Guotai Haitong: SpaceX plans to launch a satellite that will use electromagnetic propulsion on the moon, pushing forward the rapid development of domestic rocket technology.

Guotai Haitong issued a research report stating that SpaceX plans to directly assemble satellites carrying high-performance AI processors on the surface of the moon to meet the networking needs of Earth orbit data centers. The satellites will be launched into space using a lunar electromagnetic catapult device that spans several kilometers, taking full advantage of the moon's low gravity, lack of atmosphere, and abundant CECEP Solar Energy. Domestic rocket technology is expected to accelerate iteration, benefiting the satellite manufacturing, rocket launch, and other industries. In terms of satellite manufacturing, it is recommended to focus on large-scale, low-cost mass production-capable satellite manufacturers, as well as core component suppliers such as phased array antennas, satellite laser communication terminals, and Hall thrusters. On the rocket launch end, Starship flight tests increase confidence in reusable rocket manufacturing and launch, benefiting top commercial rocket companies with "heavy lifting + reusable" technology and related core component enterprises. In the space photovoltaic end, photovoltaics are an important energy supply method for space data center satellites and lunar base construction, and are expected to receive more application opportunities in the future. Guotai Haitong's main points are as follows: Event: Musk plans to launch satellites on the moon using a gigantic electromagnetic catapult device to build a constellation of AI data center satellites. SpaceX plans to directly assemble satellites carrying high-performance AI processors on the moon's surface to meet the networking needs of Earth orbit data centers. The satellites will be launched into space using a lunar electromagnetic catapult device that spans several kilometers, taking full advantage of the moon's low gravity, lack of atmosphere, and abundant CECEP Solar Energy. This means that the technology path of electromagnetic catapult rockets may accelerate industry validation, benefiting areas such as high-temperature superconducting magnets. Recently, SpaceX has been actively preparing for the construction of space-based data centers. 1) In early February, the Federal Communications Commission in the United States accepted SpaceX's plan to launch up to 1 million satellites for an Earth orbit data center network, distributed in orbits at altitudes of 500-2,000km and 30 and SSO orbits. The aim is to provide an additional 100GW of space computing power to AI models annually, and solve energy supply issues through CECEP Solar Energy. 2) At the same time, SpaceX has acquired Musk's xAI company to integrate Grok models, rocket launches, satellite internet, and other technologies to carry out a space data center strategy. SpaceX plans to conduct an IPO in 2026 to raise funds for Starship flight tests, data center networking, and lunar base construction projects. The SpaceX space data center mission can verify critical technologies in reusable rockets and AI satellite manufacturing, providing important benchmarks for breaking through industry technological bottlenecks and accelerating commercialization. Musk's plan to build a lunar city may intensify global space competition. A permanent lunar base can create favorable conditions for SpaceX's space AI data center satellite networking plan. 1) On February 8th, Musk announced that SpaceX's focus mission has shifted from landing on Mars to landing on the moon, and plans to launch an unmanned lunar mission with Starship in 2026, and start the construction of the "Alpha" permanent lunar base in 2028. The future construction of lunar cities may provide infrastructure support for launching satellites from the moon's surface. 2) The SpaceX lunar mission, combined with the U.S. return to the moon "Artemis" program and the "Ensuring U.S. Space Superiority" policy, will intensify competition in the fields of spacecraft, satellite internet, and space exploration such as Siasun Robot & Automation. International space competition will become more intense, and the technological competition in lunar base construction will be pushed to the forefront, expanding commercial space application scenarios, and the industry scale is expected to continue to expand. Investment recommendations: 1) Satellite manufacturing end: It is recommended to focus on large-scale, low-cost mass production-capable satellite manufacturers, as well as core component suppliers such as phased array antennas, satellite laser communication terminals, and Hall thrusters. 2) Rocket launch end: Starship flight tests increase confidence in reusable rocket manufacturing and launches, benefiting top commercial rocket companies with "heavy lifting + reusable" technology and related core component enterprises. 3) Space photovoltaic end: Photovoltaics are an important energy supply method for space data center satellite operations and lunar base construction, and are expected to receive more application opportunities in the future. Risk warning: Investment progress is lower than expected, technological breakthroughs are lower than expected, etc.