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How B2B payment infrastructure is quietly shaping enterprise fintech adoption

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Most public conversation about payments focuses on the consumer-facing names — Visa, Mastercard, PayPal, Block — and on newer instant rails such as FedNow and RTP. A different layer of the payments market, arguably larger by dollar value, tends to receive less attention: the B2B disbursement infrastructure that businesses use to move money between one another.

Federal Reserve data provides some sense of scale. According to Federal Reserve Payments Study figures cited in a December 2025 request for information from the Board of Governors, U.S. individuals and organizations wrote more than 11 billion checks in 2021, and by value business checks accounted for more than three-quarters of all commercial check volume. Data cited by the Federal Reserve Payments Study also indicates that between 2018 and 2021, consumer check usage declined at roughly 9.8% per year while business check usage declined at approximately 4.0% per year, meaning business check volumes have persisted longer than consumer volumes.

Rail innovation and enterprise reality

New payment rails often generate more industry attention than early enterprise adoption. FedNow, which the Federal Reserve launched in July 2023, provides a recent example. According to reporting in the ABA Banking Journal and Federal Reserve updates, more than 1,500 financial institutions had joined the network within two years of launch, but the majority were live in receive-only mode, with sender adoption trailing behind. The Federal Reserve has described broad adoption of the service across the roughly 9,000 U.S. financial institutions as a gradual journey, comparable in pace to the rollout of FedACH in prior decades.

CheckIssuing, a B2B disbursement infrastructure provider, offers one example of how companies in this category are approaching enterprise adoption. For enterprise treasury and finance teams, the practical question after a new rail launches is often not whether it is fast enough, but whether it can be integrated with existing accounting, compliance, and reconciliation processes without disrupting workflows that already function.

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What enterprise buyers tend to evaluate

Public discussions of payment infrastructure often emphasize speed and rail choice. Buyers responsible for evaluating and integrating payment infrastructure tend to place additional weight on a set of operational qualities: compliance posture (frameworks such as SOC 2 Type II, HIPAA, GDPR, and the EU-U.S. Data Privacy Framework), integration depth with existing finance systems, audit-trail quality, and the ability to handle exceptions at scale.

Providers in the category have generally developed toward orchestration across multiple rails and modalities — checks, ACH, wires, and instant payments — rather than differentiating on rail speed alone. This shift mirrors patterns seen in adjacent categories such as card acceptance, where providers like Stripe and Adyen built positions in part by absorbing operational complexity that merchants had previously managed themselves.

A case example

CheckIssuing is a Tempe, Arizona-based disbursement infrastructure company that has operated since 2008 and is one of several providers active in this segment. The company offers check printing, outsourced mailing, ACH workflows, and disbursement automation for clients across enterprise, healthcare, marketplace, and financial services segments. Its CEO, Mark Greenspan, has described enterprise adoption in the category as tending toward long-tenured relationships, in which customers integrate infrastructure into finance and payroll workflows and adjust it over time rather than replacing it at regular intervals.

The B2B disbursement segment as a whole remains relatively fragmented, with a mix of larger and smaller providers. It is unusual in combining physical operations, such as printing and mail handling, with digital infrastructure, such as APIs and compliance frameworks.

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Implications for enterprise fintech adoption

The material above suggests that, for fintech companies serving enterprise buyers, the pace and shape of adoption may be influenced as much by operational depth and integration quality as by rail speed. Companies that develop capabilities in compliance, exception handling, and system integration tend to become embedded in customer finance operations, which can affect the trajectory of the category over time.

Whether B2B disbursement continues to develop along similar lines will depend on several factors, including the rate at which enterprises adopt instant rails, ongoing regulatory developments, and how quickly incumbent processes evolve. Observers of the space may find the category develops differently from the consumer-facing payment names that dominate current coverage.

Disclaimer: This article is for informational and educational purposes only. It does not constitute investment advice, financial advice, tax advice, or a recommendation to buy or sell any security. Readers should conduct their own research and consult a qualified financial advisor before making any investment decisions. Any companies mentioned are referenced solely as illustrative examples of activity in the category and not as recommendations.

Sources referenced include the Federal Reserve Payments Study, the December 2025 Federal Reserve Board of Governors Request for Information on the Future of the Federal Reserve Banks’ Check Services, ABA Banking Journal reporting on FedNow adoption (October 2025), and publicly available information from CheckIssuing.

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First Look at Paraborgs, Cyborg Roaches That Crawl Into Rubble and Fire Lifesaving Needles

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Paraborg Paramedic Cyborg Cockroaches
Photo credit: The University of Queensland
Australian researchers have fitted giant burrowing cockroaches with electrodes, cameras, and spring-loaded syringes so the insects can be steered like tiny remote vehicles and deliver medicine in places no human or ordinary robot can reach.



Giant burrowing cockroaches from northern Queensland are a big deal, measuring 87 millimeters long and weighing 40 grams, making them the biggest roach species ever recorded. Not only are they gigantic, but their size allows them to carry very substantial loads, approximately 17 grams worth, in a backpack that adds only 15 millimeters of height to the already amazing insects. Despite this increased weight, their walking, climbing, and fall recovery abilities remain nearly unchanged. It’s no wonder that researchers from the University of Queensland’s Biorobotics Lab and the University of New South Wales have named them Paraborgs.


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When a Paraborg is anesthetized, electrodes are put into its antennae and little tail-like cerci. When the insect wakes up, it goes about its business as usual, munching dry gum leaves and apples, but the true magic occurs when a portable controller sends radio signals to the roach. It only takes one antenna to flip the roach left or right. In contrast, stimulating the cerci causes the roach’s speed to vary. The transmissions’ frequencies are purposely kept between 10 and 50 hertz, as anything higher loses effect. The good news is that the roach can still control the majority of its own movement because the signals only tweak its direction and speed.

