Planetary Resources

Planetary Resources
Name	Planetary Resources
Founded	2009 (as Arkyd Astronautics)
Defunct	2020
Fate	Assets acquired by ConsenSys
Location	Redmond, Washington
Key people	Peter H. Diamandis, Eric C. Anderson, Chris Lewicki
Industry	Aerospace
Products	Spacecraft technology, resource prospecting

Planetary Resources. It was an American aerospace company founded with the ambitious goal of enabling the commercial exploration and utilization of asteroidal resources. Established by entrepreneurs Peter H. Diamandis and Eric C. Anderson, the company aimed to develop low-cost robotic spacecraft to prospect near-Earth asteroids for water and precious metals. Its vision sought to expand humanity's economic sphere into the Solar System and address resource scarcity on Earth.

History

The company was originally incorporated in 2009 as Arkyd Astronautics by its co-founders, emerging from the network of the XPRIZE Foundation. It was publicly announced in April 2012 at the Museum of Flight in Seattle, with backing from notable figures like James Cameron and Larry Page. Early operations were based in Bellevue, Washington before moving to Redmond, Washington. A significant corporate restructuring occurred in 2018, and following financial difficulties, its intellectual property and assets were acquired by blockchain software company ConsenSys in 2020, effectively ending its original mission.

Business model and technology

The core business plan involved a phased approach to create a sustainable in-space economy. Initial phases focused on designing and launching a fleet of small, cost-effective spacecraft for asteroid prospecting. Key technological developments included the Arkyd series of spacecraft, which utilized innovative components like the LEOStar-3 bus from Orbital ATK. The company invested in advanced sensor systems for spectral analysis of asteroids and pursued in-situ resource utilization techniques, particularly for extracting water to produce rocket propellant in space, a concept supported by partnerships with groups like the NASA-funded RESOLVE project.

Projects and missions

Planetary Resources' first major test was the Arkyd 3 Reflight (A3R) cubesat, deployed from the International Space Station in 2015. This was followed by the Arkyd 6 (A6) demonstrator in 2018, launched aboard a SpaceX Falcon 9 rocket, which successfully tested mid-wave infrared sensor technology crucial for detecting water on asteroids. The company had announced ambitious plans for the Cerberus-class constellation of prospecting spacecraft and collaborated with Luxembourg following its national space resource initiative. It also developed the Ceres Earth-imaging constellation concept.

Funding and investors

The company secured significant venture capital from a prominent group of investors. Early funding rounds included investments from Google co-founder Larry Page and former Microsoft executive Charles Simonyi, as well as the Bezos Expeditions fund of Jeff Bezos. Other notable investors included Richard Branson of the Virgin Group and filmmaker James Cameron. A major Series A funding round in 2012 raised over $1.5 million through a Kickstarter campaign for public outreach. Later, a $21.1 million Series A round in 2016 was led by the Government of Luxembourg.

Criticism and challenges

The venture faced substantial skepticism from the scientific and financial communities. Critics, including many within NASA and the Planetary Society, argued the technical and economic hurdles for asteroid mining were vastly underestimated, with challenges in robotics, extraction, and transportation being prohibitive. The high burn-up velocity required for asteroid rendezvous missions posed a significant propulsion challenge. Furthermore, the legal framework for space resource ownership, under treaties like the Outer Space Treaty, remained ambiguous, creating regulatory uncertainty. Ultimately, the company struggled to transition from technology demonstration to revenue-generating operations, leading to its closure.

Legacy and impact

Despite its financial failure, the company had a lasting impact on the NewSpace sector. It significantly advanced the public and commercial dialogue around space resources, influencing national policies in Luxembourg and the United States via the U.S. Commercial Space Launch Competitiveness Act of 2015. Its engineering team contributed to the miniaturization of spaceflight technology, and its vision inspired subsequent ventures like AstroForge and TransAstra. The acquisition of its assets by ConsenSys aimed to apply its satellite technology to Earth observation for blockchain applications, repurposing its innovative work.

Category:Aerospace companies of the United States Category:Companies based in Washington (state) Category:Space manufacturing Category:Defunct companies established in 2009 Category:Defunct companies disestablished in 2020