Cryptocurrency Billionaire's Space Startup Eyes $2 Billion Valuation in Funding Talks

Vast, a company aiming to construct the first commercial space station, is reportedly seeking $300 million in new funding, which could give the company a $2 billion valuation. According to a source familiar with the matter who spoke to Forbes, Balerion Space Ventures is expected to lead this funding round. That said, the reality is a bit more complicated. these details are still subject to change as negotiations continue.

So far, Vast, which is based in Long Beach and employs around 1,000 people, has been largely financed by Jed McCaleb. McCaleb, who amassed his wealth through founding cryptocurrency ventures like Ripple and Stellar, has stated his willingness to invest up to $1 billion of his own money in the project. In October, Vast also announced an investment from In-Q-Tel, the CIA's venture capital arm, which also gained a board observer seat.

Vast declined to comment on the funding talks. Balerion Space Ventures has not yet responded to requests for comment.

The company's plans include launching its first prototype space station, Haven-1, in 2026. Vast intends to begin launching components for its subsequent station, Haven-2, by 2028. Haven-2 is being designed as a replacement for NASA’s International Space Station, which NASA plans to decommission in 2031, after which it will rely on private sector contracts.