Space Orbital Resources

Trend Analysis

🔺 Rising:

• Helium-3 extraction commercialization: Multiple companies including Interlune and Magna Petra are advancing toward commercial lunar helium-3 mining with concrete timelines (2027-2029), driven by quantum computing demand
• International lunar collaboration frameworks: The Artemis Accords expanded to 56 nations by July 2025, while China’s International Lunar Research Station gained momentum with 17 countries and 10 collaborative projects for Chang’e-8
• In-situ resource utilization (ISRU) technology demonstrations: NASA’s PRIME-1 drill successfully tested lunar subsurface extraction in February 2025, proving critical capabilities for water ice mining
• Heavy industry partnerships for space mining: Traditional Earth-based equipment manufacturers like Vermeer Corporation are partnering with space companies to develop lunar excavation systems
• Regulatory clarity for space resource extraction: Increased focus on developing legal frameworks including proposed Lunar Mining Codes and expanded interpretation of Outer Space Treaty provisions

🔻 Declining:

• Pure government-led space resource missions: Shift toward commercial-government partnerships through programs like NASA’s Commercial Lunar Payload Services (CLPS)
• Early-stage asteroid mining ventures: Multiple pioneering asteroid mining companies (Planetary Resources, Deep Space Industries) have ceased operations, replaced by more focused approaches
• Speculation-driven investment: Market moving toward evidence-based valuations as technological demonstrations provide realistic timelines and capabilities
• Simplistic fusion energy narratives for helium-3: Recognition that quantum computing applications provide more immediate commercial viability than long-term fusion reactor fuel

👀 Watch List:

• China’s Chang’e-7 and Chang’e-8 missions: Scheduled for 2026 and 2028 respectively, these will demonstrate critical ISRU technologies and could accelerate the lunar resource race
• Interlune’s Crescent Moon mission: Late 2025 hyperspectral camera deployment to lunar south pole for helium-3 mapping
• ispace Mission 2 outcome: Following June 2025 landing attempt, future missions will test regolith extraction and mobility technologies
• Artemis III crewed landing: Planned for mid-2020s, will provide crucial data on human-robot collaboration for resource extraction
• Regulatory developments: Potential establishment of international governance mechanisms for lunar resource allocation and environmental protection
• Launch cost reductions: Continued development of mega-rocket technology and reusable systems affecting economic viability of all space resource ventures

🧑‍💻 Expert’s View

The space resource extraction sector has transitioned from speculative concept to tangible reality, with 2025 marking a pivotal year where technology demonstrations meet commercial planning. NASA’s successful PRIME-1 drill operation on the lunar surface in early 2025 provided critical validation of subsurface extraction capabilities, while Interlune’s unveiling of full-scale excavation prototypes demonstrates the convergence of terrestrial mining expertise with space engineering. However, significant challenges remain: helium-3 concentrations in lunar regolith require processing millions of tons of material for commercial quantities, raising questions about economic viability despite the isotope’s $20 million per kilogram valuation. The geopolitical dimension intensifies as China’s ambitious timeline for a 2030 crewed lunar landing and subsequent International Lunar Research Station construction directly competes with the U.S.-led Artemis program, creating parallel frameworks for resource governance that could fragment international cooperation. The expansion of the Artemis Accords to 56 nations suggests growing consensus around space resource extraction rights, yet fundamental tensions persist regarding benefit-sharing obligations under the Outer Space Treaty.

🔮 Industry Outlook

Over the next two months (November-December 2025), expect significant developments in three key areas. First, Interlune’s Crescent Moon hyperspectral imaging mission should provide unprecedented data on helium-3 distribution at the lunar south pole, potentially identifying specific high-value extraction sites for future missions. Second, watch for China’s continued progress on Chang’e-7 preparations, with possible announcements regarding international payload manifests and mission architecture refinements as the 2026 launch window approaches. Third, the investment landscape will likely see increased clarity as companies transition from early-stage funding to demonstrating specific technological milestones, with particular focus on in-space processing capabilities and ISRU system reliability. By early 2026, the industry should witness the first concrete commitments for commercial lunar resource purchase agreements beyond Interlune’s existing DOE and Maybell Quantum contracts, as quantum computing companies and government agencies recognize supply chain vulnerabilities. The regulatory environment will continue evolving, with increased pressure for multilateral frameworks as the number of planned lunar missions grows, potentially leading to preliminary discussions on a formal international lunar mining code building upon existing Outer Space Treaty interpretations and Artemis Accords principles.

