1. Create a new document with 1500 * 2000 as px dimensions and fill the background with dark gray color.
2. Paste an image of smoke clouds flowing diagonally across the canvas. Change the blending mode to screen and change the opacity to around 15%.
3. Create a new layer and using the brush tool to paint pink , torquoise and purple color on the canvas and change the blending mode to overlay. Change the color swathches to default black and white color . Create a new layer and go to filter->render->clouds and change the blending mode to overlay and reduce the opacity to around 65%.
4. Create a new layer and fill it with black and go to filter->noise->add noise and select amount around 100 , gaussian and monochromatic. Go to filter->blur->gaussian blur and blur it by 0.3px . Open the levels window and change black inpur to 208 and white to 232 and change the blend mode to screen . Create a layer mask and using a large soft brush click on some of the areas of the canvas to make them brigher then the others.
5. Install the star brushes and open the brush presets and make following brush settings :
a. Brush tip shape ( diameter-14 px , angle-0 , roundness-100 , spacing -1000 )
b. Shape dynamics ( size jitter-100 , control -pen pressure , minimum diameter-0 )
c. Scattering ( scatter- 1000 , control -pen pressure , count -1 , count jitter -100 )
d. Smoothing
Paint a variety of stars to fill out the space scene and adjust the brush size to give a wide range of star size . Open the outer glow blending style and change the color to light blue and add layer mask to adjust the intensity of the stars.
6. Create a new text layer and type out a text in the center of the canvas. Create a layer mask to the text layer and then go to filter->render->clouds and erase out random areas of the text. Duplicate the layer and add a gaussian blur of around 6px and change the blend mode to overlay. Add another cloud rendring to layer mask and erase random areas of text using a soft brush.
7. Create a new layer and using brush tool paint random white spots on the canvas . Create another layer and paint some yellow spots around the text . Create a layer mask to the yellow spots and go to filter->render->clouds and change the blend mode to color dodge . Create another layer and paint a spot of pink at the center of the text and change the blend mode to dissolve and add a radial blur of around 60% . Create a new empty layer and merge it with the pink spot layer to reset the blending mode to normal and again change the blend mode to color dodge and reduce opacity to 60.
8. Create a new layer and draw a spot of white using the brush tool and using the layer mask erase half of the circle . Open the transform tool and stretch the semi circle to change into a ray of light and rotate it by 45 degree. Make multiple copies of the layer and place them in different positions on the canvas and change the blend mode to overlay.