Growth capital trust Seraphim Space’s (LON:SSIT) net asset value (NAV) per share more than doubled in the year to 30 June 2026, driven by ‘substantial’ fair value gains across the portfolio. Performance was boosted by a strong Q4 in which the portfolio delivered a further £172.2 million fair value increase.
Mark Boggett, CEO of Seraphim Space Manager, issued a bullish outlook. ‘With the secular trends driving the sector set to persist following SpaceX’s (NASDAQ:SPCX) blockbuster IPO, we anticipate another period of record investment activity and believe the portfolio is well placed to extend its recent momentum.’
NAV more than doubles
The SpaceTech fund’s NAV per share soared 102.9% to 240.49p in FY26 as the fair value of its holdings surged 133% to £605.5 million. However, the share price total return was even better at 119.4% as the NAV discount narrowed from 27.8% to 21.9%.
This was despite a share price drop following May’s bumper £136.5 million C share issue. This fundraise demonstrated strong investor demand for Seraphim Space’s strategy and exposure to the exciting SpaceTech sector.
ICEYE fuels gains
Growth was driven predominantly by substantial fair value gains across the portfolio. These gains were underpinned by strengthening defence tailwinds and major funding rounds, particularly from the trust’s biggest holding, Finnish satellite company ICEYE.
| Top holdings as at 30 June 26 | Fair value as at June 26 (£m) | % of NAV |
| ICEYE | 379.7 | 53.9% |
| ALL.SPACE | 45.4 | 6.4% |
| D-Orbit | 41.1 | 5.8% |
| HawkEye 360 | 37 | 5.3 |
| Xona Space Systems | 28.2 | 4 |
Source: Seraphim Space, FY26 results
During the year, ICEYE ‘continued its transformation into a global defence and intelligence leader’, according to Seraphim Space.
The private portfolio, which represented 80% of NAV at 30 June 2026, delivered exceptional performance in FY26. Excluding HawkEye 360 (NYSE:HAWK), which completed an IPO on the New York Stock Exchange in May 2026, the portfolio’s aggregate fair value increased by 145%.
Why Boggett is bullish
‘This was a landmark year for the portfolio,’ commented Boggett. ‘Fair value more than doubled over the period and now stands at 3.6 times cost. This represents an important milestone: five years after the company’s IPO, the gross portfolio IRR (internal rate of return) was 27.9% at the period end.’
Boggett continued: ‘Over the same period, the annualised NAV total return per ordinary share was 19.1%, broadly in line with the company’s long-term target of at least 20%.’
‘ALL.SPACE’s agreement to be acquired by York Space was another important milestone, representing the portfolio’s first M&A disposal,’ added Boggett. ‘Against a backdrop of heightened sector consolidation, we believe the wider portfolio is well positioned to attract further strategic interest.’
Xona Space Systems’ valuation increased ‘materially’ following completion of its Series C financing. Boggett believes Xona has ‘substantial further potential’ as it builds momentum towards deploying the world’s first jam-resistant, high-precision commercial GPS constellation.
FY26 proved a banner year for Seraphim Space, which provides private investors with access to a multi-trillion-dollar opportunity in the global SpaceTech sector. NAV more than doubled, driven by ICEYE’s stunning progress.
Concentration risk is something investors need to weigh, since ICEYE spoke for more than half of NAV as of 30 June. However, as Winterflood observes, ‘the post-period Xona uplift demonstrates that value creation is broadening beyond ICEYE’.
Sharesify also notes that Seraphim Space ended FY26 with £152.9 million of cash and liquid resources and £42.2 million in listed holdings. This provides the managers with plenty of firepower to accelerate investment across existing holdings and new portfolio companies following the C share issue.
