AstroForge raises $13 million to mine platinum from asteroids

AstroForge wants to mine metals from near-Earth asteroids. Asteroids can be worth trillions of dollars.

California-based startup AstroForge can now really kick off its ambitious near-Earth asteroid mining project thanks to a massive fundraiser. The company, founded by Matt Gialich and Joe Acain in January 2022, has raised $13 million, which is expected to meet its goal of mining platinum group metals from asteroids.

AstroForge wants to mine metals on near-Earth asteroids

“Platinum group metals are used everywhere – they reduce vehicle emissions, they are used in chemotherapy, and every electronic device you own contains some of these elements,” explained co-founder Matt Gialich. Together with Joe Acain, the two men, formerly of Virgin Orbit and SpaceX/NASA respectively, want AstroForge to be the first private asteroid mining company. The first demonstrations may even take place in January 2023.

AstroForge hasn’t released much on the details of its project, but according to TechCrunch, its founders have developed a mining method for asteroids ranging in diameter from 20 meters to 1,500 meters. Instead of landing probes on the surface, the company will remotely eject asteroids to collect debris and extract materials. Its demonstration in January 2023, if it takes place, will include the launch of a “reprocessing charge”that will act like an asteroid in orbit. A SpaceX rocket flight has already been booked for this test, according to Space.com.

Asteroids could be worth trillions of dollars

However, the return on investment in asteroid mining is not clear. The cost of launching devices into space is still very high, and the constant influx of metals from space should lead to a sharp drop in their cost. At the same time, asteroids have great potential as a source of rare metals; some near-Earth asteroids can be worth trillions of dollars, and there are currently over a million identified asteroids in our solar system, according to NASA.

Mining asteroids may seem like pure science fiction, but modern technology seems to make it possible, and AstroForge is determined to be part of this nascent adventure. To be continued!