After making billions of dollars from cryptocurrency, Jed McCaleb – co-founder of Ripple, Mt. Gox, and Stellar – has decided to bet his $1 billion on a bold project: building a space station to replace the International Space Station (ISS).
With Vast Space, McCaleb not only wants to 'go to the moon' in the metaphorical sense of the cryptocurrency world, but truly wants to take humans further into space. Is this gamble a distant dream or truly feasible?
Why Does A Cryptocurrency Billionaire Want To Build A Space Station?
McCaleb is one of the pioneering figures in the cryptocurrency industry. He co-founded the Mt. Gox exchange in 2010, #Ripple in 2011, and Stellar in 2014. Currently, most of his estimated $3.2 billion fortune comes from selling XRP – Ripple's cryptocurrency.
But instead of continuing to focus on crypto, McCaleb decided to invest $1 billion of his own money into #VastSpace – the aerospace company he founded in 2021.
According to McCaleb, building a new space station is necessary for the future of humanity:
“It is important to lead humanity into a new era where people can live beyond Earth.”
Currently, the International Space Station (ISS) is expected to cease operations in 2030. This opens opportunities for private companies to develop new space stations, and McCaleb wants to make Vast Space a leader in this race.
How Does Vast Space's Space Station Project Work?
Vast Space is developing artificial gravity space stations, a technology that has previously only appeared in science fiction films like 2001: A Space Odyssey or Interstellar.
These stations rotate to create centrifugal force simulating gravity, helping humans to live and work in space more easily.
The company recently announced the final design of Haven-1, the first module in the project. Haven-1 can:
✅ Operate independently or connect with other modules.
✅ Create a living environment with artificial gravity, making it easier for astronauts to move and work.
✅ Provide research, production, and even space tourism space.
To put Haven-1 into orbit, Vast Space is collaborating with SpaceX, using the Falcon 9 rocket to launch this module in May 2026.
In the future, Haven-2 will be an upgraded version with an expanded module design, capable of connecting multiple units to form a larger space station that could replace the ISS.
McCaleb's Ambition and the Private Space Race
McCaleb is not the only billionaire involved in the space race. Elon Musk (SpaceX), Jeff Bezos (Blue Origin), and Richard Branson (Virgin Galactic) are all heavily investing in space projects.
Besides Vast Space, a number of companies and organizations are racing to replace the ISS, including:
🔹 Axiom Space – The first private company to contract with NASA to develop a commercial space station.
🔹 Blue Origin – Jeff Bezos' company is building the Orbital Reef station.
🔹 Voyager Space & Airbus – Hai công ty hợp tác để tạo ra trạm Starlab.
🔹 CNSA (China) – China is expanding its Tiangong space station.
If Vast Space can successfully launch Haven-1 in 2026, the company has a chance to become a top candidate for funding from NASA and other space organizations.
Can a Private Company Replace the ISS?
NASA and European space agencies (ESA) are gradually transferring the mission of developing space stations to the private sector, rather than operating them themselves as before.
With this trend, companies like Vast Space could become providers of space infrastructure in the future, similar to how SpaceX has become NASA's main partner in launching spacecraft.
However, the biggest challenge remains financial. For a space station to operate sustainably, it needs long-term contracts for research, production, or space tourism. Otherwise, it could end up in a situation similar to the current ISS – costly and difficult to maintain.
Chris Larsen, co-founder of Ripple, expressed support for McCaleb's project:
“This is a bold vision from Jed McCaleb. America has pursued such great goals before being stifled by bureaucracy. I hope Vast Space succeeds.”
Conclusion: A $1 Billion Gamble – Success or Risk?
It is unprecedented for a cryptocurrency billionaire to pour all personal assets into a risky space project. But if Vast Space succeeds, McCaleb could become one of the most important figures in the private space industry.
Regardless of the outcome, this project marks a strong transition of the space industry from public to private – where names like SpaceX, Blue Origin, and now Vast Space are gradually replacing traditional organizations like NASA.
The private space race is still ongoing. Can Vast Space become the replacement for the ISS, or will this just be a distant dream? The answer will be revealed in May 2026, when Haven-1 officially enters orbit.