Seraphim Space (SSIT) continues to benefit from Europe’s defence renaissance, posting a £69m uplift in net asset value (NAV) over the three months to 31 December — equivalent to a 24% rise on the previously published figure of £284m.

The trust’s largest holding, Finnish satellite operator ICEYE, was the biggest riser, up 34% from £99m to £132m. This was driven by a €1.7bn contract signed with the German government, through the company’s joint venture with defence group Rheinmetall. 

The surge had been broadly anticipated, solidified by investment company peer Molten Ventures (GROW) taking £17.5m in profits at a premium toward the end of last year. 

Elsewhere, ALL.SPACE shot up 80% following recent corporate activity, while D‑Orbit and HawkEye 360 grew 23% and 15% respectively after significant funding rounds. 

Shares in the £336m investment trust, which invests predominantly in early and growth-stage, privately-financed space-tech businesses, rallied in 2025 as European governments, threatened by ongoing conflict and less reliant on US support, committed hundreds of billions extra to defence. Shares were up 5.6% today on the NAV update. 

While performance slowed in quarter three, the Association of Investment Companies lists SSIT as the second-best returning trust over one year, with shares up 177.5%, above Golden Prospect Precious Metals, at 118.7%.

SSIT chief investment officer James Bruegger said the substantial boost in underlying value reflects the benefits all four top holdings are starting to reap as a result of ‘consolidating their leadership positions’ in their respective categories.

‘Over the quarter, these portfolio companies have secured substantial late‑stage funding rounds led by high‑quality new investors and/or major government and private‑sector contract wins. These milestones underpin the increased valuations and demonstrate the growing maturity and momentum of some of the company’s most important holdings,’ he said. 

While ICEYE was the chief pull for new investors last year and is still SSIT’s largest asset, making up around a third of the portfolio as of September, Winterflood’s Alex Trett noted ‘it is encouraging to observe meaningful valuation progress across a number of other holdings’.

‘This underscores both the depth and quality of the portfolio and reinforces the broader structural growth opportunity within the space sector,’ he said. 

The trust will announce its interim results on 5 March 2026.  Assuming no other significant portfolio revaluations, Winterflood estimates this latest NAV lift should reduce SSIT’s current premium from 18% to an around 2% discount, based on Friday’s closing share price.