China Galaxy Securities released a research report stating that, from a commercial perspective, the Three-Body computing constellation constructs a composite space digital business model of "space communication links + in-orbit computing centers + intelligent data platforms." This business model not only precisely meets market demands such as enterprise-level cross-border data transmission and real-time computing power scheduling but also forms strategic synergy with the national "Space-Air-Ground Integrated" network construction and the "East Data West Computing" project. The firm is optimistic about the long-term growth potential brought by the widespread adoption and continuous iterative upgrades of satellite internet across multiple industries and recommends focusing on three main themes in the satellite internet industry chain: potential operators of space computing power, satellite communication equipment providers, and satellite application service providers.
The Three-Body computing constellation represents a paradigm shift for space infrastructure, moving from "communication transmission" to "in-orbit intelligent computing." By deploying computing satellites equipped with AI models and building a high-speed inter-satellite laser link network, it achieves real-time in-orbit processing of space data, upgrading the traditional "downlink-ground processing" model to an integrated "sensing-decision" in-orbit edge computing paradigm. This provides an alternative solution to address the energy supply and deployment flexibility challenges faced by next-generation ten-thousand-card-level AI clusters.
Strategically positioning itself in the new infrastructure of space computing power, the Three-Body constellation builds a commercial closed loop. From a commercial perspective, the Three-Body computing constellation constructs a composite space digital business model of "space communication links + in-orbit computing centers + intelligent data platforms," which the firm summarizes into the following three dimensions: 1) Space Communication and Inter-satellite Cable Plan: Through dedicated ground stations and inter-satellite links, it builds a "space optical fiber" channel, forming a low-latency, high-security cross-domain transmission network. This model can be likened to terrestrial government-enterprise dedicated lines, targeting large internet company clients to help them achieve high-timeliness data transmission and computing power scheduling. Its core advantages lie in low latency, high security, and cost-effectiveness, effectively compensating for the shortcomings of terrestrial backbone networks. 2) Space Computing Power Leasing Services: The computing constellation can serve as a "space data center," providing edge computing capabilities to other application satellites via rapid access through inter-satellite laser links. This enables "local processing" of space data, solving the long-standing pain point of application satellites having "satellites but no computing power," and effectively alleviating the bottleneck of space-based computing capacity. 3) Intelligent Data Services: The collected and accumulated data can be applied to industries such as agriculture, meteorology, energy, urban governance, and low-altitude economy, forming a monetization path of "Data as a Service (DaaS)" and promoting the conversion of data like remote sensing into commercial value.
The business model of the Three-Body computing constellation not only precisely meets market demands such as enterprise-level cross-border data transmission and real-time computing power scheduling but also forms strategic synergy with the national "Space-Air-Ground Integrated" network construction and the "East Data West Computing" project. In the long term, by building an open space-based computing and data platform, the project is expected to occupy a core hub position in the space economy ecosystem, promoting the upgrade of the commercial aerospace value chain from "channel services" to "intelligent services."
The overall planning target for the Three-Body computing constellation is to launch 2,800 computing satellites. After the network is completed, the total computing power is expected to reach 1000 POPS, with inter-satellite laser communication link speeds reaching 100 Gbps. Based on assumption analysis and calculations, the firm estimates that the projected annual revenue for the Three-Body computing constellation after network completion is approximately 27 billion yuan per year, with the three main businesses contributing as follows: dedicated network transmission (16.5 billion yuan/year), computing power leasing (5.1 billion yuan/year), and data services (5.4 billion yuan/year). Considering a satellite lifespan cycle of about five years, the total revenue for the Three-Body computing constellation over a five-year cycle would be 135 billion yuan.
