The first commencement ceremony of the Institute of space Technology was held on August 11, 2006. The chief guest on the occasion was President General Pervez Musharraf, who is also, the chancellor of the Institute. Thirty three students were awarded the degrees in the two disciplines i.e. Aerospace Engineering and Communication Systems Engineering.

The President in his speech to the audience presented his vision of space program of Pakistan. The President envisioned a great role for Pakistan in the space related activities, and desired to have a Pakistani on the moon in the near future.

The commencement ceremony was attended by federal ministers, services chiefs, senior government officials and faculty of the Institute, besides parents and relatives of graduating students.