Paraborg Paramedic Cyborg Cockroaches
Some Paraborgs are outfitted with a small Wi-Fi camera that feeds video at 24 frames per second, giving us a good view of what’s going on. Others carry a small injector with a spring that releases a 0.5-milliliter syringe when a tiny hot wire cuts a fishing line. The plunger is powered by a combination of citric acid and potassium bicarbonate, which emits carbon dioxide and provides just enough force to pierce silicone or pig skin. do this: the injector pack is reusable, giving teams three to four chances to do it correct. It’s worth mentioning that they maintain the two jobs separate, so no single insect gets overworked. One scout with a camera locates the target, while a second bug follows and discharges the needle.

Lab courses were designed with 2.5 meters of track, three checkpoints, and an 8-by-10-centimeter silicone pad at the finish. In 25 trials, the roaches passed every single checkpoint. Injections have a success rate of 72%, which is not bad. When the launch happens inside 150 millimeters, the hit rate increases to 95%. The average pace was a snail’s 8.4 millimeters per second, and the entire run took approximately 5 minutes. Earlier cyborg-insect experiments were content with scouting, but the Paraborgs take it a step further by including genuine medical activity.

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Paraborg Paramedic Cyborg Cockroaches
According to T. Thang Vo-Doan of the Queensland lab, developing a robot small enough to achieve all of this remains a difficult issue, but real insects hold all of the answers. Then there’s Hai Nhan Le, a co-author, who points out that a big cockroach approaching a trapped human would appear frightening. In a fallen structure, where every second counts, a single insect could spell the difference between life and death. So, what do we do? The researchers propose flashing some lights or perhaps a tiny little speaker that says “help is on the way” to notify those in need that relief is on its way and to calm them down a little.
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Sick of Sony killing physical games? Relive the glory days with a PlayStation 3 emulator that can play discs through your PC

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  • RPCS3 has been updated to play PS3 discs on almost any PC
  • Windows was supported previously, but macOS, Linux and FreeBSD are now too
  • You’ll just need a compatible disc drive and some confidence

Just as Sony begins the somber funeral procession for physical games media, some modders aren’t taking it lying down. This includes the team behind the RPCS3 PlayStation 3 emulator, who just made it possible to play PS3 discs on a much wider range of computing hardware — provided you hit a few technical requirements.

This feature was previously available to Windows RPCS3 gamers, but thanks to the work of developers digant73 and Megamouse, the emulator can now support physical games media on macOS, Linux, and FreeBSD.

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Hackaday Europe 2026: Outdoors With Robots

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Erin Kennedy has been building robots for over a decade now, with a focus on smaller bots that interact with, or maybe even clean up, the outdoor environment. Still other bots are made to interact with people, and when the people are outside in the park, that’s where your robot needs to go.

Whatever the reason, Erin’s talk at Hackaday Europe 2026 is an invitation to take your projects out into the outdoors. But the great wide world outside of your lab is not necessarily the most friendly place for a little bot, and the other half of this talk is about practical design tips and lessons learned to help it survive.

Environments

She structures the talk around different environments, which gives her an opportunity to focus on her bot cleaning up plastic trash on the beach, but also to point out the absolute horrors that sand can work on robot motors. She goes through a number of strategies for dealing with this, including going slow, keeping the motors as high up as you can, and designing the body of the robot to be full of holes and shed sand.

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Taking to the water, she demos Otter Force One, which aims to capture invasive sea urchins. But underwater means under pressure, and she gives us some good tips on how to get the cables out while keeping the water in – double-o-ring cable glands potted with marine epoxy. I especially love the Nalgene-bottle-on-a-string with a radio that can be deployed to help retrieval. Her lessons-learned section is as deep as it is understated, including underwater hazards from low visibility to accumulated silt messing up your presumed center of gravity. Over the long term, rubber leaks and barnacles accumulate. Double seals, durable hooks, tether ropes, and bright colors are your friends. Underwater bots have it hard.

Erin’s air-inspired bots are the wildest. Some are just whimsical, like the flappy square bird, or beautiful like the butterfly bots. But her Atmosphinder bot uses the wind for actual propulsion. It’s a rolling wheel with sails that aims to explore long distances on Mars. Whether it’s going to get there or not, it’s got a bunch of great design elements for anything you have that’s going to have to roll. “Magic toboggans” make great plastic sails. But beware, while you can turn off a motor, you can’t turn off the wind. Be prepared to stake your bot down before or after its mission.

Experiences

Whatever the environmental challenges of taking your bot outside, it’s the non-laboratory environment that’s the most challenging, and rewarding. Erin tells the story of when a bird settled down in the shade cast by Bowie, or when the wind blew all of the Aruco markers away. But people and animals are just as delightful and unpredictable as the weather, and that’s an extra level of adventure. If you’re going far, bring hydration for the humans and spare batteries for the bots. Rolling with the changes seems to be the key to having a good time outside with your bots.

And of course, bringing your robot outside is a great opportunity to share what you’ve been working on with the offline world. We absolutely love the mission: normalizing robot hacks among the general public by hanging out with your bot in the park is right up our alley. She has had tremendous success with random encounters – folks just coming up and asking about what it’s doing. Making your bot seem friendly and/or beautiful seems to go a long way here. Don’t neglect the aesthetics.

Take Your Bot Outside

We left Erin’s talk absolutely inspired to build something that can make it through the rough environment that lies just outside our basement. It reminded us of our old days experimenting around with BEAM robotics, another bio-inspired practice aimed at the outdoors. With 3D printable parts and cheap geared motors, you don’t even have to break the bank to build your own Mars neighborhood rover. Watch this talk and get inspired!

