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Developer of reusable rockets that provide access to and from any orbit to the satellite industry.
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Highlights
This is an oversubscribed $250M Series C led by Glade Brook (Uber, Airbnb, Snap) + Bill Gates’ Breakthrough Energy Ventures (Redwood Materials, KoBold, Form Energy), Point72 (Shield AI, Saronic) for Stoke Space, who are lowering payload costs by a factor of 20x by pairing 100% reusability with rapid reuse (daily). They are the fastest company to go from Seed funding to full engine testing.
Traction: Stoke has secured over $600M in binding launch agreements and $1.5B in LOIs with the US Space Force, NASA, NSF, DIU, DOE, and commercial customers. The company successfully completed hot-fire testing of their first-stage full-flow staged combustion engine—an extraordinary engineering achievement matched only by SpaceX's Raptor engine on Starship.
Team: Stoke Space is led by co-founders Andy Lapsa (CEO) and Tom Feldman (CTO), who bring over 15 years of combined Blue Origin experience as Director of Engine Development + Operations and Sr. Propulsion Design Engineer respectively. The management team is strengthened by COO Kelly Hennig, who contributes over two decades of leadership experience from Raytheon and Northrop Grumman. Under their guidance, Stoke has become the fastest company to progress from seed funding to full rocket engine testing, with the broader team now from leading aerospace companies like SpaceX, Blue Origin, Firefly, and Relativity.
Market: The global space market reached $630B in 2024, with segments showing diverse growth rates between 7-30% and an overall market growth of 10%, according to McKinsey/WEF. The highest growth potential lies in on-orbit services, de-orbit operations, space tourism, mining, and manufacturing sectors. Global Launch Services was a $13.9B market in 2022 (according to Allied Market Research this figure is poised to 3x to $47.3B by 2032).
Financials/Exit: The company projects positive EBITDA and net cash flow by 2028, reaching full operational scale by 2030. Based on industry comparables showing EV/Sales multiples of 39-47x (Rocket Lab and SpaceX), and using a 39x multiple on Stoke's revenue projections, the company's implied enterprise value could reach $18.7B in 5 years and $64B in 8 years. At the current $900M post-money valuation, they have the potential to generate 20x return within 5 years & 70x within 8 years.
Investors in this round:
Stoke is building a 100% fully reusable rocket with both upmass and downmass capabilities. In layman's terms that means the ability to bring payloads to orbit, transfer assets within space, and safely return assets back to Earth (to, through, and from any orbit). If SpaceX is the freight train to space then Stoke is the on-demand courier truck, capable of executing multiple launches in a week, thus avoiding the costly and time-consuming downtime that plagues today's commercially viable rockets.
The rocket is a two-stage Medium Launch Vehicle ("MLV") with a projected reusable payload capacity of 3,000 kg to LEO (preferred orbit for most satellites). Capacity increases to 7,000 kg when used in an expendable manner. This is for v1 of the rocket, v2 is set to launch in 2027 and will increase capacity to 5,500 kg and 10,500 kg for reusable and expendable, respectively. Additionally, the MLV has the ability to travel to orbits past LEO such as SSO, GTO, and TLI.
They have signed over $600M in binding launch agreements (inclusive of options) + over $1.5B in LOIs and have secured contracts with the US Space Force, NASA, NSF, DIU, and DOE. Additionally, they have secured contracts for their first 18x launches despite the first launch estimated to occur in Q1 2026 (reusable flights projected in 2027). Stoke has built a vertically integrated manufacturing facility and a state of the art rocket engine test facility. Currently they have developed a novel reusable 2nd stage vehicle with a regeneratively cooling heatshield (info here) which successfully completed a vertical takeoff and landing demonstration 2023. In addition, the company successfully hotfire tested their 1st stage full-flow staged combustion engine, an incredible engineering feat which only SpaceX's new Starship's raptor engine has replicated, and provided Glade Brook conviction to lead their Series C. It took SpaceX over 7 years to develop their raptor engine, whereas Stoke went from design to testing in 18mo - highlighting a strong 2nd mover advantage. Lastly, Stoke is 1 of 6 companies with a dedicated launch pad after being awarded sole use of Cape Canaveral Launch Complex 14 by the US Space Force in Florida. Stoke completed their environmental assessment in Oct '24 and has broken ground on construction for their launch pad. Stoke has raised $220M since 2020.
