The asteroid can be found in the game's files under the name "prop_asteroid.ytd", and can be spawned via trainers. After it is spawned, it appears to be huge, bigger than the player, thus being able to crush the character, as well as vehicles, which are unfortunate enough to be in its way. It is also mentioned on Weazel News, which claims it will "pass by a few million miles".
Players have made several theories about the asteroid's presence in the files.
There is a theory that suggests there was once a beta mission which took place in space. It is presumed that this mission would have been related to the drug induced side mission Michael has.
Some people believe that the asteroid was not intended to be used in the drug induced side mission, and instead would have been found in a crater, given the asteroid's poor condition.
There are rumors that outer space, along with asteroids placed around it, will appear in a future DLC to GTA Online. The rumors also suggest presence of controllable spaceships and UFOs.