EXPLAINER - What is asteroid mining and could it really power Earth’s economy?

For decades, asteroid mining has been the stuff of science fiction. But with private start-ups sending spacecraft into deep space and investors calling it the next trillion-dollar industry, the idea of extracting metals and minerals from space rocks is edging closer to reality.

What exactly is asteroid mining?

Asteroid mining is the concept of extracting valuable resources, such as platinum, cobalt, nickel, rare earths and even water, from asteroids orbiting our solar system. These celestial bodies are thought to contain highly concentrated deposits of metals that are scarce and costly to obtain on Earth.

Instead of digging through mountains and seabeds, companies hope to one day send robotic spacecraft to latch onto asteroids, break off chunks of material, and either process them in space or return them to Earth.

Why are people excited about it?

The numbers are staggering. A single asteroid rich in platinum-group metals could hold more than has ever been mined in human history. One kilogram of rhodium today fetches over $180,000. In theory, a successful haul could dwarf the value of gold reserves and upend entire markets.

There’s also the environmental argument. A 2018 study estimated that producing a kilogram of platinum on Earth creates 40,000kg of CO₂ emissions. Mining the same quantity in space, by contrast, could generate just 150kg.

As Kathryn Miller, an environmental scientist at the University of Lancaster, puts it: “Terrestrial mining is not exactly good, given the habitat destruction, the social justice issues and so on. Space mining, if done responsibly, could become an environmentally more attractive option than deep-sea mining.”

How close are we?

Start-ups such as AstroForge and Karman+ are leading the charge. In February 2025, AstroForge launched a $6.5 million spacecraft, “Odin,” to test whether it could survey an asteroid’s composition. Although communication with the craft has faltered, AstroForge insists every step, even failures, brings them closer to proof of concept.

“Yes, there are a lot more baby steps to take,” says AstroForge’s founder Matt Gialich. “But we’re going to start to actually do it. You have to try.”

Investors are equally bullish. Victor Vescovo, one of AstroForge’s main backers, argues: “Bring back a few micrograms to show it can be done, and then scaling the process up is relatively straightforward. To fully realise asteroid mining may be a multi-decade project. But it’s just a mathematical problem.”

State agencies have already proven the basics. NASA’s OSIRIS-REx mission and Japan’s Hayabusa spacecrafts successfully collected and returned asteroid samples, showing that at least on a small scale, it can be done.

What are the challenges?

Mining in microgravity is not as simple as digging with a shovel. Separating ore from waste usually requires heat, pressure, and gravity, things space doesn’t provide.

“Mining — separating ore from dirt, is relatively straightforward,” says Ian Lange, associate professor at the Colorado School of Mines. “But then some kind of chemical or heat process, and gravity, is required to separate what we want from what we don’t. Reproducing that in space is going to be much harder.”

There are also environmental worries beyond Earth. Scientists warn of “space tailings” — debris left from mined asteroids that could drift dangerously in orbit or even fall back to Earth. “Space’s pristine environment should not be tarnished,” argues Monica Grady, professor of planetary sciences at the Open University. “We must learn to clean up as we go along.”

Who stands to gain?

Supporters say asteroid mining could become a cornerstone of the $1.8 trillion space economy predicted by 2035. But it could also shift global power. Deganit Paikowsky of the George Washington University Space Policy Institute warns: “Mining resources in space for use in space makes sense. But bringing them back to Earth for established economies will impact many different stakeholders in many ways.”

For some start-ups, the real prize isn’t Earth at all. Daynan Crull, founder of Karman+, says: “We looked at bringing asteroid resources back to Earth but the feasibility and economics seem fuzzy. Instead, we’re focusing on mining resources in space to be used in space, for making habitats or maintaining satellites.”

So, will asteroid mining power Earth’s economy?

Not yet. Experts like Lange estimate large-scale asteroid mining is still decades away. But with private companies innovating faster than governments ever did, and the cost of launches plummeting, the dream is no longer science fiction.

As Gialich argues: “There’s infinite space out there and countless asteroids — but only one Earth.”

Asteroid mining may not replace terrestrial mining tomorrow, but it could eventually ease pressure on Earth, fuel exploration, and perhaps make the first trillionaire — just as astrophysicist Neil deGrasse Tyson once predicted.

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