Jed McCaleb bets one billion of his fortune on cryptocurrencies to fund a private space station

The entrepreneur behind XRP and Mt. Gox is investing his own money, without external investors, in an ambitious space project. Jed McCaleb, who accumulated billions in cryptocurrencies during his previous ventures, is now focusing all his attention on Vast, a company building private space stations.

From cryptocurrencies to space: the fortune funding Haven-1

The billions backing this project come from multiple sources in the crypto world. McCaleb earned approximately $3.2 billion selling XRP and Ripple shares between 2014 and 2022, according to XRPScan data. As of December 2024, he controlled $3.3 billion through two private foundations he fully funded.

His journey in cryptocurrencies began with Mt. Gox in 2010, one of the first Bitcoin exchanges, which collapsed in 2014 with losses exceeding $400 million. He then co-created the Ripple protocol and owned 9% of the initial XRP, generating most of his current wealth. At age 50, McCaleb describes himself as someone with an “exceptional risk tolerance” and a “hyper-rational” mindset for making business decisions.

Vast and Haven-1: the project that could revolutionize space stations

Vast was founded in 2021 and currently employs over 740 people. The Haven-1 station, under construction in Long Beach, California, will be about 33 feet tall and 14.5 feet wide, with capacity for four people. The interior space of approximately 1,600 cubic feet will include separate sleeping areas, wooden panels, a large window, and a table for the crew to dine together.

Max Haot was hired as CEO in 2023 to lead the company. When McCaleb met Haot in 2022, he had founded Launcher, a rocket startup that had raised $30 million but was struggling to secure additional funding. Instead of investing, McCaleb bought the company outright.

Haven-1’s launch was originally scheduled for August 2025 but was delayed. Currently, Vast aims for May 2026 as the new target date. The team has already tested a prototype of the module to verify its pressure resistance and is now working on power systems, propulsion, and life support for the crew.

SpaceX as a strategic partner

Vast is collaborating directly with SpaceX to put Haven-1 into orbit. The company has already booked Falcon 9 launches for its modules and astronaut missions. SpaceX will provide key components such as docking adapters for the Dragon capsule and Wi-Fi systems that will operate in space using Starlink.

The contract with SpaceX depends on NASA approval. This collaboration is crucial because the space agency plans to retire the International Space Station before the end of 2030, creating a market opportunity for private space stations.

The competition for the NASA contract

If Vast successfully launches Haven-1 before its competitors, it could win the NASA contract to keep astronauts in orbit. That deal would provide a steady revenue stream and billions in value. The contract decision is expected by mid-2026, within the next few months.

Other competitors like Axiom Space, Blue Origin, and Voyager Space are also building private space stations. However, Vast has a distinctive advantage: Jed McCaleb is fully self-financing the project without external investors or partners. As Chad Anderson of Space Capital noted, “Vast is the only one proposing a mainly self-funded solution that’s ready to operate.”

From eDonkey to Ripple: Jed McCaleb’s business pattern

Before his success with XRP and Ripple, McCaleb demonstrated his ability to identify emerging technologies. His first startup, eDonkey, launched in 2000, enabling online sharing of music and movies. It generated millions in ad revenue before McCaleb agreed to pay $30 million to the music industry in 2006 to avoid lawsuits.

He grew up on a farm in Arkansas and dropped out of the University of California, Berkeley. Nic Carter, co-founder of Castle Island Ventures, describes him as “one of the ten most important cryptocurrency founders, though few people really know him.” His methodical approach and tendency to work quietly set him apart from other high-profile entrepreneurs in the sector.

The final gamble: $1 billion at stake

McCaleb is risking billions in the hope that cryptocurrencies can fund space infrastructure. If the project fails, he says he’s completely comfortable losing that investment. His vision is clear: “It’s super important that people take this leap from where we are today to this potential world where many people live off Earth.”

He divides his time between Costa Rica and Berkeley. He pilots his own plane and is a father of three. Despite his wealth, he maintains a relatively low-profile lifestyle compared to other tech entrepreneurs. Rumors suggest he still doesn’t know Elon Musk well, despite close connections with SpaceX.

The NASA contract is not just important for Vast; it’s a matter of survival. Without that steady income, the company likely cannot sustain itself long-term. If Jed McCaleb manages to secure it, the next two years will determine whether his biggest crypto gamble results in a legacy that extends beyond digital finance into real space exploration.