SpaceX’s two-stage Falcon 9 (F9) — today’s industry leader — reuses only its first stage (record turnaround time is 21 days) but discards its second stage on every flight. It is safe to assume that based on SpaceX’s production rate the F9 will continue to fly for the next couple of years, however this production is limited due to the required build out of its expendable second stage. Still, the F9 will not become obsolete until competition is introduced and contribution margin decreases; likely seeing ride share missions go first and government payload missions last.
The advent of fully and rapidly reusable rockets moves spaceflight out of a production-limited paradigm and into one that is paced by the speed of logistics and turnaround time. This will and has been a highly calculated endeavor; one that requires reimagining launch from the ground up to address the challenges of a reusable second stage from the outset. Moreover, the mere reusability of the second stage asset is not enough, the rocket must be able to fly hundreds of missions without sustaining any attrition. In contrast to the Space Shuttle, which required 30,000 labor-hours between flights to refurbish the ceramic tile heat shield, or Thermal Protection System (the catastrophic system failure of which cost seven astronauts their lives), Stoke approaches “long-life” reusability with a robust patent-pending ductile (an actively-cooled metallic heat shield that replaces the fragile ceramic tile solution used by both the Space Shuttle and SpaceX’s Starship alike). Stoke’s solutions are purpose-built to completely side-step the painstaking and human error prone inspection and or refurbishing processes other launch providers must conduct between flights.
Rocket Lab has a $14B valuation despite its Neutron platform not offering a reusable first stage or second stage rocket. Since its seed round four years ago, Stoke has focused on developing its second stage. The company deeply understands the technical challenges of achieving second stage reusability and strategically prioritized solving this critical problem, conducting testing and development of this key differentiator before working on the booster stage.
Active cooling is an established engineering solution deployed in numerous fields - from data centers and nuclear facilities to hypersonic aircraft and the International Space Station. While Stoke Space is innovating by applying this technology to orbital reentry vehicles, they're building upon proven thermal management principles rather than developing entirely new cooling methods. This adaptation of existing technology to solve orbital reentry challenges represents an evolutionary rather than revolutionary approach in aerospace engineering.
Stoke tested their heat shield with their vertical takeoff and landing last year — the test was demonstrated at 105% of the thermal environment predicted during re-entry. Though SpaceX is starting to research actively cooled systems, as of right now Stoke is the only company publicly pursuing this approach (as opposed to ceramic tiles).
Stoke Space's Series C was led by the top decile fund Glade Brook, with participation from:
Series C funds (2024):
Project Debt Financing (2025)
Stoke is completely distinctive in its holistic reusability edge and its dynamic mission capabilities.
Stoke Space is targeting several segments of the space market, with varying market sizes:
According to the McKinsey/World Economic Forum study from April 2024, the total Global Space Market is valued at $630B with approximately 10% growth. The markets show varying growth rates from 7% to 30%, with the highest growth potential in On Orbit/De-Orbit services and Tourism/Mining/Manufacturing segments.
Global Launch Services was a 13.9B market in 2022 (according to Allied Market Research this figure is poised to 3x to $47.3B by 2032; a 13.4% CAGR).
The largest market opportunity appears to be in the Classified Defense and Intel sector ($37B-91B), while Tourism/Mining/Manufacturing and On Orbit/De-Orbit services represent smaller but faster-growing market segments.
The bar has now been set, given Starship IFT-4’s successful June 6th flight (just the fourth orbital flight). Still, the next challenge for Starship is the damage assessment and refurbishment the vehicle will have to undergo; reusability is optimal, so long as it’s economically efficient, meaning low refurbishment costs and speedy turnaround. Elon has admitted that the vehicles current heat shield approach adds too much weight and turnaround cost/time. A year behind, Stoke is confident that up against similar ultra high temperature plasma its second stage will not falter, nor will the team need to go through the lengthy process of iteration to reduce these aforementioned variable costs and the operational impediments stemming from fixed structural design.
Starship is targeting 400 launches per year starting in 4 years, which is very ambitious given the following assumptions:
Stoke will benefit from carving out its own blue ocean approach to launch provision, effectively expanding TAM. Flexibility and the introduction of alternative launch providers will place Stoke in a position where they are cost-competitive to Starship — if not more price efficient for bespoke missions.