📰 Selected News Sources

NASA’s Lunar Drill Technology Passes Tests on the Moon ↗

NASA’s PRIME-1 experiment successfully demonstrated critical lunar drilling technology during the Intuitive Machines IM-2 mission, which landed near the Moon’s south pole in February 2025. The TRIDENT drill, built by Honeybee Robotics, performed multiple stages of movement necessary to drill into the lunar surface, validating its ability to extract regolith samples up to one meter deep. The mission gathered valuable data about the properties of lunar regolith, including soil strength information that will inform future in-situ resource utilization systems. Although the mission was short-lived after the lander tipped over, the drill’s successful operation proved that the hardware works in the harsh lunar environment and that remote operation from Earth is feasible. This technology demonstration represents a crucial step toward NASA’s goal of using local resources to create landing pads, rocket fuel, and other materials during Artemis missions, significantly reducing the need for launches from Earth and enabling sustained lunar exploration.

Artemis Accords - Senegal Becomes 56th Nation ↗

Senegal became the 56th nation to sign the Artemis Accords on July 24, 2025, joining a growing international coalition committed to principles of peaceful and sustainable space exploration. The accords, which reinforce commitments to the Outer Space Treaty, establish guidelines for civil space activities including the critical principle that space resource extraction can be executed in compliance with international law. The agreement specifically addresses the ability to extract and utilize resources from the Moon, Mars, and asteroids as critical to supporting safe and sustainable space exploration and development. With 56 signatories spanning all inhabited continents, the Artemis Accords represent the largest international framework for space cooperation, though notably excluding Russia and China who are pursuing alternative collaborative arrangements. The expansion reflects growing global consensus around American-led interpretation of space law regarding resource extraction rights, even as debates continue about benefit-sharing obligations under the “province of all mankind” language in the Outer Space Treaty.

Space Mining Companies Shaping the Future of Resource Extraction ↗

The space mining industry has coalesced around several key players pursuing distinct strategies for resource extraction as of July 2025. Interlune focuses on lunar helium-3 extraction for quantum computing applications, with full-scale excavation prototypes capable of processing 100 metric tons of regolith per hour. AstroForge targets near-Earth asteroids with compact autonomous spacecraft equipped with drilling and refining tools, planning to process materials in space rather than returning raw ore to Earth. China’s Origin Space advances robotic systems for both asteroid and lunar mining while addressing space debris, operating commercial space telescope satellites to survey potential mining sites. ispace of Japan develops lunar rovers for water resource detection and mapping, positioning itself as a transportation and exploration services provider. These companies represent the maturation of space mining from concept to operational planning, with each pursuing specific resources and markets while developing technologies that could fundamentally transform space exploration economics by enabling propellant production and construction material sourcing beyond Earth.

Lunar helium-3: separating market from marketing ↗

A critical analysis published in June 2025 challenges optimistic projections about lunar helium-3 as a commercial resource, highlighting the vast gap between scientific data and industry marketing claims. The U.S. Geological Survey classifies lunar helium-3 as an “inferred unrecoverable resource” due to extremely low concentrations ranging from 2.4 to 26 parts per billion in Apollo samples, requiring processing between 100,000 to 1 million tons of regolith per kilogram extracted. While companies like Interlune cite the isotope’s $20 million per kilogram market price for quantum computing applications, experts note that fusion reactor applications remain speculative given that commercial fusion power is unlikely within 30 years. The article emphasizes that older studies from the 1980s used optimistic assumptions about concentration levels and extraction efficiency that may not reflect operational realities. Current scientific understanding suggests helium-3 distribution is uneven across the lunar surface, with certain minerals trapping more of the isotope than others, making resource characterization essential before commercial planning. The analysis concludes that while small-scale helium-3 extraction for quantum computing might prove viable, the vision of large-scale lunar mining for energy production requires far more robust geological data than currently exists.

