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.
The Startup Show: Meet the company mining distant asteroids