Cryptocurrency entrepreneur Jed McCaleb is using his digital fortune to reach for the stars.

The billionaire founder of Mt. Gox exchange and co-founder of Ripple is the sole financial backer of Vast Space LLC, an ambitious venture to build the world's first commercial space station.

Cryptocurrency entrepreneur Jed McCaleb is using his digital fortune to reach for the stars.

The billionaire founder of Mt. Gox exchange and co-founder of Ripple is the sole financial backer of Vast Space LLC, an ambitious venture to build the world’s first commercial space station.

McCaleb founded Vast in 2021 with his sights set on a lofty goal. The company is racing to construct and launch Haven-1, a space station designed to host human crews in orbit.

The stakes are high for this venture. McCaleb has stated he’s prepared to lose up to $1 billion on the project. If successful, Vast could win a lucrative NASA contract next year to replace the aging International Space Station.

“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, McCaleb told Bloomberg in a recent interview.

The 50-year-old entrepreneur sees space habitation as the next frontier. Unlike other space industry leaders, McCaleb comes from a background in technology startups rather than aerospace.

He graduated from the University of California at Berkeley but dropped out to pursue his entrepreneurial ventures.

McCaleb’s first major success came with eDonkey, an early file-sharing service he founded in 2000. The platform generated millions in advertising revenue before shutting down in 2006 after a legal settlement with the recording industry.

McCaleb’s next venture was Mt. Gox, one of the world’s first Bitcoin trading platforms. He founded the exchange in 2010 but sold his majority stake a year later. Mt. Gox later collapsed in 2014 in what was then the largest crypto failure in history.

By that time, McCaleb had already co-created XRP, the cryptocurrency trading on the Ripple protocol. After leaving Ripple in 2013 following disputes with co-founders, he retained his 9% ownership of the tokens.

The crypto boom of 2017-2018 saw XRP’s value skyrocket. McCaleb netted approximately $3.2 billion from selling his XRP holdings and Ripple equity between 2014 and 2022.

Now McCaleb is channeling that wealth into space. Vast has rapidly expanded to 740 employees, up from fewer than 200 less than a year ago. The company operates around the clock at its Long Beach, California headquarters.

In 2023, McCaleb brought on Max Haot as CEO after acquiring Haot’s rocket startup, Launcher. This acquisition added experienced aerospace talent to Vast’s team. Many of Vast’s personnel previously worked at SpaceX.

Vast has formed a close partnership with Elon Musk’s SpaceX. The company is using SpaceX components, including a docking adapter for Dragon capsules and Starlink internet connectivity. Vast has also booked SpaceX flights to transport its hardware and crew to orbit.

Haven-1, Vast’s first space station prototype, is currently under construction. The structure stands roughly 33 feet tall and 14.5 feet wide, designed to fit inside a SpaceX Falcon 9 rocket’s nose cone.

The station will provide about 1,600 cubic feet of habitable space, approximately double that of an average RV. It will feature personal sleeping quarters, a large window, wood paneling, and a communal table for a four-person crew.

Haven-1 Construction

Vast began construction on Haven-1 in January, with a launch targeted for May 2026. This date represents a delay from an earlier goal of August 2025.

The company recently tested a prototype to confirm the structure could withstand internal atmospheric pressure.

If Haven-1 proves successful, Vast plans to launch the first module of Haven-2 by 2028. This larger station is designed to eventually replace NASA’s International Space Station, which is scheduled for retirement by the end of 2030.

One of Vast’s long-term goals is to develop artificial gravity systems for space habitation. This would involve rotating modules that create centrifugal force, replicating Earth-like conditions for astronauts. Such technology could prevent the biological damage caused by extended stays in microgravity.

Vast faces competition from several other companies aiming to build commercial space stations. Rivals include Axiom Space, Blue Origin (founded by Jeff Bezos), Voyager Space Holdings, and Lockheed Martin.

However, Vast has a key advantage in McCaleb’s willingness to self-fund the venture. “Vast is the only one that’s coming up with a solution that is primarily self-funded and ready to go,” said Chad Anderson, founder of Space Capital, an investment company focused on the space industry.

The company’s future viability hinges on winning a NASA contract expected to be awarded in mid-2026. This program aims to jump