Weekly Intel: Stoke Space Closes $100M, NASA Budget Fight, China's Launch Surge
Stoke Space raises at unicorn valuation, NASA faces continuing resolution headwinds, and Chinese commercial launch companies prepare IPOs.
Funding
Stoke Space closed a $100M Series B at a $1B valuation, led by Khosla Ventures. Stoke is building a fully reusable rocket with a novel second-stage recovery system. This is the most ambitious reusability approach after Starship — if it works, the economics could be transformative. The round signals deep investor confidence despite the company not yet reaching orbit.
Policy
NASA's budget remains stuck under a Continuing Resolution, now 4 months into FY2026. This freezes new program starts and delays contract awards across:
For space companies dependent on NASA revenue, this creates cash flow uncertainty. Intuitive Machines and Astrobotic are most exposed. The full-year appropriation isn't expected until March at the earliest.
International
China's commercial launch sector is preparing for a wave of IPOs:
This matters because Chinese launch companies are approaching price parity with SpaceX on small/medium payloads, creating real competition for international commercial launch contracts for the first time.
Quiet Signal
Impulse Space posted 15 new job openings for thermal systems engineers this week. Combined with their recent Series B and DARPA partnership, this suggests their Helios OTV development is accelerating faster than publicly stated.