Vast, a startup trying to build the world’s first commercial space station, is in talks to raise a $300 million funding round valuing the company at $2 billion, a person familiar with the matter told Forbes. Balerion Space Ventures will lead the round, the person said, noting talks are ongoing and the numbers could change.

Thus far, the Long Beach-headquartered company of about 1,000 employees has primarily been self-funded by Jed McCaleb, who made billions as the founder of cryptocurrency companies Ripple and Stellar. He has said he is willing to spend up to $1 billion of his own fortune. In October, Vast said that In-Q-Tel, the venture capital arm of the Central Intelligence Agency, had invested an undisclosed amount and become a board observer.

Vast declined to comment. Balerion Space Ventures didn’t immediately respond to a request for comment.

Vast plans to launch its first prototype space station, Haven-1, in 2026. Vast will start sending parts of its next station, Haven-2, by 2028, which is designed to replace Nasa’s International Space Station. Nasa has said it plans to close the ISS in 2031, after which it will rely on contracts with private companies.

McCaleb is one of several billionaire-funded ventures vying to get the valuable NASA contract. Axiom Space, which is also racing to make a commercial space station, was founded by billionaire Kam Ghaffarian. Forbes reported last year the company was struggling to get its product off the ground. And Amazon founder Jeff Bezos’ aerospace firm Blue Origin, which has been vying with Elon Musk’s SpaceX to put astronauts back onto the moon, has also been working on a commercial space station.