The Gel'fand-Shilov spaces of type S are considered as topological algebras with respect to the Moyal star product and their corresponding algebras of multipliers are defined and investigated. In contrast to the well-studied case of Schwartz's space S, these multipliers are allowed to have nonpolynomial growth or infinite order singularities. The Moyal multiplication is thereby extended to certain classes of ultradistributions, hyperfunctions, and analytic functionals. The main theorem of the paper characterizes those elements of the dual of a given test function space that are the Moyal multipliers of this space. The smallest nontrivial Fourier-invariant space in the scale of S-type spaces is shown to play a special role, because its corresponding Moyal multiplier algebra contains the largest algebra of functions for which the power series defining their star products are absolutely convergent. Furthermore, it contains analogous algebras associated with cone-shaped regions, which can be used to formulate a causality condition in quantum field theory on noncommutative space-time.