Space M+A+X is a strategy game in which the player constructs and manages a commercial space station, similar to Project: Space Station. The first task is to get the station running, which is accomplished by sending all required personnel and modules, these are the functional units of the station, into space. However, there are only four shuttles available and every transport costs money and time. The used modules determine how well the station works in itself and what commercial output it creates. There is a limited time/money budget and in the long run the station needs to be financially independent, e.g. by developing consumer goods.

The game is mostly menu-driven: the player analyzes the statistics on various screens which show information about the crew, equipment, station, budget, etc. Based on this and other problems which may occur, e.g. sick people or the need for repairs, the player takes consequences for further actions. Assembling the modules plays out in a mini-game.