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Cryptocurrency mogul Jed McCaleb is spending $1 billion of his own money to build a space station. The Ripple co-founder, worth about $3.2 billion from XRP holdings, now runs Vast Space, an aerospace company he started in 2021.

Space Station Launch Set For 2026

According to recent reports, Vast Space has completed designs for its first station called Haven-1. The station will launch in May 2026 using SpaceX’s Falcon 9 rockets. McCaleb’s company focuses on creating space stations with artificial gravity, a feature mostly seen in science fiction flicks, until now.

Jed McCaleb says he’s prepared to lose a big chunk of his fortune on an ambitious quest to build the world’s first commercial space station https://t.co/hMooi8QBja

— Bloomberg Crypto (@crypto) March 20, 2025

“It’s very important that humans transition from where we are today into this potential society where there are many individuals living outside the Earth,” McCaleb told Bloomberg in an interview.

McCaleb Shifts From Crypto To Cosmos

The cryptocurrency expert has made a dramatic career change. His company aims to fill the gap left when the International Space Station (ISS) is decommissioned in 2030. Haven-1 will support long-term human stays, scientific research, and may open doors for space tourism.

Today, Vast unveiled the final design for Haven-1, the world’s first commercial space station, setting a new standard. Guided by visionary designer Peter Russell-Clarke and astronaut Andrew Feustel, we’re pushing the boundaries of life in space with human-first design led by… pic.twitter.com/xDdMzNFnuF

— Vast (@vast) October 10, 2024

Based on the information available, McCaleb is personally funding this massive project rather than seeking outside investors. This approach gives him more control over the company’s direction and timeline.

Private Companies Compete For Space Dominance

Vast Space joins other private space companies like SpaceX, Blue Origin, Axiom Space, and Voyager Space. All these firms are trying to gain ground in the growing space economy as government agencies increasingly work with private businesses.

XRP market cap currently at $140 billion. Chart: TradingView.com

McCaleb’s fellow Ripple co-founder, Chris Larsen, expressed support for the venture on social media platform X:

“This is a big, bold vision by Jed McCaleb. America used to pursue new frontiers like this before skidding into bureaucracy and doubt. I’m rooting for Vast’s success.”

Vast headquarters in Long Beach, CA. Image Credit: Bloomberg Businessweek

NASA Contract Could Boost Vast’s Position

Reports suggest Vast Space is competing for a NASA contract that could make it a leader in the space industry. If successful, the company plans to expand beyond Haven-1 to create larger modular stations in the future.

Vast Space’s work on artificial gravity could solve one of the biggest challenges for long-term human presence in space. The company’s success might bridge the gap between science fiction and reality, opening new possibilities for human settlement beyond Earth.

The move from cryptocurrency to space exploration shows how tech wealth is funding new frontiers. McCaleb’s billion-dollar bet represents one of the largest personal investments in commercial space development.

Featured image from Gemini Imagen, chart from TradingView

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