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Stoke Space Receives Multiple Investments from In-Q-Tel

Stoke Space has recently garnered significant attention because of its innovative technology development, particularly its reusable launch vehicles designed to bring both the booster and the second stage back to Earth quickly. In the burgeoning race to achieve space marvels, Stoke Space received multiple investments from In-Q-Tel for its unique architecture that has the potential to change the way we design for and use space. In-Q-Tel is a strategic investor of the United States intelligence and defense community, overseeing ventures for federal agencies such as the Central Intelligence Agency.

In-Q-Tel’s Relationship with Stoke Space

Although Stoke Space has worked behind the scenes to develop its technology, it has recently announced its close relationship with In-Q-Tel, although the two entities have not publicly acknowledged their association before. In-Q-Tel is legally a separate entity from any government agency. However, it receives all of its funding from government partners, including the defense and intelligence community. William Morrison, a principal at In-Q-Tel, confirmed that he had recently led the latest investment in Stoke Space, which closed at the end of February. Prior to this, In-Q-Tel had already invested multiple times in the company. In addition to investing in Stoke Space, the two entities also signed a “technology development agreement.” Stoke joins other small launch companies like Rocket Lab and ABL Space Systems, which have received investments from In-Q-Tel.

Background on Stoke Space and Its Ambitious Goals

Founded in 2019 by Andy Lapsa and Tom Feldman, Stoke Space is located in Kent, Washington. They created the company after spending years at Blue Origin as propulsion engineers, where Lapsa held a director-level position and Feldman a senior engineer position. Stoke Space’s focus involves developing fully reusable launch vehicles capable of being flown daily. The idea is to optimize the feasibility of space travel and elevate it to a more accessible, everyday mode of transportation. The U.S. Space Force has expressed interest in a fast turnaround launch capability, considering the growing importance of space for national security and defense. Stoke Space aims to provide this capability. The company raised $65 million in a Series A round in December 2021, with investors including Bill Gates’ Breakthrough Energy Ventures, Toyota Ventures, and Spark Capital. In addition, the United States Space Force allocated a dedicated area at Cape Canaveral’s Launch Complex 14 for Stoke Space’s usage.

In-Q-Tel’s Previous Investments in the Space Sector

In-Q-Tel has already made 25 investments in the space sector, including Capella Space and Palantir. Additionally, the firm invested in Swarm Technologies, which SpaceX later acquired. The checks that In-Q-Tel typically writes range from $250,000 to $3 million per investment. The relationship spans two decades and demonstrates the venture capitalist’s commitment to advancing US military and intelligence capabilities through commercial innovation and ingenuity.

Stoke Space’s Mission Statement

Kent, Washington-based Stoke was founded to help sustain our industrial base and ensure space access for defense and national security needs. Stoke Space is also building a robust commercial launch economy that could potentially benefit industries down on Earth.

FAQ

What does In-Q-Tel do?

In-Q-Tel is a strategic investor for the U.S. intelligence and defense community, overseeing ventures for agencies such as the Central Intelligence Agency.

What is Stoke Space’s goal?

Stoke Space aims to develop fully reusable launch vehicles that could be flown daily, revolutionizing space travel accessibility and optimizing space for national security and defense needs.

Who invested in Stoke Space alongside In-Q-Tel?

Stoke Space raised $65 million in a Series A round, with investors including Bill Gates’ Breakthrough Energy Ventures, Toyota Ventures, and Spark Capital.

What do In-Q-Tel’s past investments in the space sector include?

In-Q-Tel invested in 25 different companies in the space sector, including Capella Space and Palantir. It also invested in Swarm Technologies, which was later acquired by SpaceX.

What is the significance of receiving investments from In-Q-Tel?

In-Q-Tel’s investments show that Stoke Space’s innovative technology is critical for government partners and could be game-changing for its missions. As a strategic investor, In-Q-Tel provides a unique level of support for its chosen companies, including proprietary access to government resources and agencies.

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