I am reading Lurie's Elliptic Cohomology II and it claims (Section 4.1.3) that for an $\mathbb{E}_\infty$-ring $A$ "there is an essentially unique symmetric monoidal functor $\mathcal{S} \to \operatorname{Mod}_A$ which preserves small colimits", where $\mathcal{S}$ is the category of spaces.
At first I thought this would be the map $X \mapsto \Sigma^\infty X \wedge A$. As spectra, it preserves small colimits, but I am not sure this is the case as $A$-modules. Does anyone have a more explicit description of this functor?