Seraphim Space Investment Trust Plc (LSE:SSIT) has announced a £52.2 million increase in the estimated fair value of its existing investment in Xona Space Systems following a new financing round, alongside an additional US$15 million investment through the trust’s C share portfolio.
The London-listed SpaceTech investment company said the latest financing establishes a revised valuation for Xona, a US-based developer of satellite navigation technology, resulting in an increase in the assessed value of Seraphim’s existing ordinary share holding.
Based on current exchange rates, the transaction implies a £52.2 million uplift in the fair value of the trust’s existing Xona investment, equivalent to approximately 22.0 pence per ordinary share.
Seraphim intends to incorporate the revised valuation into its portfolio assessment as at 30 September 2026.
Following the financing, Xona has become the trust’s second-largest portfolio holding by value, reflecting the increased valuation of its existing investment.
The additional US$15 million commitment from Seraphim’s C share portfolio increases the trust’s financial exposure to Xona as the company continues developing its satellite-based positioning, navigation and timing technology.
Xona is developing a commercial global positioning system using a constellation of satellites operating in low Earth orbit (LEO). The company aims to provide centimetre-level positioning accuracy through a system designed to complement existing government-operated GPS infrastructure.
According to Xona, its technology is intended to improve the accuracy, resilience and security of satellite navigation and timing services.
Potential applications include autonomous vehicles, unmanned aerial systems, robotics, advanced air mobility and industrial logistics, where positioning accuracy and reliable navigation data are operational requirements.
The technology is also being developed for applications associated with national security and infrastructure systems that depend on satellite-based positioning and timing.
Seraphim’s investment forms part of its portfolio of early-stage and growth-stage companies operating across satellite technology, communications, navigation and related space infrastructure.
The £52.2 million valuation adjustment relates to the trust’s existing Xona holding and represents a change in its estimated fair value rather than proceeds from a disposal.
The final valuation incorporated into Seraphim’s portfolio reporting will reflect the financing transaction and the applicable exchange rates.
About Seraphim Space Investment Trust
Seraphim Space Investment Trust Plc (LSE:SSIT) is a London-listed investment company focused on businesses developing space-related technologies and infrastructure. Its portfolio includes early-stage and growth-stage companies operating in satellite communications, navigation, positioning and other SpaceTech markets.
Portfolio company Xona Space Systems Inc. is developing a commercial low Earth orbit satellite navigation constellation designed to provide centimetre-level positioning accuracy and complementary services to existing GPS infrastructure. Its proposed applications include autonomous transport, robotics, drones, industrial operations and national security systems.
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