The United States and Luxembourg have recently legislated to permit the acquisition of private property rights over celestial resources mined by private actors. Considering these developments, this note will consider an element of the Common Heritage of Mankind under international space law: the equitable sharing of benefits doctrine. It proposes a formulation of the doctrine that entails material and equitable distribution of economic benefits derived from space mining among all States, ensuring that space is utilised in a manner delivering a tangible collective benefit. It suggests that this doctrine presently lacks the preconditions to amount to an international legal principle erga omnes, and therefore considers how it may develop into a binding juridical standard through analysing an existing model of equitable sharing in an analogous context: the deep seabed. Accordingly, this note conceptualises an international legal framework that delivers an effective mechanism for the redistribution of wealth obtained from mining celestial resources, and that will enhance the compliance of States and private actors with principles of equitable sharing.