The final investment frontier: The economics of space resources ↗

Research from UNSW Sydney published in June 2025 examines the economic feasibility and governance challenges of commercial space resource extraction, projecting the space industry could grow from $500 billion currently to multiple trillion dollars by 2050. The study addresses two critical barriers to investment: attracting capital for high-risk, long-timeline ventures, and ensuring equitable benefit-sharing that complies with international treaties declaring space resources should benefit “all humankind.” Researchers propose innovative mechanisms including a space resources fund that could provide early-stage capital while establishing benefit-sharing frameworks that balance commercial viability with ethical obligations. The analysis emphasizes that water extracted from lunar ice could dramatically reduce deep space mission costs by enabling in-space propellant production, while metals from near-Earth asteroids could address critical supply shortages for renewable energy technologies. However, the research acknowledges significant uncertainties including current regulatory ambiguity, undefined markets for space-sourced materials, and lack of geological resource characterization that makes valuation difficult. The study concludes that successful commercialization requires both technological advancement and development of business and legal frameworks that make ventures profitable while maintaining social license to operate, drawing parallels to challenges in terrestrial natural resource development.

Moon mining machine: Interlune unveils helium-3 harvester prototype ↗

Interlune unveiled a full-scale prototype lunar excavator in May 2025, designed to process 110 tons of lunar regolith per hour specifically for helium-3 extraction. Developed in partnership with Vermeer Corporation, a 70-year-old agriculture and industrial equipment manufacturer, the machine represents the first step in a four-phase system to harvest space resources: excavate, sort, extract, and separate. The excavator underwent successful smaller-scale testing before the full prototype construction, demonstrating Interlune’s methodical approach to technology development. The partnership with Vermeer signals growing crossover between terrestrial heavy equipment expertise and space mining applications, with Vermeer CEO Jason Andringa joining Interlune’s advisory board to explore future equipment collaborations. While the current focus remains helium-3 for quantum computing applications where the isotope sells for approximately $20 million per kilogram, critics including planetary scientist Ian Crawford note that the infrastructure investment and operational costs may exceed near-term economic returns. The excavator prototype represents the physical manifestation of space mining transitioning from theoretical studies to engineerable hardware, though significant challenges remain in demonstrating the system can function reliably in lunar conditions including abrasive dust, temperature extremes, and vacuum environment.

Interlune Just Unveiled a Lunar Excavator to Kickstart Helium-3 Mining ↗

Interlune’s May 2025 unveiling of a full-scale lunar excavator prototype designed to collect 100 metric tons of regolith per hour marked a significant milestone in commercial space resource development. The Seattle-based company developed the system through partnership with Vermeer Corporation, bringing decades of heavy machinery expertise to lunar mining challenges. The excavator is the first component of a four-step helium-3 harvesting process that includes excavation, sorting, extraction, and separation, designed to operate autonomously on the lunar surface. Helium-3’s value proposition centers on quantum computing applications, where the rare isotope is essential for dilution refrigeration systems that cool quantum computers to near absolute-zero temperatures, as well as potential uses in fusion power, medical imaging, and national security applications. Interlune has secured $18 million in funding and received support from NASA’s TechFlights program, the Department of Energy, and the National Science Foundation, demonstrating multi-agency recognition of the technology’s potential. Several Moon-bound missions are scheduled for later this decade featuring Interlune hardware, with the company planning to establish operational capability by the late 2020s. The excavator development represents how space mining is moving from conceptual studies to building actual hardware designed for extraterrestrial deployment.

