The ambitious goal of asteroid mining has hit a roadblock as AstroForge, a California-based start-up, struggles to re-establish communication with its spacecraft, Odin. Despite the setback, the company remains optimistic about the future of extraterrestrial resource extraction.
AstroForge launched Odin aboard a SpaceX Falcon 9 rocket from Kennedy Space Center on February 27, 2025. The $6.5 million unmanned spacecraft was designed to conduct a fly-by of asteroid 2022 OB5, located approximately eight million kilometers from Earth, to analyze its mineral composition. However, communication issues arose approximately nine days post-launch, leaving the spacecraft’s status uncertain.
Founder Matt Gialich remains undeterred, emphasizing that setbacks are part of pioneering efforts in space exploration. “We knew challenges were inevitable,” Gialich said. “But we’re taking the necessary steps to learn and improve.” The company remains hopeful that Odin is on its planned nine-month journey toward the target asteroid.
Asteroid mining has long been theorized as a lucrative and sustainable alternative to terrestrial mining. Scientists believe asteroids contain platinum-group metals, which are crucial to renewable energy technologies. As natural reserves of these elements on Earth become increasingly difficult to extract, space mining is gaining attention as a possible solution.
However, experts remain skeptical about the feasibility of commercial asteroid mining in the near future. Ian Lange, an associate professor at the Colorado School of Mines, acknowledges the technical viability but questions the economic practicality. “While the technology may be within reach, the costs and challenges associated with bringing resources back to Earth remain substantial,” Lange said.
Historically, asteroid mining has been a challenging field for private enterprises. Companies such as Moon Express, Planetary Resources, and Deep Space Industries have faced financial hurdles, leading to acquisitions and pivots toward other projects. Despite these challenges, advancements in space technology are accelerating progress in the field.
One of the key developments in space exploration has been the drastic reduction in launch costs. The introduction of reusable rockets has significantly lowered expenses, making ambitious projects like asteroid mining more feasible. The cost of launching one pound of payload into space has dropped from $10,000 to a few thousand dollars, with expectations of further reductions.
The environmental implications of asteroid mining are also drawing interest. A 2018 study by the University of Paris-Saclay estimated that mining platinum from asteroids could generate significantly lower carbon emissions than traditional mining. While terrestrial platinum mining produces approximately 40,000 kg of CO2 per kilogram of metal extracted, asteroid mining is projected to emit only 150 kg of CO2 per kilogram.
Looking ahead, AstroForge plans additional test missions over the next decade, gradually increasing the quantity of mined materials from grams to kilograms. Meanwhile, other companies such as Karmen+ are exploring mining resources for use in space rather than transporting them back to Earth.
With the global space economy expected to reach $1.8 trillion by 2035, asteroid mining remains a potential game-changer. However, experts caution that while technological advancements are making the prospect more realistic, commercial viability may still be decades away. The coming years will determine whether space mining becomes a revolutionary industry or remains a futuristic ambition.
