Asteroid mining may sound like something out of science fiction, but experts say it could be the path to extraterrestrial wealth.
According to Matt Gialich, founder of space mining company Astroforge, companies will soon “make a lot of money” mining space rocks.
As his company prepares to launch its second mission, Mr. Gialach told Gizmodo that companies will be able to tap into an effectively ‘unlimited’ supply of resources.
Estimates suggest that some asteroids, such as the 200 kilometer wide 16 Psyche, could contain more than $10,000 trillion (£8,072 trillion) worth of precious metals.
If the resources of just that one asteroid could be mined, it would generate enough money to make everyone on Earth a billionaire.
While the technology to do this is still a ways off, the potential profits have proven tempting enough for Astroforge to raise $40 million in funding.
The company is keeping its target asteroid a closely guarded secret, but has revealed that it is specifically hunting for rocks rich in platinum.
Mr Gialich says: ‘I want to dominate the world in terms of ideal progress, and that’s how we think about it. At the same time, we will make a lot of money in the short term.’
Space experts say mining asteroids could be the way to make ‘big money’ as a single asteroid like 16 Psyche (artist’s impression) could contain $10,000 trillion worth of metals.
According to Matt Gialich, founder of space mining company Astroforge, companies will soon make ‘so much money’ mining space rocks
Astroforge was founded in January 2022 by Mr Gialich and Jose Acain with the aim of becoming the first company to mine platinum from an asteroid.
In 2023, the company launched its first satellite to demonstrate how metals could be refined in orbit using simulated asteroid material.
Although the launch suffered from a series of technical problems, including communications errors, which prevented the metal refining demonstration from taking place, Mr Gialich was undeterred.
In 2025, the company will launch the Odin mission to observe a potentially metal-rich asteroid in deep space with the intention of one day mining the minerals found there.
Odin will be launched as a rideshare payload on Intuitive Machines’ IM-3 lunar lander before swinging around the moon and into space.
Mr Gialich says: ‘The aim of mission two is to get to the asteroid and take a picture of it to show that we have found the right asteroid we want to go after.’
However, Mr. Gialich says he will never reveal the name or location of the asteroid his company is targeting.
“We’re keeping some of the criteria secret. We’ve spent a lot of money to make sure we’re going after the right asteroid,” Gialich says.
US startup Spaceforge plans to send its Odin spacecraft (pictured) to a deep space asteroid in 2025. Odin will take pictures of the satellite to confirm that it is the right one to mine
16 Psyche (pictured) is a giant metallic asteroid that is almost 85 percent metal, including iron and nickel, and can be mined because of its vast resources. NASA has launched the Psyche mission to reach the asteroid in six years
‘Why should I give competitors information about what we are looking for?’
The only detail the company is willing to share is that the asteroid in question is likely rich in platinum group metals.
These metals are extremely rare on Earth’s surface, but a single asteroid could potentially contain trillions of dollars worth of valuable minerals.
However, some identified asteroids could contain even greater amounts of mineral resources.
For example, NASA believes that the asteroid 16 Psyche contains enormous amounts of iron and nickel.
Dr. Linda Elkins-Tanton, a space scientist at MIT, estimates that the iron in 16 Psyche alone could be worth $10,000 trillion.
In October last year, NASA launched the 1.2 billion pound (988 million pound) Psyche spacecraft on a six-year, 2.2 billion-mile (3.6 billion-kilometer) journey to a space rock.
NASA has said it has no plans to mine the asteroid, but there are now a growing number of companies vying to be the first to do so.
Astroforge founder Matt Gialich says Odin (pictured) will pave the way for a follow-up mission to land on the asteroid. However, he will not reveal the name of his target to avoid giving an edge to his competitors
As spaceflight has become cheaper and rockets have become more powerful, deep space is now opening up as a potential area for private companies.
‘I had a lot of stupid ideas about what you could do if you got to deep space. The most meaningful thing was to become a mining company,” says Mr Gialich.
Astroforge’s biggest step toward this goal came last month when it became the first company to be licensed to operate in deep space.
Astroforge received an experimental license from the Federal Communications Commission (FCC) to operate a spacecraft further than two million kilometers (1.24 million miles) from Earth.
This gives the company legal permission to remain in communication with Odin as it travels to rendezvous with its asteroid target.
Mr Gialich says: ‘It will be the first time in human history that a private company will launch into space to carry out a mission.
“I think it’s really damn cool to get to do this.”
Many have questioned the legal and ethical basis of a company taking ownership of an object in space.
Astroforge received the first commercial license to operate in deep space. This could pave the way for more companies looking for asteroids (stock image)
Legal experts have pointed out that ownership of objects in space is in a legal gray area, further complicated by the issue that major space treaties were not written with private companies in mind.
Additionally, some have pointed out that the vast amounts of resources in a single asteroid could crash the prices of some commodities, leading to widespread economic chaos.
However, Mr Gialich is not concerned and insists that space mining is both “hugely lucrative” and more environmentally friendly than mining on Earth.
“We passed the Space Act in 2015, and the Space Act says that any commercial company in the United States can mine an asteroid for profit,” he says.
“If we are successful, there will be many people who will try to erase us from existence.
“I think my job is to prove that it’s fucking possible, and once we prove it’s possible, we’ll probably hire a bunch of lawyers or something.”