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OpenAI just anchored an Australian company’s Malaysian data centres

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An Australian company will build data centres in Malaysia and fill them with American chips. It will sell the output to an American company. Its co-chief executive calls this the moment Asia-Pacific stops consuming intelligence and starts producing it.

Firmus announced the partnership from Sydney on Tuesday. OpenAI will contract dedicated compute from two Firmus sites in Malaysia under a multi-year deal. That makes it an anchor customer, and takes total contracted capacity past 900MW.

“This multi-year partnership marks the moment Asia-Pacific becomes a producer of intelligence, not just a consumer of it,” said Tim Rosenfield, co-founder and co-chief executive.

Test the claim

It is a good line and it is worth taking apart.

The hardware is Nvidia. Firmus will deploy Vera Rubin NVL72 systems on Nvidia’s DSX platform. The customer is American. The tokens serve OpenAI users worldwide, as the company says plainly.

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What Malaysia supplies is land, grid connection and power. That is not nothing. It is also not production of intelligence. It is a new position in somebody else’s supply chain, which is a real economic gain and a different claim from the one being made.

The genuinely Australian part is smaller and more interesting than the slogan. Firmus builds units it calls HyperCubes, combining liquid cooling, mechanical systems and electrification. It prefabricates them in regional New South Wales. That is manufacturing, and it is being exported.

Malaysia had a busy day

Hours before this announcement, TNW reported that Malaysia is weighing Huawei chips for a sovereign AI project. Washington has warned it about US export controls.

So within a single day, one country is being courted from both directions. Chinese silicon for the state’s own systems, American silicon for an American customer, on the same soil.

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That is not a contradiction on Malaysia’s part. It is the strategy. A country that hosts both sides sells capacity to both and commits to neither. Most governments have not managed anything nearly as comfortable.

It has a precedent. Armenia’s AI factory exists because Washington signed a licence. That made the site an instrument of American policy as much as an Armenian asset. Malaysia appears to be avoiding that trap by taking both.

Contracted is not built

The 900MW figure deserves a qualifier the release does not give it.

Firmus has seven AI factories across four countries: Australia, Singapore, Indonesia and Malaysia. Two are operational. The other five are under development, targeting service over the next 24 months.

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So the number describes commitments, not concrete. That is normal in this industry, and it is how the sector gets financed. But a contracted megawatt and a delivered megawatt are different things. The gap between them is where data centre projects usually fail.

The Indonesian site gives some sense of scale. TNW reported in June that Firmus would build a 360MW campus in Batam, going live in the first quarter of 2027. Expected offtake there runs to $25bn or $30bn over six years.

The other announcement, one day later

Firmus is preparing to float.

The Australian Financial Review reported that the company is setting up investor meetings for next week. It is working on a pathfinder prospectus and has instructed its bankers, the paper said, citing unidentified people. There is no timeline for an ASX debut, though the AFR describes the path as accelerated. Carmeli Argana carried the report for Bloomberg.

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Sign the world’s most recognisable AI company as an anchor customer, then meet investors the following week. Nothing about that sequence is improper. It is simply worth seeing plainly: the OpenAI contract is the most valuable page in the prospectus.

The company has raised heavily already. TNW reported in August that Firmus raised $2bn at more than $10.5bn, roughly double its valuation four months earlier. Coatue, Nvidia, Blackstone Tactical Opportunities and Jane Street all took part.

It would be joining a queue. Anthropic is expected to list within weeks, OpenAI has pointed at 2027, and Moonshot AI is seeking a Hong Kong listing.

Where this company came from

Firmus was a Tasmanian Bitcoin miner in 2019.

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That history explains more than it might seem to. Mining taught the founders to chase cheap power, manage heat at density and treat energy as the primary input. Firmus now describes itself as energy in and tokens out. It is the same business with a different buyer.

It also explains the geography. The company went looking for stranded renewable power in Tasmania before anyone was calling any of this an AI factory.

What Australia gets

Alongside the OpenAI deal, Firmus says it intends to establish an Australian AI Access Program. It would serve researchers and organisations working in science, education, agriculture, energy and climate resilience.

Intends is the operative word. The company gave no budget, no capacity allocation and no start date. For now the programme is a stated intention rather than a commitment.

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The harder question sits underneath it. The compute is in Malaysia. The customer is in California. The modules are made in New South Wales, and the company is about to list in Sydney. Australia gets the factory that builds the factories. That is a genuinely good position, and a narrower one than producing intelligence.

What to watch

Whether the five sites under development reach service inside 24 months. That is the only test of the 900MW figure that matters.

Whether the AI Access Program acquires a budget and a capacity number.

And what OpenAI is actually paying. Neither company disclosed a value. Until one of them does, the size of this deal is a megawatt figure rather than a revenue one.

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Boston Scientific left nursing its bottom line after cyberattack

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SECURITY

Medical device giant warns August intrusion will hit Q3 and full-year sales and earnings as recovery drags on

Boston Scientific says that last month’s cyberattack caused enough disruption that it is unlikely to meet its sales growth and adjusted earnings guidance for either the third quarter or the full year.

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The medical device giant disclosed the expected financial hit in an SEC filing published Tuesday, two weeks after an intrusion knocked systems offline and disrupted operations worldwide.

Boston Scientific detected unauthorized activity on its network on August 25 and took some systems offline as it scrambled to contain the attack. At the time, it said the resulting outage had affected business applications used to process and ship customer orders, but couldn’t say what the incident would ultimately cost it.

It now has a better idea, and the news isn’t great.

In its latest filing, Boston Scientific said the disruption is likely to have a “material impact” on its third-quarter and full-year results, leaving it unlikely to meet the net sales growth and adjusted earnings-per-share guidance ranges issued in July.

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Boston Scientific expects to recover some of the affected revenue as it clears the backlog, but does not yet know the incident’s full financial impact. The company plans to update its operational and financial outlook when it reports third-quarter results on October 28.

