Seraphim Space Investment Trust (SSIT) has achieved an outstanding financial performance, marking its best quarter on record with a significant increase in portfolio value. The London-listed fund, dedicated to investing in space technology companies, saw its portfolio value jump by 30.7% to an impressive £433.3 million by the close of March 2026.
This remarkable growth was propelled by the exceptional performance of several key portfolio companies. ICEYE, a Finnish company specializing in synthetic aperture radar satellites, emerged as a dominant force, contributing 47.1% to SSIT's Net Asset Value (NAV). ICEYE reported revenues exceeding €250 million and EBITDA over €100 million in 2025, with a substantial contracted order backlog of €1.5 billion. Furthermore, Xona Space Systems secured $170 million in an oversubscribed Series C funding round to develop its 258-satellite GPS network, while weather intelligence firm Tomorrow.io raised $175 million at a valuation exceeding $1 billion to advance its AI-driven satellite constellation. SatVu, which utilizes thermal imaging satellites for industrial monitoring, also successfully secured £30 million in new funding from the NATO Innovation Fund and the British Business Bank.
Subsequent to the quarter's end, the positive momentum for SSIT continued. HawkEye 360, a radio frequency analytics company, successfully debuted on the New York Stock Exchange, raising $416 million and opening above its IPO price. This listing boosted SSIT's stake in HawkEye 360 to $76.9 million, a 41% increase from its March valuation. Additionally, ALL.SPACE, a developer of high-performance wireless connectivity systems, entered into a binding agreement to be acquired by York Space Systems, aligning with SSIT's existing carrying value. The trust also completed a successful £136.5 million C Share equity raise, attracting a diverse range of investors. With ongoing charges decreasing and 85% of its portfolio holdings having a cash runway of at least 12 months, SSIT is well-positioned for future growth. The fund manager, Mark Boggett, anticipates that a potential SpaceX IPO could catalyze billions in new capital, further transforming the SpaceTech sector.
Seraphim Space Investment Trust's recent achievements underscore the immense potential and accelerating advancements within the SpaceTech industry. These successes not only highlight the strategic vision of SSIT but also demonstrate the growing investor confidence in innovative technologies that are pushing the boundaries of what is possible beyond Earth. This period of rapid expansion and significant capital infusion is a testament to the transformative power of space exploration and its increasing integration into our daily lives, promising a future of continued innovation and groundbreaking discoveries.
