Stoke Space’s $510M round shows the future of launch belongs to defense

Stoke Space’s recent $510 million Series D funding round, led by Thomas Tull’s U.S. Innovative Technology (USIT) fund, marks a significant shift in the space launch industry toward defense-focused investment and priorities. While earlier space startups targeted the commercial market—promising frequent launches for small satellites, broadband, and remote sensing—only SpaceX has consistently delivered affordable, reliable commercial launches at scale. Meanwhile, geopolitical tensions, such as Russia’s invasion of Ukraine and rising competition from China, have driven increased U.S. government spending on space defense initiatives, including the Pentagon’s multi-billion-dollar “Golden Dome” missile defense project and the Space Force’s National Security Space Launch (NSSL) program. These programs offer predictable, high-value contracts that are reshaping startup strategies and investor interests toward national security. Stoke Space’s funding and recent contract wins, including selection for the NSSL Phase 3 Lane 1 program with potential contracts worth up to $5.6 billion, exempl