Space Research

Asteroid mining might give rise to world’s first trillionaires

According to Goldman Sachs, asteroid mining is the next big profitable industry to explode and give rise to the group of world’s first trillionaires.

This is not the first time that the global investment firm has predicted about the future of asteroid mining industry. Goldman Sachs has long indicated that the new industry could yield immense financial gain due to the rich source of precious metal resources that lie unexploited inside space rocks.

“While the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower. Prospecting probes can likely be built for tens of millions of dollars each and Caltech has suggested an asteroid-grabbing spacecraft could cost $2.6bn,” the investment firm’s report reads.

Physicist Michio Kaku has also pointed out that asteroid mining could be the best way to solve Earth’s resource shortage crisis, calling asteroids, “flying gold mine in outer space” with a wide assortment of minerals, including iron, nickel, carbon, cobalt, platinum, rhodium, and iridium. All these resources can be harvested and brought back to Earth.

It is expected that mining asteroids in outer space could be achieved far easier than normally expected. Noah Poponak, an aerospace and materials analyst at Goldman, compiled a report back in 2017 in which he said that the psychological barrier to mining asteroids is high, while the actual financial and technological barriers are far lower. The report added that prospecting probes can be built for tens of millions of dollars and an asteroid-grabbing spacecraft could be build by investing around $2.6 billion.

As far as the question of how much money can be made from asteroids is concerned, the report estimates that one 3,000-foot wide asteroid can yield platinum of worth $5.4 trillion. In fact, rocks that are about 100 feet across can have reserves of precious metals worth about $50 billion. This could be the reason that Goldman Sachs is anticipating asteroid mining to become a trillion-dollar industry.

About the author

Megha Kedia

Megha Kedia

Megha is a seasoned reporter with over six years of experience covering news in technology, science and related fields. At The Space News, Megha covers space research & technology news.

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