TLDR
- Jed McCaleb, co-founder of Ripple and Mt. Gox, is funding a commercial space station called Haven-1 through his company Vast
- The station is scheduled to launch by May 2026, aiming to win a crucial NASA contract to replace the International Space Station
- McCaleb is prepared to risk $1 billion of his crypto fortune on the venture
- Vast has strategic partnerships with SpaceX for components, launches, and transportation
- The company plans to eventually develop artificial gravity technology for long-term human habitation in space
Jed McCaleb, the billionaire co-founder of cryptocurrency projects like Ripple and Mt. Gox, is betting big on space. His company Vast is building a commercial space station with the goal of launching it into orbit by May 2026.
The timing is not random. NASA plans to award contracts to replace the aging International Space Station (ISS) around mid-2026. Winning such a contract could mean billions in funding for Vast.
From Crypto to Cosmos
McCaleb’s path to space entrepreneurship has been unusual. He first found success with the file-sharing service eDonkey in the early 2000s.
He then founded Mt. Gox in 2010, one of the earliest Bitcoin exchanges, but sold his majority stake in 2011. The exchange later suffered a $400 million hack in 2014 that led to its bankruptcy.
His next venture was co-founding Ripple in 2012 and creating the XRP token. After leaving Ripple in 2013 due to disagreements with other founders, he kept his 9% ownership of XRP tokens.
McCaleb sold most of his XRP between 2014 and 2022, netting billions of dollars. He also founded the Stellar network in 2014, a fork of Ripple, along with the Stellar (XLM) token.
All-In on Space
Unlike many startup founders who seek outside investment, McCaleb is the sole financial backer of Vast. He has committed to personally funding the ambitious project.
“There are not that many folks who are willing to dedicate the amount of resources and time and risk tolerance that I am,” McCaleb told Bloomberg. He’s prepared to lose up to $1 billion if the venture fails.
The company’s first space station, Haven-1, is currently under construction. The structure will stand roughly 33 feet tall and 14.5 feet wide.
It’s designed to fit inside the nose cone of a SpaceX Falcon 9 rocket. The station will have almost 1,600 cubic feet of habitable space, about twice the size of an average RV.
Living Quarters in Space
Haven-1 will feature personal sleeping quarters, a large window, wood paneling, and a communal table. It’s designed to host a crew of four.
The station won’t include the water and oxygen recycling systems found on the ISS since it’s meant for short-term stays. Those systems will be added to Haven-2, Vast’s planned follow-up station.
SpaceX Partnership
Vast has formed key partnerships with Elon Musk’s SpaceX. The company is using SpaceX components, including a docking adapter to connect SpaceX’s Dragon capsule to the station.
SpaceX will also provide internet via Starlink and has agreed to transport astronauts to the station once NASA approves. Many of Vast’s employees previously worked at SpaceX.
McCaleb brought in industry experience by acquiring Launcher, a rocket startup, in 2022. Launcher’s founder, Max Haot, now serves as Vast’s CEO and president.
McCaleb flies in weekly from his home in San Francisco to monitor progress. The company has grown from fewer than 200 employees to 740 in less than a year.
Technical Challenges
Building a space station involves complex engineering challenges. The outer shell must withstand the harsh environment of space while maintaining Earth-like atmospheric pressure inside.
Vast recently tested a prototype to confirm the structure could handle internal atmospheric pressure. They’re also working on power systems, propulsion, and other critical components.
McCaleb’s vision extends far beyond Haven-1. The company plans to launch Haven-2 by 2028, which would form the beginning of a much larger space station.
One of Vast’s most ambitious goals is to develop artificial gravity technology. This would involve creating rotating modules that use centrifugal force to replicate Earth-like conditions.
Health Benefits
The artificial gravity technology aims to solve a critical problem for long-term space habitation. Astronauts who spend extended periods in microgravity often experience organ damage.
Creating Earth-like gravity could prevent these health issues. This would be a major breakthrough for future space stations and potential Mars missions.
Vast faces competition from several well-established space companies. Axiom Space, Blue Origin (founded by Jeff Bezos), Voyager Space Holdings, and Lockheed Martin are all working on their own space station concepts.
However, Vast has a key advantage: McCaleb’s willingness to self-fund the project. Most competitors rely on external funding, which can be volatile in the space industry.
NASA Contract: Make or Break
The NASA contract expected in mid-2026 is crucial for Vast’s future. Without it, “the commercial viability of any space station is doubtful,” according to Haot.
NASA’s program would provide a steady revenue stream by guaranteeing the purchase of time and space on any stations that make it into orbit.
Both McCaleb and Haot have expressed willingness to board flights to their space station. “As a kid, I spent a lot of time outside exploring, looking up at the sky to see how amazing it is,” McCaleb said.
Their commitment reflects McCaleb’s broader vision: “It’s super important that people take this leap from where we are today to this potential world where there’s a lot of people living off the Earth.”
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