SpaceX is advancing plans for an initial public offering (IPO), aiming to raise funds far exceeding $30 billion. The company targets an overall valuation of approximately $1.5 trillion and plans to go public as early as the mid-to-late 2026. SpaceX intends to utilize a portion of the IPO proceeds to develop space data centers, including purchasing necessary chips for operations.

Analysts believe that computing power satellites, as a new infrastructure for computing power, are gradually advancing in global industrialization, led by domestic policy details. Overseas, tech giants are vying for layout (layout), with space computing power gradually becoming a consensus. Domestically, the launch of computing power constellations is accelerating, and the industrialization process is speeding up.

Value Breakdown of Each Link in the Space Computing Power Industrial Chain

Satellite Manufacturing and Constellation Networking

This segment serves as the infrastructure carrier for space computing power, accounting for over 40% of the value share by 2025.

The cost of a single low-Earth orbit (LEO) computing satellite platform is approximately $10-15 million, with payload costs around $5-8 million. The global total scale of LEO satellite constellations is expected to exceed 100,000 by 2030, with the market size for satellite manufacturing alone surpassing $1.5 trillion.

Space Data Centers

As the core hub of space computing power, they account for over 30% of the value share, with the global market size projected to reach $139 billion by 2035 (comprising $39 billion for on-orbit data centers and $100 billion for space computing centers).

Leveraging space solar energy and natural cooling advantages, they address the energy consumption bottleneck of ground-based data centers. The computing power per satellite is expected to rise from 100 TOPS in 2025 to 1,000 TOPS in 2035, supporting ultra-large-scale AI training and inference.

Inter-Satellite Communication

As the "neural network" of space computing power, it accounts for over 20% of the value share, with the market size reaching approximately $2 billion by 2025 and $15 billion by 2030.

Breakthroughs in inter-satellite laser communication technology have achieved transmission rates of 100 Gbps, 100 times that of traditional radio frequency communication. Mass production is expected to reduce the cost per module from $500,000 in 2025 to $100,000 in 2030, expanding applications from communication to computing and sensing.

Growth Capabilities of Enterprises in the Space Computing Power Industrial Chain

Enterprise growth capability refers to the ability of an enterprise to continuously increase its asset scale, profitability, and market share as market conditions change, reflecting its future development prospects.

This article, part of the Enterprise Value Series' [Growth Capability] installment, selects 28 enterprises in the space computing power industrial chain as research samples, using metrics such as compound revenue growth, compound non-recurring profit and loss net growth, and compound operating net cash flow growth as evaluation criteria.

Data is based on historical performance and does not represent future trends; it is for static analysis only and does not constitute investment advice.

No.10 Shanghai Harbor

Industry Segment: Other Professional Engineering

Growth Capability: Compound revenue growth of 1.51%, compound non-recurring profit and loss net growth of -49.22%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 153 million yuan, with a mean forecast growth rate of 65.24%.

Main Products: Foundation treatment is the primary profit source, accounting for 75.89% of profits with a gross margin of 35.34%.

Company Highlights: Shanghai Harbor's subsidiary, Fuxixin Kong, specializes in providing lightweight, cost-effective, and efficient spatial energy system solutions and product R&D services.

No.9 Aerospace Electronics

Industry Segment: Aerospace Equipment

Growth Capability: Compound revenue growth of -23.75%, compound non-recurring profit and loss net growth of -59.44%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 581 million yuan, with a mean forecast growth rate of 5.98%.

Main Products: Aerospace products are the primary profit source, accounting for 86.33% of profits with a gross margin of 21.89%.

Company Highlights: Aerospace Electronics has fully equipped users with various satellite payloads, including standardized laser communication terminals and data distribution processors.

No.8 FiberHome Telecommunications

Industry Segment: Communication Network Equipment and Devices

Growth Capability: Compound revenue growth of -8.29%, compound non-recurring profit and loss net growth of 43.70%, and compound operating net cash flow growth of 7739.32%.

Performance Forecast: The latest mean forecast for net profit is 948 million yuan, with a mean forecast growth rate of 34.97%.

Main Products: Communication system equipment is the primary profit source, accounting for 71.56% of profits with a gross margin of 19.46%.

Company Highlights: FiberHome Telecommunications has established a full link for space computing power, including "generation-scheduling-transmission-ground adaptation," centered on satellite-borne routing and laser communication technologies, making it a key practitioner of the "Heaven-Earth Integrated Computing" strategy.

