Jed McCaleb, the cryptocurrency billionaire behind Mt. Gox, Ripple, and Stellar, is making a big investment in the future of commercial space exploration. McCaleb is investing $1 billion of his fortune into his space venture Vast Space, which aims to build and launch the world’s first commercial space station.
McCaleb, who has amassed a significant fortune from selling XRP, is the sole financial backer of the ambitious venture. His total investments in Vast Space total around $3.2 billion, primarily from his personal assets and foundations, which will report assets of $3.3 billion by the end of 2023.
Speaking from Vast Space's headquarters in Long Beach, California, McCaleb said he believes humanity needs to expand beyond Earth.
“It’s very important for humans to make the leap from where we are today to this potential world where there are so many people living off Earth,” said McCaleb, 50. “There are not many people who are willing to commit the resources, time and risk tolerance that I am.”
If successful, Vast Space could receive a major contract from NASA next year to develop a successor to the International Space Station (ISS), which is scheduled to be retired by 2030. But McCaleb acknowledges the risks, saying he stands to lose up to $1 billion on the venture.
To increase its chances of success, Vast Space leveraged industry expertise by hiring experienced executives and partnering with SpaceX. The startup uses SpaceX technology, including a docking adapter to connect SpaceX’s Dragon capsule to the space station and an in-orbit internet system powered by Starlink. Vast has already secured SpaceX flights to launch its hardware and transport astronauts, subject to NASA approval.
*This is not investment advice.
