A new satellite based test of Special and General Relativity is proposed. For the Michelson-Morley experiment we expect an improvement of at least three orders of magnitude, and for the Kennedy-Thorndike experiment an improvement of more than one order of magnitude. Furthermore, an improvement by two orders of the test of the universality of the gravitational red shift by comparison of an atomic clock with an optical clock is projected. -The tests are based on ultrastable optical cavities, an atomic clock and a comb generator.