Regardless, as launch costs come down the industry will continue to grow. All in all, Andy Lapsa (Stoke’s CEO) believes that Starship is a bullish signal for Stoke; once there is a large infrastructure deployed in space we will need a cost-effective rocket to serve this industrial complex in a reliable and on-demand fashion.
Co-Founders Andy Lapsa (CEO) and Tom Feldman (CTO) previously spent a combined 15+ years at Blue Origin as Director of Engine Development + Operations and Sr. Propulsion Design Engineer, respectively. They score in the top 1% of founders we have personally evaluated. Their prior experience forms a foundation of assurance, demonstrating that they have faced and solved similar challenges, extracting invaluable lessons along the way. This has allowed Stoke to be insanely capital efficient, doing the most with the least amount of capital - evident by going 5/5 on achieving significant technical milestones under budget and on time (2-3mo. before initial projections). Earning the title of fastest company in history to go from Seed funding to full rocket engine testing. Stoke has additionally hired Kelly Hennig as COO who has spent over two decades in leadership roles at Raytheon and Northrop Grumman, and leads company strategy, business development, and business functions. The team consists of 150+ industry professionals with prior experience at companies such as SpaceX, Blue Origin, Firefly, Relativity, and other aerospace & defense companies.
During their time at Blue Origin, Lapsa and Feldman were instrumental in developing the BE-4 engine program, which now powers both Blue Origin's New Glenn and ULA's Vulcan rockets. Their experience with vertical landing technology and reusable systems has directly influenced Stoke's innovative approach to fully reusable rockets. The team's expertise extends beyond just propulsion - they've developed proprietary manufacturing processes that reduce costs and accelerate production timelines. Their approach to rapid prototyping and testing has attracted attention from both commercial and government customers.
Board:
Stoke boasts an impeccable, and unprecedented, record of being both on-time and below budget since inception. Stoke’s bottoms up financial models are very conservative; baseline revenues supported by $2B+ of existing LOIs through 2030 — derived from both government and commercial clients.
Stoke's launch vehicle uses high-performance liquid rocket propulsion combined with durable structural and thermal design to minimize costs through reliability over many missions… unlocking the potential to deliver payloads at $600,000 per launch and $200 per kg (vs. Falcon 9: $60M per launch and $5,000 per kg).
As Stoke belongs to the Gen 3 class of launch vehicles (fully reusable), in contrast to legacy launch providers and Gen 2 (partially reusable), Stoke only needs to construct a handful of new rockets per year.
2026: 3 launches, 0 active fleet
2027: 5 launches, 1 active fleet
2028: 16 launches, 3 active fleet
2029: 27 launches, 5 active fleet
2030: 45 launches, 7 active fleet
Impeccable Track Record/Efficiency: Stoke has an impressive and arguably unprecedented record of being on time and under budget; which as an aerospace company, seldom go hand in hand. “The team has been incredible at execution, insanely capital efficient.” - In-Q-Tel Principal, William Morrison
Launch Market Supply Constrained: SpaceX dictates monopolistic economics.
Projections suggest a tripling in satellite launches from 2021 to the end of the decade. This upswing stems in large part from tech giants like Amazon Kuiper (6,000), OneWeb (7,000), U.S. Space Development Agency (300-500) and Starlink (goal of 40,000), that are focused on establishing exhaustive satellite networks (these three targeting north of 50,000 satellites in aggregate, half of which were slated to be deployed by 2026; Starlink have only delivered 5,000+ thus far).
For more context please see Deutsche Bank’s research report titled, The Big Rocket Shortage. Annual satellite deployments are starting to plateau in the face of this pent up, and burgeoning, demand.
2022 global launch market reached $8B and is expected to grow to $35B by 2030, representing a 20% CAGR. “Building a robust commercial launch economy is critical to sustaining our industrial base and ensuring space access for defense and national security needs.” (Andy Lapsa, CEO of Stoke Space).
Industry comparables from both public and private markets show EV/Sales multiples of 39x (Rocket Lab) to 46.7x (SpaceX, as of 2024 $350B EV/ $7.5B sales), suggesting a multiple of 39x for operational launch providers. With burgeoning market demand and SpaceX projecting $50B in 2030 revenue, Beyond assumes it is appropriate to apply a multiple in line with current market comps. Employing Stoke’s conservative revenue estimates and a 39x multiple, the company’s implied EV would reach approximately $18.68B in 5 years and $64B in 8 years.
