Seraphim Space flags £69m uplift across top holdings ahead of interim results Proactive uses images sourced from Shutterstock
Seraphim Space Investment Trust PLC (LSE:SSIT) said valuations of its four largest portfolio companies rose in the December quarter, delivering a combined fair value uplift of £69 million as the listed SpaceTech investor prepares to publish its interim results.
Shares in the London Stock Exchange-listed trust were up 6% at 150.1p.
Seraphim Space said each of its top four holdings recorded an increase in valuation, lifting their combined value to £261 million at 31 December 2025 from £192 million at 30 September 2025.
The trust said the uplift was equivalent to a 24% increase on its previously published net asset value of £284 million at 30 September 2025, and that it did not anticipate any further material valuation movements elsewhere in the portfolio as at 31 December.
ICEYE was valued at £132 million at 31 December, up from £99 million at 30 September, after Seraphim Space said it had reverted to valuing the company using public-market comparables following “significant contract wins”.
The trust said the methodology change followed ICEYE’s award of a €1.7 billion multi-year contract from the German government through its joint venture with Rheinmetall.
ALL.SPACE was valued at £54 million, up from £30 million, with Seraphim Space saying the uplift was partly reflective of corporate activity completed shortly after the period end and that its 31 December valuation reflected 95% of the implied value.
D-Orbit was valued at £42 million, up from £34 million, with the trust saying the increase reflected the $128 million Series D funding round completed in December 2025 and led by new investor Azimut.
HawkEye 360 was valued at £34 million, up from £30 million, reflecting the terms of its $150 million Series E funding round completed in December 2025.
James Bruegger, chief investment officer of Seraphim Space Manager, said: “The substantial valuation uplifts across all four of our largest holdings reflect the benefits these companies are now starting to reap as a result of consolidating their leadership positions in their respective categories.”