商业航天系列报告（二）：SpaceX申请轨道数据中心，加速布局低轨道星座

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - SpaceX has applied to the FCC for the "Orbital Data Center system," which will consist of up to 1 million satellites operating at altitudes between 500 km and 2000 km to meet the growing demand for AI computing power and energy consumption [1] - The construction of low Earth orbit satellite constellations is expected to drive significant business demand for reusable rocket launch service providers, with companies that achieve technological breakthroughs gaining a competitive advantage [2] - The acceleration of low Earth orbit satellite constellation construction is anticipated to create new revenue opportunities for domestic leading rocket launch service providers, particularly in upstream supply chain segments such as manufacturing equipment and satellite payloads [3] Summary by Sections Industry Overview - The report highlights the importance of reusable rocket manufacturing and launch capabilities as a foundation for large-scale low Earth orbit satellite constellation construction [2] - The cost reduction potential of reusable rockets could decrease total launch costs by 40%-60%, significantly impacting the economics of satellite constellation deployment [2] Market Performance - As of December 2025, SpaceX's Starlink is projected to have approximately 9,300 satellites in orbit, making it the largest near-Earth satellite network in history [3] - SpaceX's total revenue for 2025 is estimated to be around $18.2 billion, with Starlink contributing approximately $12.8 billion, accounting for 70.3% of total revenue [3] Investment Opportunities - The report suggests focusing on 3D printing equipment companies such as Huashu High-Tech and Plater, which may benefit from the developments in the satellite constellation and rocket launch service sectors [3]