Round
$250M Series C @$650M
Investors
Glade Brook, Bill Gates’ Breakthrough Energy Ventures, Point72
Date
Feb 2025
Questions
team@joinbeyond.coMemo
This is an oversubscribed $250M Series C led by Glade Brook (Uber, Airbnb, Snap) + Bill Gates’ Breakthrough Energy Ventures (Redwood Materials, KoBold, Form Energy), Point72 (Shield AI, Saronic) for Stoke Space, who are lowering payload costs by a factor of 20x by pairing 100% reusability with rapid reuse (daily). They are the fastest company to go from Seed funding to full engine testing.
Traction: Stoke has secured over $600M in binding launch agreements and $1.5B in LOIs with the US Space Force, NASA, NSF, DIU, DOE, and commercial customers. The company successfully completed hot-fire testing of their first-stage full-flow staged combustion engine—an extraordinary engineering achievement matched only by SpaceX's Raptor engine on Starship.
Team: Stoke Space is led by co-founders Andy Lapsa (CEO) and Tom Feldman (CTO), who bring over 15 years of combined Blue Origin experience as Director of Engine Development + Operations and Sr. Propulsion Design Engineer respectively. The management team is strengthened by COO Kelly Hennig, who contributes over two decades of leadership experience from Raytheon and Northrop Grumman. Under their guidance, Stoke has become the fastest company to progress from seed funding to full rocket engine testing, with the broader team now from leading aerospace companies like SpaceX, Blue Origin, Firefly, and Relativity.
Market: The global space market reached $630B in 2024, with segments showing diverse growth rates between 7-30% and an overall market growth of 10%, according to McKinsey/WEF. The highest growth potential lies in on-orbit services, de-orbit operations, space tourism, mining, and manufacturing sectors. Global Launch Services was a $13.9B market in 2022 (according to Allied Market Research this figure is poised to 3x to $47.3B by 2032).
Financials/Exit: The company projects positive EBITDA and net cash flow by 2028, reaching full operational scale by 2030. Based on industry comparables showing EV/Sales multiples of 39-47x (Rocket Lab and SpaceX), and using a 39x multiple on Stoke's revenue projections, the company's implied enterprise value could reach $18.7B in 5 years and $64B in 8 years. At the current $900M post-money valuation, they have the potential to generate 20x return within 5 years & 70x within 8 years.
Investors in this round:
Stoke is building a 100% fully reusable rocket with both upmass and downmass capabilities. In layman's terms that means the ability to bring payloads to orbit, transfer assets within space, and safely return assets back to Earth (to, through, and from any orbit). If SpaceX is the freight train to space then Stoke is the on-demand courier truck, capable of executing multiple launches in a week, thus avoiding the costly and time-consuming downtime that plagues today's commercially viable rockets.
The rocket is a two-stage Medium Launch Vehicle ("MLV") with a projected reusable payload capacity of 3,000 kg to LEO (preferred orbit for most satellites). Capacity increases to 7,000 kg when used in an expendable manner. This is for v1 of the rocket, v2 is set to launch in 2027 and will increase capacity to 5,500 kg and 10,500 kg for reusable and expendable, respectively. Additionally, the MLV has the ability to travel to orbits past LEO such as SSO, GTO, and TLI.
They have signed over $600M in binding launch agreements (inclusive of options) + over $1.5B in LOIs and have secured contracts with the US Space Force, NASA, NSF, DIU, and DOE. Additionally, they have secured contracts for their first 18x launches despite the first launch estimated to occur in Q1 2026 (reusable flights projected in 2027). Stoke has built a vertically integrated manufacturing facility and a state of the art rocket engine test facility. Currently they have developed a novel reusable 2nd stage vehicle with a regeneratively cooling heatshield (info here) which successfully completed a vertical takeoff and landing demonstration 2023. In addition, the company successfully hotfire tested their 1st stage full-flow staged combustion engine, an incredible engineering feat which only SpaceX's new Starship's raptor engine has replicated, and provided Glade Brook conviction to lead their Series C. It took SpaceX over 7 years to develop their raptor engine, whereas Stoke went from design to testing in 18mo - highlighting a strong 2nd mover advantage. Lastly, Stoke is 1 of 6 companies with a dedicated launch pad after being awarded sole use of Cape Canaveral Launch Complex 14 by the US Space Force in Florida. Stoke completed their environmental assessment in Oct '24 and has broken ground on construction for their launch pad. Stoke has raised $220M since 2020.