Interlune announces deals for moon mining equipment — and for selling lunar helium-3 ↗

Interlune provided a comprehensive update in May 2025 announcing three major developments: the unveiling of a full-scale excavator prototype with Vermeer Corp, an agreement with the U.S. Department of Energy to supply lunar helium-3 by 2029, and a contract with Maybell Quantum Industries for delivery of the isotope for quantum computing applications. The excavator is designed to ingest 100 metric tons of moon dirt hourly and return processed material to the lunar surface in continuous operation after helium-3 extraction. The DOE agreement builds on a previous $365,000 grant Interlune received to study low-temperature separation methods for helium-3 from domestic helium supplies, with the company planning to leverage those findings for lunar extraction operations. Maybell Quantum Industries will use the lunar-sourced helium-3 in state-of-the-art dilution refrigerators essential for quantum computing operations. Interlune’s roadmap includes three missions over the next five years, beginning with Crescent Moon scheduled for late 2025 to deploy hyperspectral imaging for helium-3 mapping at the lunar south pole. The company has raised $18 million in seed funding and won a $4.84 million grant from the Texas Space Commission to establish a center for processing simulated moon dirt, demonstrating the financial backing and governmental support necessary for commercial lunar resource ventures.

China to launch Chang’e-8 lunar mission around 2029, collaborating with int’l partners ↗

China’s National Space Administration announced in April 2025 that Chang’e-8 will launch around 2029, targeting the Leibnitz-Beta Plateau near the lunar south pole to conduct scientific exploration and in-situ resource utilization experiments. The mission will work in conjunction with the earlier Chang’e-7 mission to lay groundwork for the International Lunar Research Station, a collaborative effort involving 17 countries and international organizations. CNSA selected 10 collaborative projects from international partners including Pakistan’s lunar rover, Turkey’s exploration rover, South Africa and Peru’s radio astronomical instruments, Italy’s laser retroreflector arrays, Russia’s plasma and dust analyzer, Thailand’s neutron analyzer, and systems from Bahrain, Egypt, and Iran. The announcement was made during China’s 2025 Space Day celebrations, with the mission offering 200 kilograms of payload resources for global partners. Chang’e-8’s focus on ISRU technology verification represents China’s strategic approach to developing the capabilities necessary for sustained lunar presence, directly competing with U.S.-led Artemis program objectives. The mission architecture emphasizes international collaboration as a counterbalance to the Artemis Accords framework, positioning China as an alternative hub for lunar exploration partnerships particularly attractive to nations not aligned with U.S. space policy.

China deepens international collaboration to push forward deep-space exploration ↗

Following China’s 2025 Space Day announcements, the China National Space Administration emphasized deepening international collaboration across multiple programs including the International Lunar Research Station and upcoming Mars sample return missions. The ILRS project has attracted 17 countries and international organizations with more than 50 research institutions participating, offering unprecedented opportunities for global cooperation in lunar surface and orbital infrastructure development. China plans to establish a basic ILRS model by 2035 in the lunar south pole region, with expansion in the 2040s creating a comprehensive scientific research facility. The CNSA-Pakistan partnership for Chang’e-8 will contribute a 30-kilogram lunar rover for terrain mapping and regolith analysis, demonstrating how Chinese missions provide access for nations with limited independent space capabilities. China’s Tianwen-3 Mars sample-return mission scheduled for 2028 launch will allocate 20 kilograms for international collaboration despite the mission’s technical complexity and resource constraints. The SVOM satellite project represents successful bilateral cooperation between China and France spanning nearly two decades, integrating high-tech resources from both nations. China’s collaborative approach contrasts with the Artemis Accords framework by offering direct participation in flagship missions rather than adherence to U.S.-led principles, potentially fragmenting the international space governance landscape while providing alternative pathways for global space engagement.

Asteroid Mining in 2025: Space’s New Resource Frontier ↗

Asteroid mining achieved significant milestones in 2025 with AstroForge’s February launch of the Odin spacecraft, the first private mission specifically designed for asteroid prospecting, targeting asteroid 2022 OB5 to capture high-resolution imagery for extraction planning. Founded by SpaceX and NASA JPL veterans Matt Gialich and Jose Acain, AstroForge has attracted venture capital based on its incremental technology development approach focused on near-Earth asteroids containing platinum-group metals at concentrations 10,000 times higher than Earth’s crust. Karman+ raised $20 million with plans for a February 2027 launch to demonstrate water extraction and processing technologies for in-space propellant production. TransAstra develops an inflatable “capture bag” for collecting orbital debris and small asteroids, pioneering technologies that could enable resource harvesting from space objects. However, experts like Ian Lange from Colorado School of Mines estimate full commercial asteroid mining operations remain approximately 30 years away, with current focus on developing and demonstrating foundational technologies. Technological breakthroughs driving the industry include 90% reductions in launch costs over 15 years, from $10,000 per pound to potentially hundreds of dollars with SpaceX’s Starship, making previously uneconomical ventures suddenly viable. The Vera C. Rubin Observatory in Chile will dramatically enhance asteroid detection and characterization capabilities, enabling identification of promising mining candidates from millions of near-Earth objects.

