This issue starts at the Baxter Building, where Reed thinks he might have found a new source of rocket fuel: A Meteorite. He and the Fantastic Four try it out in a rocket which they are pretty sure might make it to the moon. Meanwhile, over in Russia, a scientist named Ivan Kragoff is also ready to blast to the moon.
He has three different monkeys which he is taking along, as he is planning to travel through the same cosmic storm which gave the Fantastic Four their powers, although he shall not have shielding, so they will absorb more cosmic radiation, and therefore get more powers. Whilst in space, the Fantastic Four see his ship, and send the Torch out to see what he can find. He sees them getting transformed, and goes back to tell the others what he saw. At that point they land on the moon, and find a mysterious Blue Area which somehow has air in it. Ben is knocked into a mysterious house. Inside, he finds a mysterious being who calls himself the Watcher, who explains that his race watches and records other races. He then brings the combatants together. Ivan Kragoff then appears with his three apes, and tells the Fantastic Four that they must now battle so that he can claim the moon for his communist masters. However, when the Fantastic Four fight him, they find out what powers he gained: he can now become intangible. Renaming himself the Red Ghost, Ivan also reveals his apes's powers: his gorilla now has super strength, his baboon now can turn himself into anything, and his orangutang can now control metal (much like Magneto). The Red Ghost and his super apes decide to capture Sue, and manage to put her in a prison cell they found. The Torch and Thing go after her and find her, but then they are almost killed by a disintergrator ray the Red Ghost shoots at them. Reed manages to use a paralyis ray he found on the Red Ghost, so that he cannot attack them anymore. The Fantastic Four then presumably return home.