With the International Space Station (ISS) set to retire in 2030, governments and private companies face a major challenge: how to keep humans in low Earth orbit (LEO) without any gaps.
Vast, a Long Beach-based company developing next-generation space stations, aims to fill this gap. It recently raised $500 million to accelerate its plan to build a commercial replacement for the ISS and expand its affordable, fast-to-build orbital habitats.
The funding round was led by Balerion Space Ventures and included IQT, Qatar Investment Authority (QIA), Mitsui & Co., MUFG, Nikon, Stellar Ventures, Space Capital, Earthrise Ventures, and Vast’s founder, Jed McCaleb, who was also the first investor.
This funding round brings Vast’s total investment to over $1 billion, supporting the development of its Haven space station program. Haven‑1 is set to become the world’s first commercial space station in 2027.
The money also helps Vast compete for NASA’s Commercial LEO Destinations (CLD) program, which aims to find successors to the ISS.
The goal? To have billions of people living and working in space
Vast was founded in 2021 by entrepreneur Jed McCaleb, who also co-founded Stellar, Ripple, and eDonkey2000. His bold vision is to make it possible for billions of people to live and work in space.
The company follows a step-by-step approach, focusing on testing and building real hardware rather than just working on ideas.
At the heart of Vast’s strategy is the Haven platform, a series of modular, low-cost stations made for microgravity research, in-space manufacturing, and government missions. Vast’s Haven Demo mission, completed in early 2026, successfully tested key systems like autonomous docking, power management, and life support.
Haven‑1 will be the first single-module commercial station, followed by multi-module versions like Haven‑2 and beyond. These will support a permanent human presence and backup systems. Unlike traditional aerospace projects, Vast’s in-house approach lets it develop hardware faster, reduce costs, and fully control mission design.
Of course, Vast is not alone. Axiom Space, Blue Origin, Sierra Space’s Orbital Reef, and Voyager Space, with Airbus’s Starlab, are all competing. But Vast stands out for its hardware-first approach, real in-orbit experience, and self-funded development, which give it greater freedom from government contracts.
So, what’s next for Vast?
Vast’s immediate goals include launching Haven‑1 in 2027, carrying out NASA’s private astronaut mission under its Commercial Crew Initiative, advancing Haven‑2 to support continuous crew operations by 2030, expanding its facilities and workforce to over 1,000 employees, and developing habitats for the Moon and Mars in line with NASA’s Artemis and commercial lunar programs.
