California startup AstroForge is preparing to launch its second mission in the attempt to develop technologies for mining precious metals from asteroi

Asteroid Mining Is the Path to a ‘Shitload of Money,’ Astroforge CEO Says

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2024-11-02 20:30:03

California startup AstroForge is preparing to launch its second mission in the attempt to develop technologies for mining precious metals from asteroids millions of miles away. The company is in a race against time to become the first to mine an asteroid for platinum and sell it on Earth for a whole lot of money, cashing in on the rapid commercialization of space.

AstroForge, founded by Matt Gialich and Jose Acain in January 2022, launched its first mission in April 2023 to demonstrate its ability to refine asteroid material in orbit. Its initial task, however, did not go so well as the company struggled to communicate with its satellite. The company’s second mission, named Odin, will attempt to observe a metallic asteroid from a distance, with plans for a follow up mission to land on the asteroid target in 2026.

The mission’s asteroid target and mining technique remain under wraps, with AstroForge not wanting to reveal all of its secrets to potential competitors. What we do know is that AstroForge is targeting platinum-group metals, or PGMs, which are used across a variety of industries.