Space Mining – Is the Time Now? ↗

Analysis published in March 2025 examines whether space mining has reached commercial viability, noting that a decade after optimistic 2015 predictions, pioneering companies Planetary Resources and Deep Space Industries have ceased operations while a new generation of ventures including Asteroid Mining Corporation, AstroForge, Karman+, and TransAstra pursue more focused strategies. The article argues that lunar mining offers better near-term prospects than asteroid extraction due to the Moon’s well-characterized composition, known resource locations, and established access via multiple missions, despite gravitational challenges. Water, minerals, and metals are abundantly available on the lunar surface, with the Moon serving as the most likely location for near-term human off-planet residence and a testing ground for Mars mission technologies. NASA’s role in creating markets for space resources is emphasized, with ongoing Artemis lunar exploration requiring steady supplies of water-derived oxygen and fuel that can scale to support cislunar operations and future Mars expeditions. The analysis highlights specific companies’ progress: Karman+ raised $20 million toward building an asteroid water mining mission with 2027 target launch, while Asteroid Mining Corporation expects to conduct on-orbit demonstration of its SCAR-E robot in 2026 with deployments aboard the International Space Station and lunar surface. TransAstra’s current products for space domain awareness provide revenue while developing technology roadmaps toward its Honey Bee asteroid mining vehicle, demonstrating how companies are pursuing incremental commercial milestones rather than immediate resource extraction.

ispace Announces Mission 2 Landing Date Set for June 6, 2025 ↗

Japanese lunar exploration company ispace announced in March 2025 that its RESILIENCE lunar lander would attempt landing at 4:24 AM JST on June 6, 2025, marking the company’s second mission following the April 2023 Mission 1 failure. The announcement represented significant progress in commercial lunar landing capabilities, with the company having successfully completed lunar flyby in February 2025 and navigated to 1.1 million kilometers from Earth. Engineers made substantial improvements based on Mission 1 experience, enhancing accuracy and precision of orbital maneuvers with all seven lander subsystems confirmed nominal during flight operations. The mission planned to deploy the TENACIOUS micro rover to conduct technological demonstrations of regolith extraction and lunar surface mobility, critical capabilities for future resource utilization missions. ispace’s multi-mission strategy includes Mission 3 featuring the APEX 1.0 lunar lander launching in 2026 and Mission 4 utilizing the Series 3 lander by 2027, demonstrating the company’s long-term commitment to establishing frequent, cost-effective lunar transportation. The company’s approach of incremental technology demonstrations across sequential missions represents a methodical path toward its ultimate vision of lunar water resource development supporting a cislunar economy. However, the June 2025 landing attempt ultimately failed, with the lander impacting the lunar surface rather than achieving soft landing, requiring ispace to reassess its technology and approach for future missions.

Interlune Plans Lunar Mining Mission to Extract Helium-3 for Quantum Computing ↗

Interlune’s detailed mission architecture announced in January 2025 centers on extracting helium-3 from lunar regolith using compact, energy-efficient robotic harvesters designed for autonomous operation. The company plans a resource development mission in 2027 followed by establishment of a pilot plant on the Moon by 2029, targeting helium-3 essential for superconducting quantum computers operating near absolute zero temperatures. Lunar regolith samples from Apollo missions contain helium-3 concentrations between 2.4 and 26 parts per billion, requiring processing of 100,000 to 1 million tons of regolith per kilogram extracted, comparable in scale to large terrestrial copper mining operations. Interlune’s strategy focuses on regions near the lunar equator where operational conditions are more favorable than permanently shadowed polar regions, despite higher concentrations at the poles. The company secured a $365,000 grant from the U.S. Department of Energy to develop helium-3 separation technology from terrestrial helium, and NASA TechFlights funding to advance lunar soil processing capabilities. Low-gravity testing using Zero-G Corporation’s modified aircraft simulates lunar conditions during parabolic dives, enabling engineers to refine equipment designs before deployment. The mission represents convergence of quantum computing demand driving space resource extraction, with quantum technology development creating markets for materials that can only be economically sourced from space, fundamentally changing the economics of extraterrestrial mining ventures.

