Key Takeaways:
- Seraphim Space portfolio value surged 30.7% to £433.3 million in Q3
- HawkEye 360 listed on NYSE at a $2.84 billion valuation in May
- The trust raised £136.5 million and is poised for FTSE 250 promotion
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Seraphim Space portfolio surges 31% to record as HawkEye 360 lists
Seraphim Space Investment Trust PLC reported its strongest quarterly performance on record, with portfolio value jumping 30.7% to £433.3 million in the three months through March, driven by gains in its largest holding ICEYE and a wave of portfolio company financings.
"The momentum continues to build, and we remain confident that NAV will continue to appreciate, supported by strong defense tailwinds and a structural shift in investor appetite," Mark Boggett, chief executive officer of Seraphim Space Manager LLP, said.
Net asset value per share rose 24.8% to 177.63 pence in the fiscal third quarter from 142.30 pence at the end of December. The trust's portfolio valuation gain of 31% was partially offset by performance fees and costs. ICEYE, the Finnish synthetic aperture radar satellite company, now accounts for 47.1% of NAV after reporting 2025 revenue of more than €250 million, EBITDA exceeding €100 million and a contracted order backlog of €1.5 billion.
The trust completed a £136.5 million C Share equity raise on May 7, drawing demand from endowment funds, institutions, family offices, wealth managers and retail investors. Since the quarter ended, portfolio company HawkEye 360 listed on the New York Stock Exchange on May 7, raising $416 million and opening at $33.80 per share, above its $26 IPO price, at a valuation of approximately $2.84 billion. Seraphim Space's stake was worth $76.9 million as of June 1, a 41% uplift to the March valuation.
Xona Space Systems, which is building a 258-satellite GPS network, closed an oversubscribed $170 million Series C round, while weather intelligence company Tomorrow.io completed a $175 million financing at a valuation exceeding $1 billion. SatVu, whose thermal imaging satellites monitor industrial activity from orbit, secured £30 million in new funding with backing from the NATO Innovation Fund and the British Business Bank. ALL.SPACE, which develops wireless connectivity systems, has signed binding documents to be acquired by NYSE-listed York Space Systems at a valuation broadly in line with Seraphim Space's existing carrying value.
The trust's ongoing charges fell to 1.52% from 1.79% at the end of December, while 85% of portfolio holdings by fair value have a cash runway of at least 12 months. Seraphim Space is expected to be promoted to the FTSE 250 index, with FTSE Russell due to confirm the latest quarterly reshuffle after market close.
The anticipated initial public offering of Space Exploration Technologies Corp., Elon Musk's rocket and satellite company, could prove "transformational" for the sector by catalysing billions of dollars of new capital into the market, Boggett said. SpaceX plans a US IPO in June seeking to raise up to $75 billion. Seraphim Space's shares traded at 188.4 pence on Wednesday, down 10% on the day but up 53% so far in 2026.
This article is for informational purposes only and does not constitute investment advice.
