Technology depends on rare earth minerals, but their extraction can harm our planet. Asteroids offer a plentiful source of valuable elements.

As I write this, NASA’s Psyche spacecraft is making its long journey to an asteroid named 16 Psyche. When it arrives, it may confirm the presence of minerals which, when multiplied by the current market rate, hold an astonishing theoretical value of around $100 quintillion. This, of course, ignores the basic economic principle of supply and demand, but highlights the immense mineral wealth that exists within our cosmic backyard.

Earth’s newest celestial neighbor has finally arrived. 

Astronomers using a powerful telescope in Sutherland, South Africa, first detected the 33-foot-long asteroid in August, reporting their discovery in Research Notes of the American Astronomical Society. 

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While the definition of the space economy has been nebulous, one thing is clear: space presents an enormous opportunity for global economic growth. A report by McKinsey and the World Economic Forum estimates that the space economy will present a $1.8 trillion opportunity by 2035, up from $630 billion in 2023.

The Texas Space Commission was recently unveiled by Governor Greg Abbott at NASA’s Johnson Space Center in Houston, Texas. Abbott’s goal is to cement Texas’ position as a national leader in the space industry. 

Over the past years, Luxembourg has positioned itself as a hub for the growing space industry. While this plan is not a novelty as several major satellite operators have already been present in the country since the 1980s, there are current advances resulting from the strategic decision of the government to actively further develop and extend the space economy.