Seraphim Space Investment Trust (LSE:SSIT) has reported an increase in net asset value (NAV), revenue growth among its leading portfolio companies and a series of commercial milestones achieved by underlying businesses.
Speaking about the trust’s performance, CEO Mark Boggett explained how the portfolio is increasingly moving from early-stage innovation towards commercial scale, supported by rising demand across defence, intelligence and critical infrastructure.
In the year ended 30 June 2026, the trust’s NAV per ordinary share increased by 102.9% to 240.49p, while the fair value of its portfolio increased by 133.0% to £605.5 million.
Boggett highlighted that the private companies within the trust’s top 10 holdings grew revenue by 237% year on year on a fair value-weighted average basis. Portfolio companies also collectively raised more than US$4.8 billion during the year. These figures reflect operational and financing progress across the portfolio.
Xona demonstrates the potential for further value creation
One of the most notable examples is Xona, a company developing high-precision, jam-resistant positioning, navigation and timing technology designed as an alternative to traditional GPS.
As the reliability and security of positioning systems become increasingly important for defence, commercial applications and critical infrastructure, Xona is targeting a market with growing strategic significance.
Boggett described Xona as an example of how Seraphim’s investment model can help companies progress from their earliest stages through to substantial private-market businesses. Xona originated through the Seraphim Space Accelerator before receiving investment through the group’s private venture funds and subsequently Seraphim Space Investment Trust.
Following Xona’s financing round, the fair value of SSIT’s existing holding in the ordinary share portfolio increased by approximately £52.2 million from its last published fair value as at 31 March 2026. SSIT also invested US$15 million in the financing for the C share portfolio. Following that investment, the combined fair value of SSIT’s holding in Xona was approximately £91.9 million, based on the closing sterling-dollar exchange rate.
The funding gave Xona additional capital to support its growth and set a new value for SSIT’s holding, which is reflected in the trust’s NAV.
Xona provides SSIT with exposure to a business developing technology intended to deliver more resilient and precise positioning capabilities for the next generation of space infrastructure.
Major contracts and exits demonstrate a maturing sector
Alongside private-market funding rounds, portfolio companies are reaching important commercial milestones through government contracts, public listings and strategic acquisitions.
Boggett highlighted three developments that demonstrate the different routes through which value can be realised across the portfolio.
Rheinmetall ICEYE Space Solutions, the joint venture between ICEYE and Rheinmetall, secured a contract valued at approximately €1.7 billion gross to provide space-based reconnaissance data to the German Armed Forces.
The portfolio also recorded its first strategic M&A transaction through the sale of ALL.SPACE to publicly listed York Space Systems, demonstrating how acquisitions can provide another route to realising value from private space technology investments.
Together, these developments highlight the increasing maturity of both Seraphim’s portfolio and the wider space technology sector.
For investors, commercial contracts can demonstrate demand for a company’s products and services, while public listings and acquisitions can provide additional reference points for valuations and potential liquidity events.
Although these milestones do not guarantee future returns, they illustrate how portfolio companies can progress beyond development-stage investment towards larger commercial opportunities.
New investment capacity supports the next phase of growth
Following its C-share issue in May, the trust has completed six new investments since June, with an average investment of approximately $20 million per company.
This provides exposure to a broader range of businesses while supporting the next generation of space technology companies as they develop their products, expand their customer bases and pursue commercial opportunities.
Boggett believes the portfolio remains at an early stage of its wider value-creation journey, with companies such as Xona emerging as potential contributors alongside more established holdings.
Demand across defence, intelligence and critical infrastructure is creating opportunities for businesses developing satellite communications, Earth observation, positioning technology and other space-based services.
As these markets expand, the ability of portfolio companies to convert technological innovation into recurring revenues, major contracts and sustainable growth will remain an important factor in their long-term development.
Looking ahead
Seraphim Space Investment Trust’s latest performance highlights the potential for value creation across a portfolio of companies operating at the forefront of a rapidly developing industry.
Revenue growth among its leading holdings, substantial third-party investment, Xona’s rising valuation and a series of commercial and corporate milestones all demonstrate the progress being made across the portfolio.
The combination of private funding rounds, major government contracts, public listings and strategic acquisitions also provides several potential pathways through which the growth of individual companies may translate into value for shareholders.
With additional investment capacity available and demand for space technology expanding across strategically important markets, Seraphim is positioning itself to support the next phase of development across its portfolio.
For shareholders, the key consideration will be whether the operational progress and growing commercial relevance of these businesses can continue to translate into sustainable NAV growth and, ultimately, long-term investment returns.
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