Seraphim Space Investment Trust (LSE:SSIT) delivered a strong increase in net asset value during the quarter ended 31 March 2026, driven by rising valuations across several of its largest SpaceTech investments.
Net asset value increased 24.8% to £421.3 million, while the value of the underlying portfolio rose 30.7% to £433.3 million. The uplift was supported by strong performances from core holdings including ICEYE, Xona Space Systems, Tomorrow.io and HawkEye 360.
The trust also highlighted the financial resilience of its portfolio, noting that companies representing 85% of total fair value have substantial cash runways to support future growth. In May, Seraphim further strengthened its investment capacity through a £137 million C-share fundraising, providing additional capital for new opportunities across the space sector.
Portfolio Companies Continue to Scale
Several portfolio businesses achieved significant commercial and financing milestones during the period.
ICEYE exceeded €250 million in revenue during 2025 and expanded its order backlog to approximately €1.5 billion, reflecting growing demand for its satellite imaging capabilities. Xona Space Systems secured a $170 million Series C funding round to accelerate development of its next-generation positioning and navigation technology, while Tomorrow.io raised $175 million to expand its AI-powered weather satellite constellation.
Elsewhere, SatVu secured additional funding to support the expansion of its thermal imaging satellite network, further strengthening the trust’s exposure to advanced Earth observation technologies.
These developments contributed to higher portfolio valuations and reinforced management’s confidence in the long-term growth prospects of the companies held within the portfolio.
HawkEye 360 Listing Highlights Growing Portfolio Maturity
Following the reporting period, HawkEye 360 completed its listing on the New York Stock Exchange at a valuation approaching $3 billion, marking a significant liquidity event for the trust.
In addition, ALL.SPACE agreed to be acquired by York Space Systems, providing further evidence of increasing strategic interest in SpaceTech businesses and creating another pathway for value realisation within the portfolio.
Management believes rising defence spending, growing demand for satellite-based intelligence and communications services, and increasing investor interest in space-related assets will continue to support valuation growth across the sector.
Strong Balance Sheet Supports Long-Term Strategy
While the trust benefits from a debt-free balance sheet and positive portfolio momentum, investors remain exposed to the inherent volatility associated with private company valuations. Earnings remain heavily influenced by changes in portfolio valuations rather than recurring operating cash flows, which can result in significant fluctuations in reported performance.
Technical indicators remain supportive, with the shares showing positive momentum and a well-established upward trend. However, traditional valuation measures remain less informative given the nature of the investment trust structure and the absence of a meaningful dividend yield.
More About Seraphim Space Investment Trust Plc
Seraphim Space Investment Trust plc is a London-listed investment company focused exclusively on the SpaceTech sector. The trust invests in early-stage and growth-stage businesses developing satellite infrastructure, space-based data services and related applications across markets including defence, intelligence, navigation, weather forecasting and communications. Through its portfolio, the company aims to capture long-term growth opportunities emerging from the expanding global space economy.
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