Guotai Haitong: SpaceX plans to launch electromagnetic catapult satellites on the Moon to accelerate the iteration of domestic rocket technology

CITIC Securities APP has learned that Guotai Haitong released a research report stating that SpaceX plans to directly build factories on the Moon to assemble satellites equipped with high-performance AI processors. These satellites will be launched into space via electromagnetic catapults extending several kilometers on the Moon, taking advantage of its low gravity, lack of atmosphere, and abundant solar energy. Domestic rocket technology is expected to accelerate its iteration, benefiting industries such as satellite manufacturing and rocket launches.

On the satellite manufacturing side, focus on large-scale, low-cost mass production companies capable of complete satellite assembly, as well as key component suppliers like phased array antennas, spaceborne laser communication terminals, and Hall thrusters. On the rocket launch side, SpaceX’s Starship flight tests boost confidence in reusable rocket manufacturing and launches, benefiting leading commercial rocket companies with “large capacity + reusability” technology and related core component enterprises. In space photovoltaics, solar power is an important energy source for space data center satellites and lunar base construction, with potential for increased applications in the future.

Guotai Haitong’s main points are as follows:

Event: Elon Musk plans to launch satellites via a giant electromagnetic catapult on the Moon to build an AI data center satellite constellation. SpaceX intends to build factories directly on the Moon to assemble satellites with high-performance AI processors, meeting the demand for networked data centers in Earth orbit. These satellites will be launched via electromagnetic catapults several kilometers long, leveraging the Moon’s low gravity, no atmosphere, and ample sunlight. This indicates that the electromagnetic catapult rocket technology path may accelerate industry validation, with high-temperature superconducting magnets and related segments expected to benefit.

Recently, SpaceX has been actively preparing for the construction of space-based data centers. 1) In early February, the U.S. Federal Communications Commission accepted SpaceX’s plan to launch up to 1 million satellites for a space-based data center network. These satellites will be distributed in 30° and SSO orbits at altitudes of 500-2,000 km, aiming to provide an additional 100 GW of space computing power annually for AI models, powered by solar energy. 2)** Meanwhile, SpaceX has acquired Elon Musk’s xAI company, integrating Grok models, rocket launches, satellite internet, and other technologies to develop a space data center strategy. The company plans an IPO in 2026 to raise funds for Starship flight tests, data center networking, and lunar base construction. SpaceX’s space data center mission can validate key technologies for reusable rockets and AI satellites, serving as an important benchmark for breaking through industry technical bottlenecks and accelerating commercialization.

Elon Musk’s lunar city construction plan may intensify global space competition. A permanent lunar base could create advantageous conditions for SpaceX’s space AI data center satellite network plan. 1) On February 8, Musk announced that SpaceX’s key mission has shifted from landing on Mars to landing on the Moon, with plans to launch Starship uncrewed lunar missions in 2026 and to start building the permanent lunar base “Alpha” in 2028. Future lunar city construction could provide infrastructure support for lunar surface satellite launches. 2) SpaceX’s lunar missions, combined with NASA’s Artemis program and the “Ensure U.S. Space Superiority” policy, will intensify competition in spacecraft, satellite internet, and space robotics. The international space race will become more intense, with technological competition for lunar base construction moving to the forefront. Commercial space applications are expected to further expand, and industry scale is projected to continue growing.

Investment recommendations: 1) Satellite manufacturing: Focus on companies capable of large-scale, low-cost mass production, as well as key component suppliers like phased array antennas, spaceborne laser communication terminals, and Hall thrusters. 2) Rocket launch: Starship flight tests boost confidence in reusable rocket manufacturing and launches, benefiting leading commercial rocket companies with “large capacity + reusability” technology and related core component enterprises. 3) Space photovoltaics: Solar power is an important energy source for space data center satellites and lunar base construction, with potential for more applications in the future.

Risk warnings: Investment progress may fall short of expectations; technological breakthroughs may not meet expectations.