry the maps, the forecasts and the internet that many people use every day.
What is really going on
Stoke Space has raised $2.3bn without launching anything, and this week it spent part of the newest $1bn announcing a second, bigger rocket for 2029. The same week The Exploration Company raised $450m for a cargo capsule that has flown only at reduced size, against more than $2bn of contracts to supply space stations that have not been built.
Why it works on us — A billion-dollar round reads like a verdict on the rocket, when what it measures is how many investors expect the rocket to work: Stoke has raised $2.3bn and not yet attempted a launch.
Who gains
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Stoke Space
— It has $1bn to spend before its first flight, so it can develop the larger Block 2 rocket in parallel instead of waiting for Pathfinder to work.
[1] [2] -
Point72 Ventures and Spark Capital
— They led the round at a reported $10bn valuation, having backed Stoke since its 2021 Series A, so their earlier money is marked up on paper.
[1] [2] -
The Exploration Company
— Its $450m pays for both the Nyx capsule and Storm, a reusable engine aimed at 40 tonnes to orbit, which is work no other private European supplier is funded to do.
[5] -
Axiom Space, Starlab and Vast
— Each has a supply agreement with a cargo company that has just raised $450m, which makes their own unbuilt stations look better provisioned.
[5] -
Aline Novais and her co-authors
— Their result came out of archived HARPS spectra that had already been paid for and recorded for a different purpose.
[10] -
Students at Waiakea High School and the Volcano School of Arts and Sciences
— Project Hokulani gave them observing time on Gemini North, and the naming of the NGC 7253 image went to them.
[11]
Who pays
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Astronomers planning X-ray observations for next year
— They can no longer propose paired IXPE and Swift observations, and the proposal deadline is still 17 September.
[7] -
Customers waiting on Nova Pathfinder
— Its first flight slipped from late 2026 to early 2027, and the manifest is already full for the couple of years after that.
[1] [2] [4] -
Scientists who wanted NASA's Martian rock samples
— The return mission is on indefinite hold, so the sealed tubes stay on Mars; the Phobos and Tianwen-3 samples answer a narrower set of questions.
[12] -
Researchers who would have competed for NASA's new Mars missions
— The three were picked outside the open, peer-reviewed competition that normally chooses NASA's science missions, a departure The Planetary Society's survey says the science community has criticised.
[12] -
Roscosmos
— Progress 94 was destroyed on re-entry by design, so each resupply run to the space station consumes a whole spacecraft.
[8]
What nobody knows yet
Open questions from across today’s stories — ours included.
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01
Why NASA removed Swift from next year's IXPE proposals.
The notice states the change and confirms the 17 September deadline is unchanged. It gives no reason at all.
[7] -
02
What Stoke Space is worth.
Reuters puts it at roughly $10bn, attributed to one person familiar with the round. Stoke published no valuation of its own.
[1] [2] -
03
How many launches Nova Pathfinder is actually booked for.
Andy Lapsa said the manifest is full for the next couple of years and declined to give a number.
[1] -
04
What went wrong on The Exploration Company's two test flights.
Payload says the two reduced-size Nyx demonstrations had mixed results, and does not say what failed on either.
[5] -
05
Whether the early black holes are big because the universe expanded.
Faraoni and Rinaldi's paper is a preprint on arXiv, which means no other physicists have reviewed it yet.
[9] -
06
Whether the gas around PDS 70 really comes from comets.
The team infers comets from sodium lines that appear and vanish over a few nights. Nobody has seen a comet in that system.
[10] -
07
Whether Phobos is an asteroid Mars captured or debris knocked off Mars.
Its visible and near-infrared light looks like ancient asteroids, and its thermal infrared increasingly looks like Martian basalt.
[12] -
08
Whether the star-tracker network works in orbit.
It was tested on simulated images with one kind of noise, on a desktop graphics card. The authors say the deployment claim is potential rather than verified.
[13] -
09
Where in the United States Pixxel will build its satellites.
Awais Ahmed said the company is evaluating locations and named none.
[14]
Students from Waiakea High School and the Volcano School of Arts and Sciences, both on Hawaii's Big Island, were given time on the Gemini North telescope and used it to observe two spiral galaxies merging. They named the image in Hawaiian: Na 'Uhane Mahoe Huki Pu i ke Ola, the twin spirits pulling together creating life.
Also true today
- Europe's Rosalind Franklin rover was nearly cancelled after the 2008 financial crisis, then lost its Russian partner when the war in Ukraine began. It now has a confirmed launch contract for 2028, with NASA supplying instruments and engineering parts.
- Aline Novais and her colleagues found comets falling towards a star 370 light years away by re-reading spectra that had been recorded years earlier for an entirely different purpose.
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