Guotai Haitong: SpaceX applies for millions of satellites layout orbits, the AI data center, space photovoltaic and equipment sectors are expected to benefit first.

Guotai Haitong released a research report stating that with the progress of SpaceX in satellite launches and related on-orbit applications, the trend of exploring orbital AI data centers is gradually emerging. As an important energy supply method in the space scenario, photovoltaics are expected to gain more application opportunities in the construction process of orbital data centers, and related photovoltaic equipment manufacturers will continue to benefit. The main points of Guotai Haitong are as follows: SpaceX applies for deploying a million satellites to build an orbital AI data center network. On January 31, a new document from the Federal Communications Commission (FCC) in the United States shows that SpaceX is applying to launch and operate a constellation of up to one million satellites with unprecedented computing capabilities (orbital data center) to support advanced artificial intelligence. SpaceX's move is mainly aimed at providing the computing power needed to support the large-scale AI inference and data center applications of billions of users worldwide. These satellites will operate within a narrow orbital shell width of up to 50 kilometers in height from 500 kilometers to 2000 kilometers, with a sun-synchronous orbit inclination of about 30 degrees, powered by CECEP Solar Energy, and connected to the existing Starlink network through optical links (laser) to route the computing results to ground users. The photovoltaic power generation supporting data center storage is expected to become an important catalyst for a new round of equipment expansion. (1) The increase in computing power demand is driving the accelerated growth of the demand for stable, low-cost, and replicable photovoltaic + energy storage solutions in data centers, with the logic of ground photovoltaic installation shifting from power-driven to computing-driven. (2) The development of low-orbit satellites and space computing is driving the space photovoltaic industry into the industrialization verification stage, placing higher demands on efficiency, lightweight, flexibility, etc., opening up space for high-end manufacturing and customization. Risk Warning: The development of the commercial space industry is below expectations, and the development of new photovoltaic cell technologies is below expectations.