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, with the portfolio value surging 30.7% to £433.3m in the three months to 31 March 2026
Net asset value (NAV) per share rose 24.8% to 177.63p, up from 142.30p at the end of December 2025, while market capitalisation climbed 25% to £355.8m. 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 €250m, EBITDA exceeding €100m, and a contracted order backlog of €1.5bn. Xona Space Systems, which is building a 258-satellite GPS network, closed an oversubscribed $170m Series C round, while weather intelligence company Tomorrow.io completed a $175m financing at a valuation of more than $1bn 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 $416m and opening at $33.80 per share, above its $26 IPO price, at a valuation of approximately $2.84bn; SSIT’s stake was worth $76.9m as of 1 June, a 41% uplift to the March valuation.