Space Gold Rush? NASA Visits Billion-Dollar Asteroid 'Psyche' that's worth 100,000,000,000 trillion dollars

NASA’s mission to asteroid 16 Psyche aims to unlock secrets of the early solar system, while sparking global interest in the future possibilities of space mining and resource exploration

NASA's Journey to a Metal-Rich Asteroid

NASA launched a special mission on October 13, 2023, to study an unusual asteroid called 16 Psyche, located between Mars and Jupiter. What makes this asteroid special is that it’s made mostly of metals like gold, platinum, and nickel — unlike most asteroids that are rocky or icy. Scientists believe it could be worth around $100,000 quadrillion, though the mission is purely scientific and not about mining.

The Long Voyage to Psyche

The spacecraft, launched from Cape Canaveral, will take a long journey — traveling over 2.2 billion miles. In 2026, it will use Mars' gravity to slingshot itself further into space and is expected to reach the asteroid by 2029. NASA hopes to learn more about how planets were formed by studying Psyche’s structure and metal-rich surface.

Can We Really Mine Asteroids?

The idea of mining asteroids like Psyche is exciting for many private space companies. Metals such as platinum and palladium, which are rare and expensive on Earth, are believed to be available in abundance in space. These materials are important for products like electronics and cars. Companies such as AstroForge and TransAstra are already exploring this possibility.

The Big Challenges Ahead

Even though asteroid mining sounds like science fiction turned real, it’s still far from practical. According to space experts, the technology isn’t ready yet. Current space mining tools are still at early stages of development — only at level 3 to 5 on NASA’s 1-9 scale of readiness. For real missions to start, the tools need to reach level 6 or 7 at least, which may take years.