FULL REUSABILITY IS THE HOLY GRAIL OF ROCKETRY SO WHY NOT SKIP RIGHT TO IT? Firm developing a fully reusable rocket raises a quarter of a billion dollars.

“The market is tough, but I think what we’re doing is poised to go straight to the end state of the industry, and I think investors recognize that,” said Andy Lapsa, Stoke Space’s co-founder and chief executive officer, in an interview with Ars after the announcement.

By “end state of the industry,” Lapsa means that Stoke is developing a fully reusable medium-lift rocket named Nova. The vehicle’s first stage will land vertically, similarly to a Falcon 9 rocket, and the second stage, which has a novel metallic heat shield and engine design, will also land back on Earth.

Lapsa said there is incredible demand for launch services and that ultimately, only companies that can offer ultra-low-cost prices and on-demand service will be successful. That’s why the company has made difficult technical decisions such as developing a highly efficient full-flow staged combustion engine and a reusable upper stage. SpaceX’s much larger Starship rocket is the only other fully reusable rocket in development at this time.

Starship Flight Test 7 is still set for this afternoon.