I'm a senior editor at Forbes covering healthcare, science, and cutting edge technology. I also co-author the Current Climate and InnovationRX newsletters.
California-based Astroforge is running a lean operation with a high-risk, high-reward mission to mine space for precious metals.arly next year, a SpaceX rocket will be launching a drill to the surface of the Moon as part of its Artemis program. And hitching a ride on that rocket will be a smaller spacecraft, with a much more distant destination: an asteroid that will take about nine months to reach.
Mining asteroids sounds like science fiction but has a very practical force behind it: as the world transitions away from fossil fuels and begins to rely even more heavily on electricity, it’s going to need more metals. But Earth’s resources are limited and many of the best places to mine for important metals are already being tapped.
With just $13 million in seed funding, Astroforge is certainly putting the cost issue to the test. But another advantage of the current market is the fact that, unlike 10 years ago, there’s now a thriving ecosystem of space companies offering off-the-shelf components, meaning the company doesn’t have to design its systems from the ground up. Astroforge already launched a spacecraft earlier this year, which is currently in orbit testing the company’s mineral refining technology.
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