Seraphim Space (SSIT) is deploying the £137m raised in last month’s C-share issue at one of the “most exciting times” for space technology as SpaceX’s imminent $1.75tn flotation sparks huge investor interest in the sector.

Unveiling a 30.7% advance in the portfolio in the first quarter of 2026 (the third in its financial year), chair Will Whitehorn said the fund raise strengthens SSIT’s “position to capture the next wave of opportunities across the space domain”.

After a performance fee, SSIT’s net asset value (NAV) per share rose 24.8% or 35.33p to 177.63p in the three months to 31 March, driven by continued strong performance of its biggest holding in ICEYE, funding rounds at Xona Space Systems and Tomorrow.io and the $2.4bn flotation last month of US space analytics company HawkEye 360.

This leaves shares that have rallied 59% to 202.5p this year – having stepped back from 273p since 22 May – on a 24.9% premium. They have rebounded 241% in the past year.

Fund manager Mark Boggett said his conviction in ICEYE, the €2.4bn Finnish microsatellite manufacturer that accounts for over 47% of the £337.5m portfolio, was “vindicated” by its reporting more than €250m revenue, operating profits over €100m and a €1.5bn order backlog, “reflecting continued growth, profitability and cash generation” last year.

Our view

QuotedData senior analyst Matthew Read said; “SSIT has made a very strong start to 2026, with NAV per share up 24.8% and the portfolio valuation rising 30.7% during the first three months of the year. Mark Boggett, CEO of Seraphim Space Manager, has previously been clear that he expects quarter-on-quarter NAV growth from SSIT this year and beyond as recently signed contracts convert to revenues; these results suggest that ambition is on track.

“ICEYE was the key performance driver during the quarter and, at 47.1% of NAV, a clear point of concentration within the portfolio. However, its reported revenue growth, profitability and order backlog help underpin the valuation progress. There is also encouraging momentum elsewhere, with funding rounds at Xona and Tomorrow.io, progress at SatVu, the post-period sale of ALL.SPACE and HawkEye 360’s NYSE listing. The £136.5m C-share raise has also added firepower at a time when defence spending and space-based intelligence are moving up governments’ agendas.” 

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