The recovery is at least moving along. Boston Scientific said it had substantially restored its distribution network, with major distribution centers processing and shipping orders at or above normal levels. Its sterilization facilities are operational, and manufacturing has resumed at most sites worldwide.

An interruption affecting new patient activations for remote monitoring of certain cardiac devices has also been resolved, according to the filing.

The company has previously said it knows of no impact on devices that are not connected to a Boston Scientific network.

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Still, the company hasn’t put a date on when everything will be back to normal. It said some systems and business applications remain affected and that it cannot yet estimate when it will achieve full operational recovery.

Boston Scientific said it has identified no evidence of ongoing unauthorized access to its systems, although its investigation remains underway.

Exactly what happened remains a mystery. The company has yet to say how the attackers got in, whether ransomware was involved, who was responsible, or whether any data was stolen. No ransomware group had publicly claimed responsibility at the time of writing.

Boston Scientific said it does not expect the incident to materially affect its long-term financial condition, even if its outlook for 2026 looks considerably less healthy since intruders breached the network. ®

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ESP32-P4 Powers Video Alarm Clock

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Once upon a time, you had the option of waking up to a bell, a harsh buzzer, or whatever happened to be on the radio that morning. Now that it’s the 21st century, we’ve gotten used to being able to set our alarms to whatever sound or song we want, but what if you don’t just want to wake up to sound? Enter [Impossible_Agent1436] a.k.a. [brunokeymolen]’s Video Alarm Clock that will wake you up to whatever clip you want, as long as it fits on the 720 pixel square display.

That display is a pre-built Waveshare module powered by an ESP32-P4, which looks like a handy bit of kit aside from being out of stock at the moment. The dev board makes this almost entirely a software project– the only hardware [bruno] had to come up with was the 3D-printed stand to hold it on his bedside. That’s not a slight to [bruno]; it was a good choice in the spirit of “work smarter, not harder”. Sometimes you want to reinvent the wheel, and sometimes you just want an alarm clock.

The module’s RTC means it keeps good time, and the built-in SD card reader means you can load up a whole library of clips to wake up to. The only caveat is that those files have to be AVI containers holding 720×720 MJPEG video with PCM stereo audio at 44.1 kHz, and you’re limited to old FAT filename rules: eight characters, and none of them special.

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This is an easier project and a better idea than the exploding capacitor alarm clock, but there’s no arguing which would get us out of bed faster. If you miss the old days of clock radios, you can always bring them back with the right microcontroller.

Story via reddit.

 

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Google’s revived nuclear power plant gets $1.9B loan from US government

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Last October, Google said it would bring an Iowa nuclear power plant back from the dead. Now, the facility’s owner, NextEra Energy, has received a $1.9 billion loan from the U.S. Department of Energy to finance the refurbishment.

The sizable loan is the second of its kind, suggesting that the Trump administration views revived nuclear power as a key source of electricity for tech companies seeking to power their AI data centers. Last year, the Department of Energy extended a $1 billion loan to Constellation Energy to restart a reactor at Three Mile Island.

James Danly, Deputy Secretary of Energy, said that the Iowa power plant’s restart in 2029 will “drive down electricity costs,” though he did not explain how. Just 50 megawatts will be set aside for the local power cooperative, NextEra CEO John Ketchum said during an earnings call last year. That capacity would cover 18% of Iowa’s demand growth since 2021, the year before ChatGPT was released.

Google is reportedly looking to build up to six data centers near the Duane Arnold Energy Center, which hasn’t operated since 2020 when an intense rainstorm damaged the power plant. Rather than repair it, NextEra decided to mothball it. At the time, cheap natural gas was flooding the market, making nuclear power economically unappealing.

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A lot has changed in the last six years, though. After decades of little growth in demand, the sudden rise of AI coupled with broader electrification of the economy meant that utilities and power providers were suddenly scrambling to find new generating sources of electricity. New data centers are expected to nearly triple the sector’s electricity demand by 2035.

Shuttered nuclear power plants are becoming one of the tech industry’s favorite choices to quickly provide clean, firm power.

Microsoft signed a deal with Constellation Energy two years ago to restart a reactor at Three Mile Island that last operated in 2019. The reactor is scheduled to restart in 2028 and generate 835 megawatts. 

Another facility in Illinois, Constellation Energy’s Clinton Clean Energy Center, was in danger of closing down before its parent found a new customer in Meta, which is buying all of the clean energy attributes from the 1.1 gigawatt power plant. The arrangement will see Clinton sending its electrons to the local grid, while Meta will use the certificates to offset emissions it is producing elsewhere. The tech giant’s Hyperion AI data center, for example, will need 10 natural gas power plants to operate. If completed, the data center will consume more electricity than all of South Dakota.

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Duane Arnold is smaller, but in the process of refurbishment, NextEra will squeeze an additional 14 megawatts from the facility, bringing the total to 615 megawatts.

Altogether, the three power plants represent the lowest hanging fruit in the U.S. There might be one or two more, according to a report from UtilityDive, though those candidates, including San Onofre in California, have been shuttered for longer and would require more work to bring back online.

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Best Headphone Systems at CanJam SoCal 2026: From $2,900 to Nearly $57,000

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CanJam SoCal arrived a little earlier on the calendar this year, which may have beaten the usual avalanche of September product launches to the punch. The show at the Irvine Marriott felt larger than ever, both in attendance and the number of booths and listening rooms, but there were fewer headline launches from major brands such as Focal, Audeze, HiFiMAN, Dan Clark Audio and others than we have seen in previous years.

