Well, apparently some people think it´s a pun for "Ace of Spades" or "Ace of Swords"; a Tarot Card, by the way, of the Minor Arcana.
In general it would stand for Justice, success, conquest, leadership, triumph. But since the letters are inverted, then the meaning would be inverted as well, as in abuse of power, vengeance, punishment, hatred, affliction, anger, multiple obstacles...