Final Result
You can also go through by steps
Step 1
Create a new document of Photoshop default size (Resolution 300dpi) Background with any color then create a new layer and grab the Radial Gradient Tool with Foreground color with ‘001a7a’ Background color ‘000c35’ then drag on the canvas.
Step 2
Again create a new layer grab the Ellipse Tool with Fill Pixel Mode then make a perfect circle by holding Shift Key (Color light grey) and go to Layer => Layer Style => Inner Shadow and set the following settings of it.
*Inner Shadow
Here go to Filter => Sketch => Reticulation and set the Density 2, Foreground Level 40 and Background Level 8, you’ll get something like this.
Step 3
Create a new layer on top of all the layers and change the Blending Mode of the layer to ‘Soft Color’ and reduce the Opacity to 75% then set the Foreground and Background Color to Default Mode, go to Filter => Render => Clouds and again go to layer => Create Clipping Mask
Your image looks like this.
Step 4
Now select all the layers and Press Ctrl + E to merge all to one layer, then go to Filter => Render => Lens Flare set the Brightness to 100% and 105mm Prime then again go to Filter => Render => Lighting Effect.
Step 5
Here create a new layer grab the Elliptical Marquee Tool and make a selection as shown then fill with any color (After Filling the color set the Layer Fill to 0%) and go to Layer => Layer Style => Inner Shadow.
*Inner Shadow
Here place some stars around it, and your image looks something similar to this.