That doesn’t mean there wasn’t a lot of new gear. There certainly was. Much of the activity, however, came from smaller boutique manufacturers and the rapidly expanding IEM sector, where seemingly everyone has a new driver configuration, tuning philosophy or flagship that costs more than your first car.

iem-demos-canjam-socal-2026
There was no shortage of IEMs at CanJam SoCal 2026

Our resident IEM expert, Aaron Sigal, tackled that increasingly competitive category in our separate CanJam SoCal 2026 IEM Roundup, leaving me to wander in the opposite direction. I quickly fell down the rabbit hole at the extreme high-end of Head-Fi, where the concept of a price ceiling has apparently been abandoned.

At the other end of the market, FiiO, Fosi Audio, iFi, SMSL, Topping, SIVGA and others continue to offer tremendous performance for the money. Personal audio is increasingly being pulled toward two extremes: remarkably affordable equipment that would have been considered high-end not that long ago, and flagship headphones, IEMs, DACs and amplifiers that can push a complete desktop system well beyond $50,000. Spend enough time in the wrong room at CanJam and $10,000 starts sounding almost reasonable. It isn’t.

Rather than chasing everything new, I used CanJam SoCal 2026 as an opportunity to hear products and complete systems we have not spent much time with before. These are show impressions rather than full reviews, and some of the listening environments were less than ideal, but the following systems were the ones I kept thinking about after leaving Irvine.

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RAAL 1995 MAGNA EVO I + Allnic HPA-300B + D-15000 Signature DAC

raal-magna-evo-i-canjam-socal-2026

System Price: ~$46,600

When cost is almost beside the point, there was something very special about listening to the RAAL 1995 MAGNA EVO I ribbon headphones, quoted around $7,000 in the show configuration, with Allnic Audio’s HPA-300B ($13,200) tube amplifier and D-15000 Signature OTL/OCL DAC ($26,400).

The MAGNA EVO I is not another planar magnetic headphone wearing a different hat. Its R²e1 transducer uses complementary tuned dual True-Ribbon drivers made from corrugated pure aluminum, with a combined 16.8 cm² surface area and a native impedance of just 0.038 ohms. That unusual electrical load requires either one of RAAL’s matching interfaces or amplification specifically designed for direct-drive operation.

allnic-tube-amp-dac-canjam-socal-2026

That is where the Allnic HPA-300B becomes particularly interesting. The pure Class A amplifier uses a pair of 300B output tubes and can produce up to 8 watts, while a factory RAAL Direct Drive option can be specified at no additional charge. The D-15000 is equally unconventional, combining dual-mono ESS ES9039PRO DACs with Allnic’s full-tube OTL/OCL analog output stage.

The speed, detail and realism of this system were hard to overstate, but what surprised me was how little it sounded like the stereotypical analytical ribbon setup I expected. There was body, energy and real physical impact behind the presentation, without sacrificing the transient speed that makes ribbon headphones so compelling.

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Was that the 300B tubes, the direct-drive implementation, the DAC or simply unusually good system synergy? Probably some combination of all four. I tried the MAGNA EVO I with a less expensive Allnic amplifier and an Immersiv DAC afterward, and while still excellent, the same drive and impact were not quite there.

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I also found the MAGNA EVO I more comfortable than RAAL’s flagship IMMANIS, which matters when the goal is to listen for hours rather than survive a 15-minute demonstration. At nearly $47,000 for the system, nobody is going to call this sensible. Mesmerizing is another matter.

Chord Quartet + DAVE + Meze Audio ARTA

chord-electronics-dave-quartet-silver-canjam-socal-2026
Chord Electronics DAVE (left) with QUARTET (right)

System Price: $56,895

Rob Watts spent years developing the Chord Electronics Quartet ($35,995), and there is considerably more going on inside it than the word “upscaler” might suggest.

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Quartet uses Chord’s new four-million-tap Blackbird WTA filter running across five Xilinx FPGAs with 3,700 DSP cores. Chord says that represents roughly five times the FPGA processing power of its DAVE DAC, not that Quartet somehow makes DAVE five times better. Digital signals can be processed at sample rates up to 768 kHz, while an integrated Pulse Array ADC also allows analog sources to be converted and processed through the same architecture.

The CanJam system combined Quartet with DAVE ($14,900) and the new Meze Audio ARTA ($6,000). ARTA uses Rinaro’s MZ5 HΩ high-impedance planar magnetic driver, rated at 225 ohms and 98 dB SPL/mW. Unlike most modern planar headphones, it is designed around a high-voltage, lower-current operating model and benefits from serious desktop amplification.

meze-audio-arta-canjam-socal-2026
Meze Audio ARTA (photo from Moon Audio Booth)

I was able to compare Quartet in pass-thru mode with its upscaling engaged, but the roughly three-second delay in the demonstration made rapid A/B comparisons difficult. The differences were subtle enough that I would not pretend a noisy show environment allowed me to define exactly what Quartet was doing to familiar recordings.

The more convincing demonstration involved a recording Chord had recently captured at Glenwood Studios using its developing A/D technology. Quartet itself incorporates Chord’s Pulse Array ADC, and the company is also exploring professional applications for the technology, although nothing beyond that should be considered a finalized product announcement.

What I heard was one of the most lifelike recordings I can remember hearing at an audio show. I have been fortunate enough to hear live feeds during recording sessions, and the immediacy of this demonstration reminded me of that experience more than conventional playback. There was an almost unsettling sense that the performers existed on the other side of the headphones rather than inside a recording.

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Meze’s ARTA certainly deserves some of the credit here. Whatever one ultimately thinks about spending almost $36,000 on an upscaler, this was one of those demonstrations where I stopped thinking about the equipment for a few minutes.

Wow. Just wow.

SJY Argos + Apos x ES Lab HYDRA + Denafrips Ares II

sjy-argos-es-lab-hydra-canjam-socal-2026

System Price: ~$5,000

Coming back down to a system that does not require liquidating a retirement account, Apos had one of the genuine surprises of the show with the SJY Argos electrostatic headphones ($1,800) and Apos x ES Lab HYDRA integrated amplifier ($2,200).