No.7 Sugon

Industry Segment: Other Computer Equipment

Growth Capability: Compound revenue growth of -8.40%, compound non-recurring profit and loss net growth of 7.34%, and compound operating net cash flow growth of -22.45%.

Performance Forecast: The latest mean forecast for net profit is 2.498 billion yuan, with a mean forecast growth rate of 30.7%.

Main Products: IT equipment is the primary profit source, accounting for 83.48% of profits with a gross margin of 27.34%.

Company Highlights: Sugon's main products include high-end computers, storage products, network security products, cloud computing services, data centers, and computing services. It collaborates with GalaxySpace to develop dedicated core components for space computing scenarios.

No.6 Satellite Image Measurement and Control

Industry Segment: Industry Application Software

Growth Capability: Compound revenue growth of 25.90%, compound non-recurring profit and loss net growth of 18.72%, and compound operating net cash flow growth of -21.53%.

Performance Forecast: The latest mean forecast for net profit is 112 million yuan, with a mean forecast growth rate of 31.80%.

Main Products: Technology development and services are the primary profit source, with a gross margin of 56.81%.

Company Highlights: Satellite Image Measurement and Control has provided stable and reliable on-orbit operational management services for the space computing satellites of relevant partner organizations.

No.5 Yunnan Germanium Industry

Industry Segment: Other Minor Metals

Growth Capability: Compound revenue growth of 14.20%, compound non-recurring profit and loss net growth of 246.47%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 86 million yuan, with a mean forecast growth rate of 62.42%.

Main Products: Material-grade germanium products are the primary profit source, accounting for 46.95% of profits with a gross margin of 29.00%.

Company Highlights: Yunnan Germanium Industry's germanium wafer construction project for space solar cells: The production capacity of germanium wafers will reach 1.25 million units per year by the end of 2025 and 2.5 million units per year after project completion.

No.4 Jiayuan Technology

Industry Segment: Security Equipment

Growth Capability: Compound revenue growth of 48.11%, compound non-recurring profit and loss net growth of 120.29%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 28 million yuan, with a mean forecast growth rate of 144.64%.

Main Products: Network information security products are the primary profit source, accounting for 72.09% of profits with a gross margin of 64.07%.

Company Highlights: Jiayuan Technology's 2024 R&D investments (completed projects) include pre-research on XX satellite intelligent processors/supercomputing ground testing projects.

No.3 GalaxySpace

Industry Segment: IT Services

Growth Capability: Compound revenue growth of 29.49%, compound non-recurring profit and loss net growth of 4.03%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 497 million yuan, with a mean forecast growth rate of 41.43%.

Main Products: GEOVIS technology development and services are the primary profit source, accounting for 77.71% of profits with a gross margin of 54.46%.

Company Highlights: GalaxySpace provides users with software sales and data services, technology development and services, dedicated equipment, and system integration. It collaborates with Sugon to build an open and inclusive space computing network.

No.2 Fibercore Technologies

Industry Segment: Communication Network Equipment and Devices

Growth Capability: Compound revenue growth of 40.71%, compound non-recurring profit and loss net growth of 22.18%, and compound operating net cash flow growth of 67.36%.

Performance Forecast: The latest mean forecast for net profit is 121 million yuan, with a mean forecast growth rate of 80.15%.

Main Products: Fiber laser devices are the primary profit source, accounting for 43.02% of profits with a gross margin of 34.32%.

Company Highlights: Fibercore Technologies' thin-film lithium niobate modulators (the only domestically mass-produced) and high-power isolators provide inter-satellite laser communication modules for low-Earth orbit satellite internet constellations such as StarNet GW and G60.

No.1 Unity Opto Technology

Industry Segment: LED

Growth Capability: Compound revenue growth of 1.91%, compound non-recurring profit and loss net growth of 233.02%, and compound operating net cash flow growth of 101.71%.

Performance Forecast: The latest mean forecast for net profit is 135 million yuan, with a mean forecast growth rate of 40.5%.

Main Products: Epitaxial wafers and chips are the primary profit source, accounting for 82.93% of profits with a gross margin of 17.77%.

Company Highlights: Unity Opto Technology's gallium arsenide solar cell products have been mass-applied in domestic large-scale commercial aerospace constellation networking satellites (such as the G60 Qianfan Constellation).