I recently read a fascinating article in Ars Technica by Senior Space Editor Eric Berger. In it, he described the first commercial lunar extraction venture. Interlune and Vermeer have partnered to develop autonomous regolith excavation and extraction equipment that will separate helium-3 (He-3) for storage and transfer to Earth.
     I’m familiar with Vermeer from various construction projects I was associated with during my career as a civil engineer. Based in Pella, Iowa, Vermeer is known for brush chippers, trenchers and directional drillers, as well as farm equipment.
     Interlune has raised $18 million in venture capital toward development of its first prototype. They intend to prospect for lunar He-3 and start limited operations by 2029. In 2032 a processing base and five excavator/extractors will begin full-scale operations. The total 40-ton payload can be delivered by a single SpaceX Starship or two Blue Origin Blue Moon landers.
     Helium-3 is a non-radioactive isotope of helium with two protons and one neutron. On Earth and the rest of the solar system it’s a product of stellar fusion, and a component of the high energy solar wind from our sun. Earth’s thick atmosphere traps He-3. It readily escapes back into space because of its low atomic weight. The net atmospheric concentration is a paltry 7.27 parts per trillion by volume.
     But not so on the Moon, where those million-mile-per-hour atoms penetrate deeply into and become trapped in the lunar regolith. Concentrations there average 3 parts per billion, but colder, perpetually shaded sites may contain significantly higher concentrations.
     Here on Earth, the primary commercial source of He-3 is tritium (T) decay. The US stockpile of helium-3 derived from tritium decay is 125 kg, stockpiled by the Department of Energy. Tritium production has been in decline since the US and USSR signed the nuclear nonproliferation SALT treaties.
     This compares to an estimated 12 to 43 kilograms extracted from natural gas as of 2002, according to Wikipedia. Primordial He-3 venting upward from the Earth’s mantle collects in deposits of methane. Other emission sources are volcanoes and subduction zones, but concentrations are so dilute that collection is economically infeasible.
     The primary use for He-3 is as a cryogenic coolant for quantum computers. Qubits require an environment chilled to near absolute zero to ensure their stability. These computational units possess multiple quantum states simultaneously, rather than the binary 0s and 1s of typical computers. Quantum computers can solve problems that are intractable using traditional tech. Helium-3 is useful to 0.2 degrees K. Its boiling point is a mere 3.7 degrees K.
     However, He-3 is capable of a nuclear fusion reaction with deuterium (D), D + He-3. But current magnetic confinement fusion technology is based on D + T fusion, which yields less energy, but requires less energy to initiate fusion. Therefore, D + He-3 fusion is not likely until after the deployment of D + T fusion, probably no sooner than the 2050s
     Why pursue lunar He-3? The cost of the isotope is about $2500 per liter, which weighs 0.1346g. A single gram is worth about $20,000. One kilogram is worth about $20 million.
     Interlune holds a contract with DOE for the delivery of 3 liters of He-3 to the US stockpile by April 2029. Business analysts regard this as DOE’s symbolic endorsement of Interlune and its intensions to mine and supply lunar He-3.
     The real money lies with Interlune’s agreement with Maybell Quantum to provide thousands of liters of helium-3 between 2029 and 2035. Maybell Quantum produces He-3 dilution refrigerators for the burgeoning number of operating quantum computers. Without an expansion in global stockpiles, the limited global supply of He-3 will be a huge constraint to the tech's growth.
     I think the real value of Interlune’s venture will be realized mid-century. Near-term, it’s positioning itself to expand global He-3 supplies desperately needed if quantum computing is to realize its potential. But beyond that, this technology will have to be shipped to Mars if the red planet is ever to achieve self-sufficiency. Quantum computers will likely travel there with humanity’s earliest colonies. By the 2060s, Mars settlements will transition from radioisotope thermoelectric generators to larger scale fusion reactors. I expect those reactors will be based on D + He-3 fusion following the maturity of that tech here on Earth.
     However, China may be boosting Interlune’s near-term motivation. The Middle Kingdom is already prospecting for lunar He-3. The Chang’e 5 mission returned a 2 kg sample of regolith to Earth, which was analyzed for He-3 concentration. Given China’s propensity for cornering and controlling the release of natural resources, the firm’s aggressive schedule is evidence that it’s motivated to position itself ahead of China in the global He-3 market.

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For further reading
https://arstechnica.com/space/2025/06/a-long-shot-plan-to-mine-the-moon-comes-a-little-closer-to-reality/
https://en.wikipedia.org/wiki/Helium-3#Terrestrial_abundance
https://www.interlune.space/
https://www.maybellquantum.com/