High-flying Seraphim Space (SSIT) raised £137 million in its C share offer. This represented the largest fundraise by an investment trust since 2023.
Seraphim Space’s board and fund manager said they were ‘delighted’ by the response to the fundraising. This will see 136.5 million new C shares issued at 100p.
‘Consistent with its existing investment strategy, the company will now start to deploy the proceeds into a number of advanced investment opportunities that have already been identified,’ said Seraphim Space.
Why SpaceTech excites
This growth capital trust backs private, early-stage ‘SpaceTech’ companies with the potential to dominate globally. The board believes the SpaceTech sector presents ‘highly attractive investment opportunities strongly aligned with significant global tailwinds.’
Managers Mark Boggett and James Bruegger believe the SpaceTech market is at a critical inflection point. Be sure to watch Sharesify’s special podcast with Bruegger below.
Boggett recently told Sharesify that space is becoming an integral part of the AI revolution. He believes few parts of the $100 trillion global economy will be unaffected by space.
Bumper raise
Seraphim Space raised £76.4 million in the institutional placing. The trust also received strong backing from retail investors, who snapped up £45 million worth of C shares. In addition, it received a £15.1 million direct subscription by a single institution.
Boggett commented: ‘The success of this C share issue reflects growing confidence in the space sector, which continues to accelerate, as evidenced by a portfolio trade sale and IPO both announced in the last week.’
HawkEye 360 (HAWK) priced its New York Stock Exchange IPO at the top of its range. Shares in the company, which provides space‑based intelligence to allied governments, closed up 31% in debut deals on 7 May. HawkEye 360 spoke for 10.1% of Seraphim’s NAV as at 31 December 2025.
Analyst views
QuotedData’s Richard Williams commented: ‘In extremely difficult market conditions, Seraphim Space has managed to bag the largest fundraise by an investment company since 2023 – reflecting the strong investment case and growing appeal of space tech.
‘The breadth of investor backing of the C share issue was also pleasing, including a large retail investor contingent, which at £45 million was particularly impressive.’
Winterflood’s Shavar Halberstadt said this is ‘a great day for the fund, completing the largest fundraising in the investment trust sector since BH Macro (BHMG) in 2023. We expect proceeds to be deployed relatively swiftly, given the abundance of pipeline opportunities outlined previously.’
Halberstadt added: ‘It is now not unthinkable for Seraphim Space to cross the £1 billion market cap threshold this year, which is remarkable for a fund that was decisively sub-scale just three years ago.’
Growth-focused investors, willing to pay a premium to NAV, will find Seraphim Space a fascinating proposition.
The portfolio is jam-packed with potential. And the incoming IPO of Elon Musk’s SpaceX should boost interest in the sector.
One AIM-listed company whose share price has already gone to the moon over the past five years, and more than doubled year-to-date, is Filtronic (FTC).
SpaceX has a 15% stake in Sedgefield-based Filtronic, which makes advanced RF (radio frequency) equipment and is a key supplier to SpaceX’s Starlink satellite constellation.
Read the press release here: https://investors.seraphim.vc/rns-announcements/
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