Interlune plans to gather scarce lunar Helium-3 for quantum computing on Earth ↗

Interlune CEO Rob Meyerson detailed in January 2025 the company’s focused strategy of extracting lunar helium-3 primarily for quantum computing applications rather than fusion energy, acknowledging that quantum computing provides faster return on investment. The company envisions deploying five harvesters each the size of large SUVs operating like terrestrial agricultural equipment, processing lunar regolith to extract helium-3 that has accumulated over billions of years from solar wind bombardment. Apollo 17 astronaut and geologist Harrison “Jack” Schmitt serves as executive chairman, lending decades of lunar exploration expertise to the venture. Critics including USGS astrogeologist Laszlo Keszthelyi note that the helium-3 is classified as “inferred unrecoverable resource” due to limited measurements supporting extraction viability, despite confirmed presence in Apollo samples. Processing requirements of 100,000 to 1 million tons of regolith per kilogram creates logistical challenges comparable to major terrestrial mining operations, with the added complexity of operating in lunar vacuum, radiation, and temperature extremes. However, Chris Dreyer from Colorado School of Mines Center for Space Resources emphasizes that certain minerals trap more helium-3 than others, potentially concentrating the resource in specific locations and improving economic viability. Dreyer notes that long-duration operation in lunar dust presents significant engineering challenges but stresses that building, testing, and iterating represents the only path to solving these problems, acknowledging the venture’s high-risk, high-reward nature in developing entirely new industrial capabilities beyond Earth.

China’s plan to rule the heavens ↗

China released its first National Space Science Medium and Long-Term Development Plan in October 2024, establishing strategic objectives to position the nation at the “international forefront” of spacefaring capabilities by 2050 through three distinct phases. The initial phase through 2027 focuses on solidifying technological foundations including further unmanned lunar exploration and developing core competencies for Mars missions. The second phase from 2028 to 2035 envisions landing taikonauts on the Moon, establishing a permanent lunar base, and executing complex interplanetary missions, with functional International Lunar Research Station operations projected for 2035. Chang’e-6’s successful June 2024 far-side sample return mission demonstrated China’s growing capabilities and facilitated agreements expanding the ILRS project to nearly double its international participants since announcement. China’s focus on lunar helium-3 reserves reflects long-term planning for clean nuclear fusion reactors, though the technology remains developmental. The strategic implications extend beyond scientific exploration, as space program investments drive STEM education, generate technological spinoffs including advanced solar panels and building materials, and establish economic advantages similar to GPS development during the Cold War space race. If China maintains current momentum with Chang’e-8 groundwork commencing in 2028 and crewed lunar landing in 2030, it will be well-positioned to lead key Mars missions, with Tianwen-3 sample return projected for 2028 potentially beating NASA’s timeline by two years.

From Earth to the moon: The new age of mining ↗

Analysis from January 2025 examines how Appalachian mining expertise could transfer to lunar resource extraction as commercial space companies prepare missions in the late 2020s. Key lunar resources include water ice in polar regions potentially exceeding Great Lakes quantities, processable into hydrogen and oxygen for rocket fuel or life support systems; and helium-3 for next-generation nuclear reactors, with ounces capable of powering mid-sized fusion facilities for a year. Former Senator and Apollo 17 astronaut Harrison “Jack” Schmitt, the only scientist-geologist to walk on the Moon, has promoted lunar mining’s strategic importance for deep space exploration and Earth’s energy future. Major companies including ispace and Intuitive Machines are developing robotic systems and landers through NASA’s Commercial Lunar Payload Servi