Vast cuts 46 jobs despite $500M funding, space station plans
What's the story
California-based space station start-up Vast has laid off 46 employees, or about 4% of its workforce, according to Business Insider. The decision comes just months after the company raised a whopping $500 million in funding. The layoffs were confirmed by a spokesperson for the company, who said they were performance-related and part of Vast's mid-year review cycle. Despite these cuts, the firm is still actively hiring for new positions.
Project progress
Despite layoffs, Vast is still on track to launch Haven-1
Vast is still on track to launch Haven-1, its first space station, in 2027 aboard a SpaceX rocket.
The company also plans to build Haven-2, a bigger modular station that could host up to 12 people and eventually become part of the commercial infrastructure replacing the International Space Station (ISS).
Despite the layoffs, Vast has 277 open roles and is continuing to grow its workforce as it pushes ahead with these ambitious plans.
Future aspirations
Vast is also expanding into satellite manufacturing
Vast's long-term plans go beyond just replacing the ISS.
The company hopes to one day build space stations that can spin in orbit to create artificial gravity, a concept that could revolutionize human life and work in space.
The firm has also expanded into satellite manufacturing and recently struck a deal with the European Space Agency (ESA) for missions involving European astronauts visiting the ISS.
Industry competition
The race for commercial space stations
Vast is one of many companies looking to build commercial space stations as NASA gears up for the eventual retirement of the ISS, which is expected to be deorbited in 2030.
The transition has sparked a new race among private space firms to create orbital platforms that can host astronauts, research, and commercial activities.
Despite the layoffs, Vast remains committed to its ambitious plans and continues hiring for hundreds of other positions.