Measurement of the in situ dc magnetic field on space science missions is most commonly achieved using instruments based on fluxgate sensors. Fluxgates are robust, reliable and have considerable space heritage; however, their mass and volume are not optimized for deployment on nano or picosats. We describe a new magnetometer design demonstrating science measurement capability featuring significantly lower mass, volume and to a lesser extent power than a typical fluxgate. The instrument employs a sensor based on anisotropic magnetoresistance (AMR) achieving a noise floor of less than 50 pT Hz−1/2 above 1 Hz on a 5 V bridge bias. The instrument range is scalable up to ±50 000 nT and the three-axis sensor mass and volume are less than 10 g and 10 cm3, respectively. The ability to switch the polarization of the sensor's easy axis and apply magnetic feedback is used to build a driven first harmonic closed loop system featuring improved linearity, gain stability and compensation of the sensor offset. A number of potential geospace applications based on the initial instrument results are discussed including attitude control systems and scientific measurement of waves and structures in the terrestrial magnetosphere. A flight version of the AMR magnetometer will fly on the TRIO-CINEMA mission due to be launched in 2012.