In the race for space metals, companies hope to cash in

Enlarge / An illustration depicts a NASA spacecraft approaching the metal-rich asteroid Psyche. Though there are no plans to mine Psyche, such asteroids are being eyed for their valuable resources (credit: NASA/JPL-Caltech/ASU)

In April 2023, a satellite the size of a microwave launched to space. Its goal: to get ready to mine asteroids. While the mission, courtesy of a company called AstroForge, ran into problems, it’s part of a new wave of would-be asteroid miners hoping to cash in on cosmic resources.

Potential applications of space-mined material abound: Asteroids contain metals like platinum and cobalt, which are used in electronics and electric vehicle batteries, respectively. Although there are plenty of these materials on Earth, they can be more concentrated on asteroids than mountainsides, making them easier to scrape out. And scraping in space, advocates say, could cut down on the damaging impacts that mining has on this planet. Space-resource advocates also want to explore the potential of other substances. What if space ice could be used for spacecraft and rocket propellant? Space dirt for housing structures for astronauts and radiation shielding?

Previous companies have rocketed toward similar goals before but went bust about a half-decade ago. In the years since that first cohort left the stage, though, “the field has exploded in interest,” said Angel Abbud-Madrid, director of the Center for Space Resources at the Colorado School of Mines.