GOLDEN SUN SECURITIES·2025-09-12 06:55Investment Rating - The report maintains an "Accumulate" rating for the space computing industry [6] Core Insights - Space computing represents a new paradigm for AI computing infrastructure, extending capabilities from terrestrial to orbital environments, leveraging unique conditions in space for enhanced efficiency and autonomy [12][17] - The demand for computing power is expected to surge, with projections indicating that global AI data center (AIDC) electricity demand could reach 347 GW by 2030, highlighting the urgent need for innovative solutions like space computing to address energy and cooling challenges [2][67] - Several companies, including Starcloud and ADA Space, are actively developing space computing projects, indicating a strong market potential and commercial viability for this technology [3][15] Summary by Sections What is Space Computing? - Space computing involves deploying data centers in low or medium Earth orbit, utilizing modular server nodes capable of AI inference and training, thus forming "orbital data centers" [17][20] - It is distinct from edge computing, as it integrates distributed AI architecture in space, enhancing real-time processing and collaboration capabilities [20] Energy Constraints and Cooling Challenges - The report emphasizes that the explosive growth in computing demand is straining existing energy supplies, particularly in the U.S., where electricity infrastructure has not kept pace with demand [13][69] - Space computing offers significant advantages in energy efficiency and cooling, as it can harness solar energy continuously and utilize the vacuum of space for effective heat dissipation [14][14] Global Deployment Progress - Numerous companies are initiating space computing projects, with notable examples including Starcloud's plans for a gigawatt-scale data center in space and ADA Space's launch of AI satellites [3][15] - The report suggests that space computing is transitioning from conceptual validation to engineering implementation, with strong commercial prospects [3][15] Investment Recommendations - The report advises investors to focus on companies that are strategically positioning themselves within the space computing supply chain, such as SOCE, RKLB in the U.S., and Shunhao Co., Hangang Co., Putian Technology, and China Satellite in China [4][15]