Shares in Seraphim Space (SSIT) rocketed higher after largest holding ICEYE quadrupled its valuation to over €10 billion (£8.6 billion) in its latest financing round. The Finnish satellite constellation operator spoke for 47.1% of Seraphim’s NAV as at 31 March 2026.
ICEYE is also held by Molten Ventures (GROW), whose shares were also boosted by the revaluation.
ICEYE provides sovereign intelligence from space. To date, the company has supplied sovereign satellite systems to seven European governments. The financing proceeds will support the expansion of ICEYE’s global footprint and intelligence capabilities.
Consequently, it will enable the firm to meet growing demand for space-based intelligence, defence and resilience solutions.
Valuation lift-off
Seraphim is the world’s first listed SpaceTech-focused fund. The trust noted ICEYE is raising €450 million in a primary Series F financing round at a valuation of €10 billion-plus.
The funding round is being led by US investment giant General Atlantic. Finnish mobile phone maker Nokia is part of the investor syndicate. In addition, ICEYE’s new backers include TCV, Lifeline Ventures and the Qatar Investment Authority.
‘Based on the announced valuation, the implied uplift in the fair value of the company’s holding would be approximately £202 million,’ said Seraphim. This would represent a 102% increase in fair value.
It would be ‘equivalent to an increase in NAV per ordinary share of approximately 73p’, explained Seraphim. The investment trust’s FY26 results will ‘substantially’ reflect this uplift.
Significant milestone
James Bruegger is the CIO of Seraphim Space Manager. He said the financing round marks a significant milestone for ICEYE.
‘Achieving a valuation of over €10 billion is a strong endorsement of ICEYE’s leadership position in space-based intelligence’, insisted Bruegger.
For Seraphim Space shareholders, ‘this financing round demonstrates the company’s ability to provide access to category-leading SpaceTech companies at the forefront of some of the most important technological and geopolitical trends shaping the global economy.’
The Winterflood View
Winterflood analyst Alex Trett desribed the valuation uplift as ‘a great result for both funds, which have been invested in ICEYE for some time’.
Trett said the timing of the transaction appears opportune. ICEYE is ‘clearly making hay while the sun is shining amid heightened investor interest in both the space and defence sectors.
‘However, given the milestones the company has achieved over the last 18 months, winning contracts from civilian agencies as well as securing major defence programmes, there is likely a significant pipeline of opportunities ahead.’
ICEYE’s eye-popping valuation uplift demonstrates Seraphim’s NAV is probably understated. Contract wins and new funding rounds are driving the valuations of its portfolio companies higher.
Besides ICEYE, the fund is flush with exciting businesses. These range from recent IPO HawkEye 360 (NYSE:HAWK) to D-Orbit and ALL.SPACE.
Growth-focused investors prepared to pay a premium to NAV will find Seraphim Space a fascinating proposition. And the imminent SpaceX IPO is only set to boost interest in all things SpaceTech.
Read the press release here: https://www.londonstockexchange.com/news-article/SSIT/iceye-financing-round/17630239
