Seraphim Space Investment Trust plc (LSE:SSIT) has reported significant valuation increases across its four largest SpaceTech investments as of 31 December 2025, following major contract awards and substantial funding rounds.
The combined fair value of ICEYE, ALL.SPACE, D-Orbit and HawkEye 360 climbed by £69 million to £261 million. That represents a 36% uplift across those positions and equates to a 24% rise relative to the trust’s most recently published net asset value, reflecting strengthening fundamentals and execution across its core portfolio companies.
The largest contribution came from ICEYE, which was revalued using public market comparables after securing a €1.7 billion contract with the German government. ALL.SPACE also saw gains linked to recent corporate developments, while D-Orbit and HawkEye 360 were re-rated following sizeable late-stage investment rounds backed by new institutional participants.
The trust indicated that no further material valuation adjustments are expected elsewhere in the portfolio for the reporting period. Interim results for the six months to 31 December 2025 are scheduled for release on 5 March 2026, alongside presentations for analysts and retail investors, signalling management’s confidence in ongoing portfolio progress.
From an investment perspective, the outlook is tempered by weak earnings quality and limited cash generation, despite the company maintaining a highly conservative balance sheet. Technically, the share price trend remains strong but appears stretched. Valuation metrics look demanding, with a high price-to-earnings ratio and no declared dividend, though this is partially balanced by a consistent stream of positive portfolio developments, particularly defence-related contract wins.
More about Seraphim Space Investment Trust Plc
Seraphim Space Investment Trust plc is the first publicly listed fund focused exclusively on SpaceTech. It invests primarily in growth-stage, privately funded companies positioned to become global leaders across areas such as climate technology, satellite communications, mobility and cyber security. The trust is listed on the main market of the London Stock Exchange and aims to back businesses with strong competitive moats and first-mover advantages in rapidly expanding orbital and data-driven markets.
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