A buoyant Seraphim Space (SSIT) has unveiled a “substantial” 24% leap in net asset value (NAV) on the back of valuation and contract gains by its four biggest holdings ICEYE, AllSpace, D-Orbit and Hawkeye 360.
James Bruegger, chief investment officer at SSIT’s fund manager, Seraphim Space Manager, suggested there could be more to come after the £334m investment trust saw the value of its portfolio jump £69m to £284m in the last three months of 2025.
Seraphim saw its stake in ICEYE, a Finnish satellite operator that was the trust’s largest holding at 35% of assets, advance from £99m to £132m. The 34% increase was anticipated after it won a €1.7bn contract with the German government and Molten Ventures (GROW) took £17.5m of profits in December.
D-Orbit, an Italian specialist in the “last-mile” delivery of satellites and in-orbit servicing of them, rose £8m or 23% to £42m following a $128m series-D funding round in December led by new investor Azimut, a Milan-listed fund manager.
HawkEye 360, a US provider of space-based radio frequency data analytics, gained 15%, or £4m, to £34m, after receiving $150m on a higher valuation. The series-E funding round also completed in December and was co-led by US venture capitalists NightDragon and Center15 Capital, with additional debt from Silicon Valley Bank, Pinegrove Venture Partners and Hercules Capital. Some of the valuation increase had already been reflected in the previous quarter’s valuation.
AllSpace, a UK-based developer of a “smart” satellite terminal, was also hiked 80%, or 24%, to £54m after recent corporate activity which could refer to a funding round or a strategic partnership.
Bruegger 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.
“Over the quarter, these portfolio companies have secured substantial late‑stage funding rounds led by high‑quality new investors and/or major government and private‑sector contract wins. These milestones underpin the increased valuations and demonstrate the growing maturity and momentum of some of the company’s most important holdings.
“Given the strong momentum in these four portfolio companies and indeed the overall portfolio, we anticipate there being further positive news and commensurate increases in valuations over forthcoming quarters.”
The company did not state what its new NAV per share was at 31 December. The company will publish its half-year results on 5 March. SSIT shares closed at 141p on Friday. They have soared over 177% from 48p in the past year, having recovered from a 71% discount in mid-2023.
Our view
James Carthew, head of investment company research at QuotedData, said: “The uplift is about 29.1p, which would make the NAV 148.6p, all else being equal. The shares are up by 5.7% to just over 149p today, so it is back on a small premium. The momentum still seems to be very positive, so the shares could continue to rise from here. It feels to us as though Seraphim should be using this opportunity to raise more money to make new investments.”
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