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The source was a Denafrips Ares II, an older discrete R-2R DAC that offers both non-oversampling and oversampling modes. It originally sold for under $1,000, but its latest generation version, Ares 15th, retails for $1,199.

The Argos uses a 6,375 mm² electrostatic transducer operating at the standard 580V Pro Bias voltage and terminates in a conventional 5-pin electrostatic connector. At 431 grams without its cable, it is also considerably easier to wear than some of the more ambitious flagships crowding the category.

The HYDRA may be the more unusual component. Its dedicated electrostatic section supplies the required 580V DC bias through Japanese-made step-up transformers, but there is also a conventional Class AB amplifier producing 20 watts per channel into 8 ohms. That allows one chassis to drive Pro Bias electrostatics, dynamic and planar magnetic headphones, and suitable passive loudspeakers.

Perhaps it was system synergy again, but the entire setup was full of surprises. The Argos sounded exceptionally revealing and airy while retaining a slightly warm tonal balance, which is not something I automatically associate with electrostatics. Bass extension and weight were also far better than I expected.

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Dave Brubeck’s “Take Five” became one of my regular comparison tracks during the weekend, and the drums and hi-hats through the Argos were exceptionally fast and convincing. The bass was not merely present; it was tight, textured and had enough weight to keep the recording from becoming another impressive but overly lean electrostatic demonstration.

The Argos and HYDRA cost $4,000 together before the DAC, which is certainly not inexpensive. Compared with some of the electrostatic systems occupying the summit of Head-Fi, however, this felt like one of the stronger system values at CanJam.

Grado Signature S550 + Chord Hugo 2

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System Price: $3,590

At $995, the Grado Signature S550 is currently the least expensive model in the company’s Signature Series, and pairing it with Chord’s Hugo 2 ($2,595) produced one of the more enjoyable and relatively sane systems I heard all weekend.

The S550 uses Grado’s 50mm S2 dynamic driver in an open-air design, with a nominal impedance of 38 ohms, 112 dB sensitivity and detachable Signature Silver cable. At 335 grams, it is also refreshingly light compared with many high-end planar and electrostatic designs.

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The stock B cushions place the drivers very close to the ears, and the fit can feel snug until the headband is adjusted properly. That close positioning contributes to the immediate Grado presentation, but listeners who prefer a roomier fit can experiment with the larger G cushions. As with most Grados, changing pads also changes the presentation, so comfort is not the only variable.

Hugo 2 remains a remarkably capable partner despite having been around for years. Its FPGA DAC uses a 49,152-tap WTA filter and a Class A output stage, with enough flexibility to function as a portable DAC, headphone amplifier or desktop source.

The combination was rich, immediate and easy to enjoy. After spending time with systems costing ten or fifteen times as much, the S550 and Hugo 2 were a useful reminder that one does not have to approach the price of a compact car to assemble a seriously entertaining headphone rig.

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Relatively speaking, of course. We are still talking about $3,590 worth of headphone equipment.

HiFiMAN HE6 Remastered + GOLDENWAVE SERENADE Wireless

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System Price: $2,898

Year after year, HiFiMAN finds some way to pull me back into its booth, and the HE6 Remastered ($1,899) with the GOLDENWAVE SERENADE Wireless DAC/headphone amplifier ($999) was one of the easier systems to recommend from the show.

The HE6 Remastered is an open-back planar magnetic design rated at 50 ohms with a sensitivity of only 83.5 dB, so “easy to listen to” should not be confused with “easy to drive.” It remains a demanding headphone from an amplification perspective and weighs 522 grams, although I found the fit more comfortable than that number might suggest.

SERENADE makes a lot of sense as its partner. The wireless version combines HiFiMAN’s HYMALAYA Pro R-2R DAC architecture with a balanced Class A headphone amplifier capable of delivering up to 4 watts into 32 ohms. It also adds network connectivity to a component that can serve as both DAC and headphone amplifier.

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Sonically, this was one of the easiest systems at CanJam to settle into. The HE6 Remastered sounded balanced and detailed without pushing detail so far forward that I wanted to remove it after three tracks. There was enough resolution to keep things interesting, but it did not strike me as fatiguing.

At just under $2,900 for the complete DAC, amplifier and headphone combination, this is the one from the list that feels closest to something a relatively normal audiophile might actually purchase.

Put it on your audition list.

oBravo H2040BT-A and H2040BT-R: The Wireless Surprise

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There were plenty of capable wireless headphones at CanJam this year, but oBravo managed to hide one of the more interesting demonstrations in a pair of headphones that could easily be mistaken for something far more conventional.

The H2040BT-A combines a dynamic driver with an Air Motion Transformer, while the visually similar H2040BT-R substitutes a planar tweeter. Hybrid driver systems are hardly unusual in IEMs anymore, but using these technologies inside wireless over-ear headphones is still decidedly uncommon.

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The plastic housings did not exactly scream “boutique audiophile engineering,” but listening quickly changed the conversation. The H2040BT-A’s AMT delivered considerably more top-end resolution and speed than I expected from a Bluetooth headphone, while the dynamic driver kept the bass substantial without letting it overwhelm everything above it.

The less expensive planar hybrid was also surprisingly capable and probably the more obvious value of the two.

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There is one problem: U.S. pricing and availability remain unclear. We were quoted $699 for the H2040BT-A and $299 for the H2040BT-R at CanJam, but I have not been able to locate either model through a U.S. retailer. Audio Concierge currently lists them in the U.K. at £699 and £299, respectively.

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Until oBravo clarifies its U.S. rollout, consider these two headphones worth watching rather than something we can tell American readers to go out and buy today.

