China’s Chokehold
The urgency of developing space mining capabilities has been thrust into sharp relief by China’s latest export restrictions. China’s “announcement number 61 of 2025” expanded export controls to include holmium, erbium, thulium, europium, and ytterbium, adding to seven other rare earth minerals restricted in April 2025.
These aren’t just raw materials—they’re the foundation of modern technology. Rare earth elements are critical components in everything from smartphone screens and electric vehicle motors to guided missiles and jet engines. The new restrictions even prohibit Chinese nationals and companies from assisting with rare earth mining, processing, and magnet manufacturing outside China without government approval.
From Science Fiction to Scientific Imperative
Critics might dismiss asteroid mining as far-fetched, but technological history suggests otherwise. The Wright brothers’ first flight at Kitty Hawk in 1903 covered just 120 feet and lasted 12 seconds. Within 66 years, humans walked on the Moon. Breakthroughs that seem impossible have a habit of becoming inevitable once the first success is achieved.
Astrophysicist Neil deGrasse Tyson has famously predicted that “the first trillionaire will come through asteroid mining.” Whether or not that proves accurate, the broader point stands: the economic potential of space resources dwarfs anything available on Earth.
What was once dismissed as science fiction is rapidly becoming engineering reality. Private companies like AstroForge are joined by others including Planetary Resources alumni and new ventures globally, all racing to prove commercial viability. SpaceX has dramatically reduced launch costs, making missions financially feasible that would have been prohibitively expensive a decade ago. Robotic technology, artificial intelligence, and autonomous systems have advanced to the point where remote operations millions of miles from Earth are genuinely achievable.
AstroForge plans to progressively target larger asteroids and extract greater quantities of material. Early missions will focus on proving the extraction technology works in the harsh environment of space, where extreme temperatures, radiation, and zero gravity create unique challenges.
