On this episode of the Startup Show, host John Biggs spoke with Matthew Gialich, founder and CEO of AstroForge, a company with an ambitious mission: mining asteroids for precious metals. AstroForge aims to completely change the mining industry by tapping into the vast resources of space, specifically targeting platinum group metals that are essential in various electronic devices and renewable energy technologies.
Platinum group metals, which include elements like platinum and palladium, are critical for manufacturing electronics and AI chips. However, the supply of these metals on Earth is limited, and the United States has less than 2% of the world’s reserves, concentrated in a single mine in Montana. This scarcity drives up prices and poses significant challenges for future technological advancements.
AstroForge’s solution is to mine asteroids, which are believed to be rich in these metals due to ancient asteroid impacts. By targeting near-Earth asteroids, which can be reached and mined within two years, AstroForge aims to significantly increase the supply of platinum group metals while reducing the environmental impact of traditional mining. Gialich emphasized that asteroid mining would produce far less carbon and eliminate water waste and harmful labor practices associated with terrestrial mining.
Despite the ambitious nature of the project, Gialich is confident in its feasibility. He pointed out that humanity has already conducted successful asteroid missions, such as Japan’s Hayabusa and NASA’s OSIRIS-REx, which have returned samples to Earth. The primary challenge now is to achieve this on a larger scale and at a cost that makes commercial sense.
AstroForge plans to launch its first mission in November on a SpaceX Falcon 9 rocket, using the moon’s gravity to slingshot towards an asteroid. This mission, which costs less than $7 million, will be the world’s first commercial deep space mission to an asteroid.
There is high risk involved, but the potential for rewards is significant. Disrupting the $16 trillion precious metals market by introducing a new, sustainable source of these critical materials could have far-reaching implications for various industries. The company’s commitment to rapid execution and bold milestones is essential to achieving their vision.
For aspiring entrepreneurs, Gialich offered candid advice. He emphasized the importance of deep technical knowledge and a willingness to learn continuously. Founders must be prepared for the immense challenges and risks associated with ambitious projects. Gialich’s background in aerospace, with experience at SpaceX and Virgin Orbit, provided the credibility and expertise needed to convince investors of AstroForge’s potential. He stressed that success in such ventures requires a relentless focus on learning and proving the technical feasibility of the project.
Gialich also highlighted the importance of realistic expectations and self-awareness for founders. He advised those considering starting a company to assess their passion and resilience honestly. For those who may not be ready for the immense challenges of founding a startup, joining an early-stage company can provide valuable insights and experience without the same level of risk.
AstroForge’s journey from concept to execution has been rapid, with the company launching in January 2022 and preparing for its first mission less than two years later. This progress was attributed to the team’s dedication and the support from investors who believe in their vision. The company continues to seek investment to support its ambitious goals, recognizing that the path to success in deep tech requires ongoing funding and resources.
Looking ahead, Gialich envisions a future where AstroForge’s missions bring back significant quantities of platinum group metals, initially as collector’s items and eventually as commodities that can impact global markets. The company’s long-term success will depend on its ability to scale operations and continually reduce costs, making space mining a viable alternative to terrestrial extraction.