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The Bottom Line

CanJam SoCal 2026 did not deliver the same volume of major headphone launches we have seen in some previous years, but that ended up making the show more interesting for a different reason. Instead of racing from one new flagship announcement to another, I spent more time listening to complete systems and combinations that I might otherwise have missed.

The RAAL 1995 MAGNA EVO I and Allnic stack delivered the most intoxicating ribbon demonstration I heard all weekend, while the Chord, DAVE and Meze ARTA system showed just how far digital processing and headphone playback can be pushed when budget becomes almost irrelevant. Neither system makes any financial sense to most people, but that has never stopped the extreme high end before.

The SJY Argos and HYDRA were probably the biggest surprise. Electrostatic systems often require expensive, specialized hardware and still leave some listeners wishing for greater bass weight. This combination delivered the speed and openness I expected while sounding fuller and warmer than anticipated, and the HYDRA’s ability to drive electrostatics, conventional headphones and loudspeakers makes it genuinely useful.

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Grado and HiFiMAN provided the reality check. Neither system is cheap, but both demonstrated how much performance is now available around $3,000 for a complete desktop setup. In a category where $6,000 headphones and $35,000 digital processors barely raise an eyebrow, that almost qualifies as fiscal responsibility.

And that may have been the larger story of CanJam SoCal 2026. Personal audio continues to stretch in both directions. Affordable equipment keeps getting better, while the summit of the category keeps moving higher and becoming more expensive.

The gap between those worlds is widening.

Fortunately, great sound still exists on both sides of it.

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Paramount Caught Using ‘Astroturf’ Group To Drum Up Fake Support For Merger

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from the desperate-measures dept

We’ve well established how the $111 billion Paramount and Warner Brothers merger is terrible for labor, creatives, consumers, and markets. But the kind of behaviors Paramount leadership have been engaged in to sell the deal also give a pretty clear indication what kind of company we’re dealing with, and why they shouldn’t be allowed to control an even bigger slice of U.S. media.

Recent desperate moves by the company include accusing all deal critics of being “antisemitic,” threatening to take Paramount out of California if states attempt to enforce U.S. antitrust laws, and running press leak and PR campaigns (in close collaboration with their Trump allies) making all sorts of patently false claims as to why more media consolidation is great for America.

Paramount’s also been caught using an “astroturf” — or fake grass roots organization — to try and make it appear that the giant merger has more public support than it does.

The Intercept notes that the company has been employing the use of a nonprofit named Neighbors for Strong Communities to bombard California residents with text messages urging them to pressure on California AG Rob Bonta to drop his antitrust lawsuit against the company, claiming that enforcing antitrust law will be bad for Californians:

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“In text messages to Californians that went out earlier this week, Neighbors for Strong Communities asked recipients to send Bonta messages raising the concern that his opposition to the merger will cost the state thousands of jobs — because of Ellison’s reported threat to move Paramount to Texas.”

In reality, mergers like this — particularly when involving Warner Brothers — have a long history of resulting in mass layoffs, higher prices, and lower-quality product as the merged company tries to pay down debt from the deal. There’s also nothing stopping Ellison from offshoring film and TV production if the deal is approved, continuing an existing trend for Hollywood.

A coalition of consumer rights groups under the banner of the Committee For The First Amendment (which actually defends consumers and discloses its funding) say the astroturf group was only formed three months ago by industry lobbyists and refuses to disclose its donors:

“The sender organization’s website is less than three months old. It discloses no founders, board members, staff, or funders, and the organization does not appear in ProPublica’s nonprofit database. Its newly updated address (1902-A Lincoln Blvd, Suite 1314, Santa Monica, CA) is a private PO Box at a UPS store. These are classic hallmarks of a corporate-backed astroturf campaign designed to manufacture the appearance of grassroots opposition.”

As is always the case with these groups, there’s usually no discernable paper trail, allowing both Paramount and Neighbors for Strong Communities to confidently insist the entire effort is authentic. And when you have to covertly pay organizations to support your giant merger, you just know the giant merger is great for everyone involved.

Filed Under: astroturf, california, consolidation, david ellison, labor, larry ellison, layoffs, media, mergers, rob bonta

Companies: neighbors for strong communities, paramount, warner bros.

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Stoke Space raises $1B to expand its footprint and upsize its fully reusable Nova rocket

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Stoke Space’s Nova Pathfinder upper stage flight article No. 1 sits at the company’s factory in Kent, Wash. (Stoke Space Photo)

Stoke Space says it has raised roughly $1 billion to get ready for the first launch of its fully reusable Nova rocket — and to scale up the rocket’s design for even bigger payloads.

To accommodate its grander ambitions, the Kent, Wash.-based startup is also scaling up its rocket test facility in Moses Lake, 175 miles to the east.

“We have confidence in the foundation that we’ve laid today, and now it’s time to scale,” Stoke Space CEO and co-founder Andy Lapsa told GeekWire.

The newly announced Series E financing round was co-led by Point72 Ventures and Spark Capital, with participation from General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital, Y Combinator and other investors.

The final figure will be “within rounding error” of a billion dollars, Lapsa said. “Not quite, or a little more,” he said. “The speed with which this has come together is very fast.”

Lapsa said that scaling up the Nova rocket’s design was always part of Stoke Space’s game plan, but that the timeline is being accelerated in response to the growing demand for launches and the shrinking availability of launch opportunities.

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The timing of Stoke’s pivot to a bigger launch vehicle wasn’t sparked by a single event, Lapsa said. “The pressure has been growing over the last couple of years,” he said. “It certainly hasn’t slowed down recently.”

