Larger mirrors are needed to satisfy the requirements of the next generation of UV–Vis space telescopes. Our study attempts to meet this requirement by demonstrating a technology that would deploy a large, continuous, high figure accuracy membrane mirror. The figure of the membrane mirror is corrected after deployment using a contiguous coating of a magnetic smart material (MSM) and a magnetic field. The MSM is a magnetostrictive material that is operable by magnetic write head(s), locally imposed on the nonreflective side of the membrane mirror. We report preparation, figure accuracy, stress analysis, and stability of the MSM coated CP1 polyimide substrate membrane mirror. The figure accuracy and magnetostrictive performance of the MSM coated membrane mirror are measured; furthermore, stability of the CP1 membrane for 48 h is observed and the results are found to be promising. In addition to membrane coating and the experimental procedure, the results of the surface profiling experiments are introduced and discussed.