SpaceX’s two-stage Falcon 9 (F9) — today’s industry leader — reuses only its first stage (record turnaround time is 21 days) but discards its second stage on every flight. It is safe to assume that based on SpaceX’s production rate the F9 will continue to fly for the next couple of years, however this production is limited due to the required build out of its expendable second stage. Still, the F9 will not become obsolete until competition is introduced and contribution margin decreases; likely seeing ride share missions go first and government payload missions last.
The advent of fully and rapidly reusable rockets moves spaceflight out of a production-limited paradigm and into one that is paced by the speed of logistics and turnaround time. This will and has been a highly calculated endeavor; one that requires reimagining launch from the ground up to address the challenges of a reusable second stage from the outset. Moreover, the mere reusability of the second stage asset is not enough, the rocket must be able to fly hundreds of missions without sustaining any attrition. In contrast to the Space Shuttle, which required 30,000 labor-hours between flights to refurbish the ceramic tile heat shield, or Thermal Protection System (the catastrophic system failure of which cost seven astronauts their lives), Stoke approaches “long-life” reusability with a robust patent-pending ductile (an actively-cooled metallic heat shield that replaces the fragile ceramic tile solution used by both the Space Shuttle and SpaceX’s Starship alike). Stoke’s solutions are purpose-built to completely side-step the painstaking and human error prone inspection and or refurbishing processes other launch providers must conduct between flights.
Rocket Lab has a $14B valuation despite its Neutron platform not offering a reusable first stage or second stage rocket. Since its seed round four years ago, Stoke has focused on developing its second stage. The company deeply understands the technical challenges of achieving second stage reusability and strategically prioritized solving this critical problem, conducting testing and development of this key differentiator before working on the booster stage.
Active cooling is an established engineering solution deployed in numerous fields - from data centers and nuclear facilities to hypersonic aircraft and the International Space Station. While Stoke Space is innovating by applying this technology to orbital reentry vehicles, they're building upon proven thermal management principles rather than developing entirely new cooling methods. This adaptation of existing technology to solve orbital reentry challenges represents an evolutionary rather than revolutionary approach in aerospace engineering.
Stoke tested their heat shield with their vertical takeoff and landing last year — the test was demonstrated at 105% of the thermal environment predicted during re-entry. Though SpaceX is starting to research actively cooled systems, as of right now Stoke is the only company publicly pursuing this approach (as opposed to ceramic tiles).
Stoke Space's Series C was led by the top decile fund Glade Brook, with participation from:
Series C funds (2024):
Project Debt Financing (2025)
Stoke is completely distinctive in its holistic reusability edge and its dynamic mission capabilities.
Stoke Space is targeting several segments of the space market, with varying market sizes:
According to the McKinsey/World Economic Forum study from April 2024, the total Global Space Market is valued at $630B with approximately 10% growth. The markets show varying growth rates from 7% to 30%, with the highest growth potential in On Orbit/De-Orbit services and Tourism/Mining/Manufacturing segments.
Global Launch Services was a 13.9B market in 2022 (according to Allied Market Research this figure is poised to 3x to $47.3B by 2032; a 13.4% CAGR).
The largest market opportunity appears to be in the Classified Defense and Intel sector ($37B-91B), while Tourism/Mining/Manufacturing and On Orbit/De-Orbit services represent smaller but faster-growing market segments.
The bar has now been set, given Starship IFT-4’s successful June 6th flight (just the fourth orbital flight). Still, the next challenge for Starship is the damage assessment and refurbishment the vehicle will have to undergo; reusability is optimal, so long as it’s economically efficient, meaning low refurbishment costs and speedy turnaround. Elon has admitted that the vehicles current heat shield approach adds too much weight and turnaround cost/time. A year behind, Stoke is confident that up against similar ultra high temperature plasma its second stage will not falter, nor will the team need to go through the lengthy process of iteration to reduce these aforementioned variable costs and the operational impediments stemming from fixed structural design.
Starship is targeting 400 launches per year starting in 4 years, which is very ambitious given the following assumptions:
Stoke will benefit from carving out its own blue ocean approach to launch provision, effectively expanding TAM. Flexibility and the introduction of alternative launch providers will place Stoke in a position where they are cost-competitive to Starship — if not more price efficient for bespoke missions.
