Seraphim Space (SSIT) has reported a ‘substantial’ 24% increase in net asset value (NAV) on the back of valuation and contract wins by the trust’s four biggest holdings: ICEYE, ALL.SPACE, D-Orbit and Hawkeye 360.
Shares in the world’s first listed SpaceTech fund firmed 4.5% to 147.7p on the news and have now rocketed 185% higher over the past year.
| Share price: 147.7p | AIC sector: Growth Capital |
| Market cap: £335m | Yield: n/a |
James Carthew, head of investment company research at QuotedData, calculates the valuation uplift is ‘about 29.1p, which would make the NAV 148.6p, all else being equal’, putting Serpahim Space back on a small discount.
For the uninitiated, this trust mainly invests in growth stage private financed SpaceTech businesses that have the potential to ‘dominate globally’.
The growth capital trust seeks out sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.
Across the quarter to December 2025, each of Seraphim Space’s top four holdings recorded an increase in valuation resulting in a combined fair value uplift of £69m.
That was the equivalent to a 24% increase in the previously published NAV of £284m as at 30 September 2025.
Rocket-fuelled Fuel growth
In an update ahead of H1 results on 5 March, James Bruegger, chief investment officer at the trust’s manager, Seraphim Space, suggested there could be more to come after the £335m cap company’s portfolio value surged £69m to £284m in the last three months of 2025.
Bruegger said: ‘The substantial valuation uplifts across all four of our largest holdings reflect the benefits these companies are now starting to reap as a result of consolidating their leadership positions in their respective categories.’
Maturity and momentum
‘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,’ added Bruegger.
‘These milestones underpin the increased valuations and demonstrate the growing maturity and momentum of some of the company’s most important holdings.’
The 80% valuation uplift at ALL.SPACE partly reflects recent corporate activity, which completed shortly following the end of the period.
ALL.SPACE aims to create a mesh network of satellite connectivity by developing an antenna capable of connecting to any satellite in any constellation in any orbit.
Meanwhile, the 34% hike in ICEYE’s valuation follows the miniature satellites operator’s award of a €1.7bn multi‑year contract from the German government through its joint venture with defence giant Rheinmetall (RHM).
Adventurous investors will be delighted to see that underlying portfolio momentum remains positive at Seraphim Space.
Given the buzz around the SpaceTech sector, with Elon Musk’s SpaceX eyeing a blockbuster summer IPO, the shares could continue to rise from here.
Read the press release here: https://investors.seraphim.vc/rns-announcements/
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