Inside Jed McCaleb’s Ambitious Multibillion-Dollar Space Station Plan

Jed McCaleb, the serial entrepreneur known for founding Mt. Gox and co-founding Ripple, is now setting his sights on a new frontier: space. His latest venture, Vast, aims to build a commercial space station named Haven-1, with plans to launch it into orbit by May 2026. McCaleb’s ultimate goal is to expand humanity’s presence beyond Earth and secure a NASA contract to replace the International Space Station (ISS).

In a March 20 interview with Bloomberg, McCaleb revealed the ambitious scope of the project and the risks involved. Vast, which was founded in 2021, is on track to launch Haven-1 into space, with a key goal of winning a NASA contract expected to be awarded in mid-2026. The contract would secure Vast’s position in the next phase of space station operations, potentially replacing the aging ISS.

However, if Vast fails or loses the NASA contract to a competitor, McCaleb could see a significant blow to his net worth, potentially losing $1 billion. The success of the project is critical not only for McCaleb’s personal fortune but also for the future of his space station company.

“There aren’t many people willing to dedicate the resources, time, and risk tolerance that I am,” McCaleb said, underscoring his determination to see the project succeed.

A Bold Entrepreneur with Eccentric Tendencies

McCaleb is known as a “deliberate risk-taker” with a calculated yet unconventional approach to business. Sam Yagan, a long-time friend and former business partner, described him as "slightly eccentric in his willingness to take what you and I would see as a lot of risks." This bold approach has helped McCaleb carve out a successful career in industries ranging from cryptocurrency to space exploration.

His desire to help humanity become a multi-planetary species is in line with similar ambitions shared by Elon Musk, the multibillionaire SpaceX CEO. McCaleb has expressed that expanding human life beyond Earth is crucial, stating, "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."

Vast's Groundbreaking Spacecraft and Technology

Vast’s spacecraft, which will host Haven-1, is under construction, with plans for a launch in 2026. The station will feature components developed by SpaceX, including a docking adapter that will allow SpaceX’s Dragon capsule to connect to the station. Vast has also integrated Starlink, SpaceX’s satellite internet service, to provide Wi-Fi aboard the station. These partnerships with SpaceX are a key element of Vast's strategy, with Max Haot, a former SpaceX executive, now serving as Vast’s CEO and President.

In addition to the commercial space station, Vast is exploring the creation of artificial gravity, which could help replicate Earth-like conditions for astronauts. This innovation is seen as crucial for long-term space habitation, as prolonged exposure to weightlessness has been linked to health issues, including organ damage. While Haven-1 will focus on short-term stays for crew members, McCaleb and Haot plan to incorporate advanced life support systems—such as recycling wastewater and carbon dioxide—into a future model, Haven-2, which will be designed for long-term habitation by 2028.

Competition for NASA’s Next Space Station Contract

Vast is facing stiff competition in its bid to secure NASA’s future space station contracts. Other major contenders include Axiom Space, Voyager Space Holdings, Lockheed Martin, and Blue Origin, the space exploration company founded by Jeff Bezos. Vast’s success in the competition could redefine the future of commercial space stations, positioning McCaleb’s company as a leader in space infrastructure.

McCaleb’s Unconventional Path to Space

McCaleb’s journey into the space industry follows a nontraditional path. His first major success came with eDonkey, an internet file-sharing service he founded in the 2000s. He then founded Mt. Gox, which became the world’s largest Bitcoin exchange before collapsing due to a massive hack in 2014.

Following his exit from Mt. Gox in 2011, McCaleb co-founded Ripple and created the XRP cryptocurrency, eventually selling a large portion of his holdings. His involvement in Ripple earned him billions of dollars between 2014 and 2022.

In 2014, McCaleb launched the Stellar network, a fork of Ripple, which introduced the XLM cryptocurrency. Stellar now boasts a market capitalization of $8.7 billion, according to CoinGecko.

Conclusion

Jed McCaleb’s latest venture, Vast, represents a bold leap into the space industry as he aims to develop a commercial space station and help establish a sustainable human presence in space. With plans to launch Haven-1 by 2026 and compete for a major NASA contract, McCaleb’s company is pushing the boundaries of space exploration. Whether Vast succeeds or falters, McCaleb’s ambition to expand humanity’s reach beyond Earth places him alongside other visionary entrepreneurs, like Elon Musk, in the race to shape the future of space travel.