Regardless, as launch costs come down the industry will continue to grow. All in all, Andy Lapsa (Stoke’s CEO) believes that Starship is a bullish signal for Stoke; once there is a large infrastructure deployed in space we will need a cost-effective rocket to serve this industrial complex in a reliable and on-demand fashion.
Co-Founders Andy Lapsa (CEO) and Tom Feldman (CTO) previously spent a combined 15+ years at Blue Origin as Director of Engine Development + Operations and Sr. Propulsion Design Engineer, respectively. They score in the top 1% of founders we have personally evaluated. Their prior experience forms a foundation of assurance, demonstrating that they have faced and solved similar challenges, extracting invaluable lessons along the way. This has allowed Stoke to be insanely capital efficient, doing the most with the least amount of capital - evident by going 5/5 on achieving significant technical milestones under budget and on time (2-3mo. before initial projections). Earning the title of fastest company in history to go from Seed funding to full rocket engine testing. Stoke has additionally hired Kelly Hennig as COO who has spent over two decades in leadership roles at Raytheon and Northrop Grumman, and leads company strategy, business development, and business functions. The team consists of 150+ industry professionals with prior experience at companies such as SpaceX, Blue Origin, Firefly, Relativity, and other aerospace & defense companies.
During their time at Blue Origin, Lapsa and Feldman were instrumental in developing the BE-4 engine program, which now powers both Blue Origin's New Glenn and ULA's Vulcan rockets. Their experience with vertical landing technology and reusable systems has directly influenced Stoke's innovative approach to fully reusable rockets. The team's expertise extends beyond just propulsion - they've developed proprietary manufacturing processes that reduce costs and accelerate production timelines. Their approach to rapid prototyping and testing has attracted attention from both commercial and government customers.
Board:
Stoke boasts an impeccable, and unprecedented, record of being both on-time and below budget since inception. Stoke’s bottoms up financial models are very conservative; baseline revenues supported by $2B+ of existing LOIs through 2030 — derived from both government and commercial clients.
Stoke's launch vehicle uses high-performance liquid rocket propulsion combined with durable structural and thermal design to minimize costs through reliability over many missions… unlocking the potential to deliver payloads at $600,000 per launch and $200 per kg (vs. Falcon 9: $60M per launch and $5,000 per kg).
As Stoke belongs to the Gen 3 class of launch vehicles (fully reusable), in contrast to legacy launch providers and Gen 2 (partially reusable), Stoke only needs to construct a handful of new rockets per year.
2026: 3 launches, 0 active fleet
2027: 5 launches, 1 active fleet
2028: 16 launches, 3 active fleet
2029: 27 launches, 5 active fleet
2030: 45 launches, 7 active fleet
Impeccable Track Record/Efficiency: Stoke has an impressive and arguably unprecedented record of being on time and under budget; which as an aerospace company, seldom go hand in hand. “The team has been incredible at execution, insanely capital efficient.” - In-Q-Tel Principal, William Morrison
Launch Market Supply Constrained: SpaceX dictates monopolistic economics.
Projections suggest a tripling in satellite launches from 2021 to the end of the decade. This upswing stems in large part from tech giants like Amazon Kuiper (6,000), OneWeb (7,000), U.S. Space Development Agency (300-500) and Starlink (goal of 40,000), that are focused on establishing exhaustive satellite networks (these three targeting north of 50,000 satellites in aggregate, half of which were slated to be deployed by 2026; Starlink have only delivered 5,000+ thus far).
For more context please see Deutsche Bank’s research report titled, The Big Rocket Shortage. Annual satellite deployments are starting to plateau in the face of this pent up, and burgeoning, demand.
2022 global launch market reached $8B and is expected to grow to $35B by 2030, representing a 20% CAGR. “Building a robust commercial launch economy is critical to sustaining our industrial base and ensuring space access for defense and national security needs.” (Andy Lapsa, CEO of Stoke Space).
Industry comparables from both public and private markets show EV/Sales multiples of 39x (Rocket Lab) to 46.7x (SpaceX, as of 2024 $350B EV/ $7.5B sales), suggesting a multiple of 39x for operational launch providers. With burgeoning market demand and SpaceX projecting $50B in 2030 revenue, Beyond assumes it is appropriate to apply a multiple in line with current market comps. Employing Stoke’s conservative revenue estimates and a 39x multiple, the company’s implied EV would reach approximately $18.68B in 5 years and $64B in 8 years.