Seraphim Space Investment Trust (LSE:SSIT) used its December 2025 SpaceTech newsletter to outline strong momentum and value creation across its portfolio, driven by a series of major contract wins and financings. Highlights included ICEYE’s €1.7bn reconnaissance agreement with the German military, alongside a €150m Series E funding round that valued the company at approximately €2.4bn. HawkEye 360 also advanced significantly, securing $150m in new funding, completing the strategic acquisition of Innovative Signal Analysis, and winning a five-year data services contract worth more than $100m.
Elsewhere in the portfolio, SatVu confirmed plans to launch HotSat-2 in early 2026, targeting growing demand for thermal data from data centre operators. Tomorrow.io expanded pilots of its AI-powered weather forecasting platform across Thailand and the Philippines, while LeoLabs signed a new cross-government licensing agreement with the US Space Force and the Office of Space Commerce. AST SpaceMobile marked a major milestone with the launch of BlueBird 6, its largest low Earth orbit satellite to date, signalling the transition to scaled deployment of direct-to-smartphone communications.
Beyond individual portfolio companies, the newsletter pointed to strengthening sector-wide tailwinds. These included speculation around a potentially record-setting SpaceX IPO targeted for 2026, increasing venture capital engagement highlighted by a London-based space investment conference, and evolving government priorities such as NASA’s renewed focus on lunar exploration. Together, these developments reinforce SSIT’s investment thesis that SpaceTech is entering a phase of faster capital formation, industrial scaling and rising strategic importance.
From a market perspective, the trust’s outlook is tempered by weak earnings quality and limited cash generation, despite a very conservative balance sheet. Technical indicators suggest a strong but potentially stretched share price trend, while valuation metrics appear demanding, with a high earnings multiple and no stated dividend. These factors are partially balanced by a steady stream of positive portfolio news, particularly linked to large defence and government-related contracts.
More about Seraphim Space Investment Trust Plc
Seraphim Space Investment Trust plc is the world’s first publicly listed investment company dedicated to the space technology sector. Managed by Seraphim Space Manager LLP, the trust focuses on early- and growth-stage businesses operating across satellite constellations, space-derived data and analytics, communications, defence and security applications, and enabling infrastructure, offering investors targeted exposure to the rapidly expanding global space economy.
Leave a Reply