From Pathfinder to Block 2

This infographic compares the designs for Nova Pathfinder and Nova Block 2. (Stoke Space Illustration)

The revised plan calls for Stoke to begin launching missions with the initially designed rocket, now known as Nova Pathfinder. Pathfinder’s first stage will be powered by seven of Stoke’s Zenith engines, and the upper stage’s Andromeda engine will have a ring of 24 thrust chambers integrated into an actively cooled metallic heat shield. The rocket will be capable of putting 3 metric tons of payload into low Earth orbit, or LEO.

Pathfinder’s first launch is now scheduled for early 2027 — a slight slip from earlier expectations. It will carry a spacecraft for AstroForge, a California-based asteroid mining company. “We’re going out to the asteroid belt, and yeah, Astroforge is our partner for that one,” Lapsa said. “They’re looking to prospect and ultimately mine asteroids, and bring back rare earths and other important materials.”

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The super-sized version of Stoke’s rocket, known as Nova Block 2, is due to make its debut in 2029. Its first stage will have twice as many Zenith engines as Pathfinder. Its upper stage will have 12 independent engines, each with two thrust chambers. That will increase Nova’s lift capability by a factor of five, enabling up to 15 metric tons of payload to be delivered to LEO. More than 4 tons can be sent to geosynchronous transfer orbit, or GTO.

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In comparison, SpaceX says its partially reusable Falcon 9 rocket can deliver 18.5 tons to LEO or 5.5 tons to GTO in reusable mode.

Both versions of the Nova rocket are designed to be fully reusable, with the first-stage booster flying itself down to a recovery ship and the upper stage making a separate re-entry. Stoke is only the second company in the space industry to pursue that strategy. SpaceX has designed its Starship launch system for dual-stage reusability but hasn’t yet reached that goal.

Stoke is developing an active-cooling system for upper-stage reusability. Some of the rocket’s cryogenically cooled liquid hydrogen propellant is circulated through channels in the upper stage’s metallic heat shield to absorb the intense heat of atmospheric re-entry. SpaceX has been experimenting with different heat shield strategies for Starship, but some experts have expressed doubts about SpaceX’s approach.

Both versions of Stoke’s rocket are designed to fill a market niche that’s different from Starship’s. The Nova rockets’ capabilities fall close to both ends of the medium-lift spectrum, while SpaceX’s super-heavy-lift Starship is designed to loft 100 to 150 tons of payload to LEO.

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Expanding the infrastructure

Stoke Space tested its Zenith rocket engines and Nova Pathfinder’s first stage in Moses Lake in June. (Stoke Space Photo)

Stoke Space’s 168,000-square-foot factory and headquarters facility in Kent was designed from the beginning to manufacture rockets that are bigger than Nova Pathfinder.

“We bring in raw sheet metal, we build our core and we ship a rocket,” Lapsa said. “We can use the same methods and effectively the same tooling to build larger diameters and larger lengths, and that’s very intentional.”

The company’s rocket test facility in Moses Lake is being expanded from 75 to 550 acres to accommodate work on two types of rockets simultaneously.

“We’ve done, I would say, an extremely efficient job at leveraging the 75 acres that we use today,” Lapsa said. “The expansion across the street is going to enable us to test again at rate. … Certain of our facilities have an overlapping blast radius, so they interfere with each other. A big advantage of being able to spread our wings a little bit, and get a little bit more space, is that those test stands can operate in full independence of each other.”

Stoke’s launch facilities at Cape Canaveral Space Force Station in Florida can also accommodate a dual-track approach. A new payload processing facility at the Cape is intentionally sized to support both Nova Pathfinder and Block 2.

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In June, Stoke Space’s Moses Lake facility completed what the company called proto-qualification testing of the first-stage booster for its first Nova Pathfinder rocket. “The second stage will ship out pretty soon,” Lapsa said. “That goes to Moses Lake. … This will be acceptance testing of the structure, and then we’ll do a static hot-fire test out there to fully shake down the second stage, and then it ships out to Cape Canaveral.”

The booster is being prepared for shipping to the Cape as well. “We’ll repeat the wet dress rehearsals that we did in Moses Lake, but we’ll do it on the launch pad itself,” Lapsa said. “Then we’ll do the same thing: static fire test on the first stage down there, and then the two stages go together, and we go to space.”

Stoke Space has built a facility at Space Launch Complex 14 at Cape Canaveral Space Force Station in Florida. (Stoke Space Photo)

Stoke Space has been on a phenomenal growth curve since Lapsa and his fellow co-founder, chief technology officer Tom Feldman, left Jeff Bezos’ Blue Origin space venture in 2019 to create the company.

Lapsa said Stoke currently has about 400 employees. “It’s approximately 50 in Moses Lake, 50 in Cape Canaveral. We have a handful of remotes, and then everybody else is in Kent,” he said.

Even though Stoke Space hasn’t yet launched a rocket, the startup’s steady progress toward that milestone — and its long-term vision for total rocket reusability — have been impressive enough to keep investors on board.

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“Having supported Stoke through multiple stages of its growth, we believe this company has demonstrated both the exceptional technical progress and the ambition to build a launch system capable of serving the market at industrial scale,” Chris Morales, partner at Point72 Ventures, said today in a news release.

Full reusability is the inevitable end state of the market, providing an order-of-magnitude cost and service advantage over partially reusable rockets,” said Clay Fisher, general partner at Spark Capital. “Stoke had the right thesis seven years ago and has paired that prescient vision with a blistering pace of execution. As a result, they stand uniquely positioned to give customers more choice and capacity when they need it, and to unlock an enormous new economy in space.”

Lapsa said he’s grateful for the vote of confidence.

“We’re humbled by the investment, having great partners behind us,” he said. “It’s an incredibly critical and important moment for us as a civilization to get right. I think space development is really, really important for our ability as a civilization to continue to scale and continue raising the quality of life that we enjoy — and we’re thrilled to be part of it.”

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