The Stacks project

Proof. The category of algebraic spaces affine over $X$ is equivalent to the category of quasi-coherent sheaves $\mathcal{A}$ of $\mathcal{O}_ X$-algebras. The full subcategory of $\textit{Spaces}(Y \to X, Z)$ consisting of $(U' \leftarrow V' \rightarrow Y')$ with $U' \to U$, $V' \to V$, and $Y' \to Y$ affine is equivalent to the category of algebra objects of $\mathit{QCoh}(Y \to X, Z)$. In both cases this follows from Morphisms of Spaces, Lemma 67.20.7 with quasi-inverse given by the relative spectrum construction (Morphisms of Spaces, Definition 67.20.8) which commutes with arbitrary base change. Thus part (1) of the lemma follows from Proposition 81.10.9.

Fully faithfulness in part (2) follows from part (1). For essential surjectivity, we reduce by part (1) to proving that $X' \to X$ is a closed immersion if and only if both $U \times _ X X' \to U$ and $Y \times _ X X' \to Y$ are closed immersions. By Lemma 81.10.11 $\{ U \to X, Y \to X\} $ can be refined by an fpqc covering. Hence the result follows from Descent on Spaces, Lemma 74.11.17.

For (3) use the argument proving (2) and Descent on Spaces, Lemma 74.11.23. $\square$