The LSE-listed SpaceTech fund raises £137m as HawkEye 360 floats in New York at a $2.8bn valuation.
Seraphim Space Investment Trust PLC (LSE:SSIT), the London-listed fund focused on space technology companies, has delivered its strongest quarter on record, just as it is poised to be promoted to the FTSE 250.
The portfolio value surged 30.7% to £433.3m in the three months to 31 March 2026, with net asset value (NAV) per share jumping 24.8% to 177.63p.
The gains were driven primarily by ICEYE, the Finnish synthetic aperture radar satellite business that now accounts for 47.1% of NAV, which reported 2025 revenues of more than €250 million, EBITDA exceeding €100 million, and a contracted order backlog of €1.5 billion.
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 of more than $1 billion to accelerate its AI-driven satellite constellation.
SatVu, whose thermal imaging satellites monitor industrial activity from orbit, secured £30m in new funding with backing from the NATO Innovation Fund and the British Business Bank.
Since the quarter ended, events have moved quickly in SSIT's favour.
HawkEye 360, a radio frequency analytics company, listed on the New York Stock Exchange on 7 May, raising $416 million and opening at $33.80 per share, above its $26 IPO price, at a valuation of approximately $2.84 billion; SSIT's stake was worth $76.9 million as of 1 June, a 41% uplift to the March valuation.
ALL.SPACE, which develops high-performance wireless connectivity systems, has signed binding documents to be acquired by NYSE-listed York Space Systems at a valuation broadly in line with SSIT's existing carrying value.
SSIT also completed a £136.5 million C Share equity raise on 7 May, drawing in endowment funds, institutions, family offices, wealth managers and retail investors.
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.
Fund manager Mark Boggett said the anticipated SpaceX IPO could prove "transformational" for the sector by catalysing billions of dollars of new capital into the market.
The trust's share price was down 10% to 188.4p on Wednesday, having risen 53% so far in 2026.
FTSE Russell, the organiser of the FTSE 100 and FTSE 250 indices, is due to confirm the latest quarterly reshuffle after market close, having indicated that Seraphim Space was one of the names likely to be promoted to the mid-cap list.
