Seraphim Space (SSIT) has reported a strong end to 2025 across several of its core holdings, as the wider space technology sector continues to transition from speculative promise to commercial execution.

The standout news came from ICEYE, which secured a landmark €1.7bn contract with the German Armed Forces via its joint venture with Rheinmetall. Alongside this, a €150m Series E raise led by General Catalyst, valuing ICEYE at €2.4bn, underlines growing institutional appetite for sovereign Earth observation capabilities.

HawkEye 360, another portfolio holding, raised $150m, acquired signal analytics firm Innovative Signal Analysis, and signed a $100m data access agreement with an international customer.

Elsewhere in the portfolio, SatVu is preparing to launch HotSat-2 in early 2026, targeting data centre monitoring as a new commercial vertical. Tomorrow.io continues to build global traction, launching a weather intelligence pilot in Thailand and expanding its services in the Philippines. LeoLabs added to its momentum, securing a cross-government US contract to support space situational awareness.

Meanwhile, AST SpaceMobile successfully launched its largest satellite yet, BlueBird 6, from India. Capable of delivering up to 120 Mbps to unmodified smartphones, the launch marks the start of scaled deployment of its space-based mobile network.

Beyond SSIT’s immediate portfolio, SpaceX is reportedly targeting a $30bn IPO in 2026 at a valuation of $1.5tn, highlighting the scale of investor interest in the sector. The news comes alongside fresh momentum in Europe, where a space investment conference in London highlighted $39bn of VC investment in SpaceTech over the past five years.

Looking ahead, NASA has recommitted to its return to the Moon under the Artemis programme, with Administrator Jared Isaacman signalling a crewed lunar landing within President Trump’s second term.