Abstract We outline the physics opportunities [1] which are offered by a next generation and multi-purpose fixed-target experiment exploiting the LHC beams extracted by a bent crystal. This mature extraction technique offers an ideal way to obtain a clean and very collimated high-energy beam, without altering at all the performance of the LHC [2,3,4]. The multi-TeV LHC beams grant the most energetic fixed-target experiment ever performed, to study pp, pd and pA collisions at sqrt(s_NN) ~ 115 GeV and PbA collisions at sqrt(s_NN) ~ 72 GeV. AFTER -- for A Fixed-Target ExperRiment -- gives access to new domains of particle and nuclear physics complementing that of collider experiments, in particular RHIC and the projects of electron-ion colliders. The typical instantaneous luminosity achievable with AFTER in pp and pA mode [1] surpasses that of RHIC by more than 3 orders of magnitude and is comparable to that of the LHC collider mode. This provides a quarkonium, heavy-flavour and prompt photon observatory [5] in pp and pA collisions where, by instrumenting the target-rapidity region, gluon and heavy-quark distributions of the proton, the neutron and the nuclei can be accessed at large x and even at x larger than unity in the nuclear case. Precise data from pp, pA and PbA should help to understand better heavy-quark and quarkonium production, to clear the way to use them for gluon and heavy-quark PDF extraction in free and bound nucleons, to unravel cold from hot nuclear effects and to restore the status of heavy quarkonia as a golden test of lattice QCD in terms of dissociation temperature predictions at a sqrt(s_NN) where the recombination process is expected to have a small impact. The fixed-target mode also has the advantage to allow for spin measurements with polarized targets. The polarization of hydrogen and nuclear targets allows an ambitious spin program, including measurements of the QCD lensing effects which underlie the Sivers single-spin asymmetry. [1] S. J. Brodsky, F. Fleuret, C. Hadjidakis and J. P. Lansberg, Phys. Rept. 108 522 (2013) 239. [2] E. Uggerhøj, U. I. Uggerhøj, Nucl. Instrum. Meth. B 234 (2005) 31. [3] W. Scandale, et al., Phys. Lett. B 703 (2011) 547-551. [4] W. Scandale, et al. [LUA9], CERN-LHCC-2011-007, 2011. [5] J. P. Lansberg, S. J. Brodsky, F. Fleuret and C. Hadjidakis, Few Body Syst. 53 (2012) 11