Seattle-area Stoke Space raised $350M during Q1 2026, per GeekWire’s regional analysis. Stoke is pursuing full reusability of both first and second stages — a capability SpaceX’s Starship is also working toward.

The problem this startup is attacking

Launch cost per kilogram has declined, but the second stage remains largely expendable in most systems. A fully reusable medium-lift rocket could meaningfully change the economics of constellations, orbital manufacturing, and deep-space payloads.

Why this is a live problem now

• LEO constellation demand is outpacing available launch cadence.
• Government and commercial customers want launch diversity beyond SpaceX.
• NASA, Space Force, and allied programs are increasingly buying from new entrants.

Competitive map

• SpaceX Starship / Falcon 9.
• Rocket Lab Neutron.
• Relativity Space Terran R.
• Blue Origin New Glenn.
• ULA Vulcan.

Market signal (the number to remember)

• $350M for an earlier-stage entrant reflects deep strategic appetite for launch redundancy and reusable upper-stage technology.

Practical takeaway (operator + investor)

1. Operators: Manifest diversification — across multiple launch providers — becomes a real supply chain strategy.
2. Investors: Space capital is returning but with tighter underwriting; only companies with credible engine test cadence and paid contracts will clear the bar.

Sources

1. GeekWire Seattle Q1 2026: https://www.geekwire.com/2026/bigger-checks-fewer-bets-seattle-startup-deal-count-drops-to-lowest-level-since-2020/