We already knew Seraphim Space (SSIT) had a strong fourth quarter from gains in its top four holdings ICEYE, AllSpace, D-Orbit and Hawkeye 360 highlighted last month. Interim results for the six months to 31 December today show net asset value (NAV) jumped 20.1% to 142.3p per share from 118.52p.

The half-year results show the underlying value of the portfolio of unquoted space technology companies grew by 27.6%, or £71.8m, to £331.6m in the second half of 2025. This has triggered a performance fee to Seraphim Space Manager led by chief executive Mark Boggett with a £16.6m provision that will be paid when there is sufficient cash.

SSIT shares have rebounded 143% in the past year to 144p but slipped 5p to 138p today, putting them just below the new NAV. They launched at 100p in July 2021 and quickly rallied to 125p in early 2022 before being caught up in the growth sell-off caused by the war in Ukraine. They hit a low of just over 26p in July 2023 before starting to recover.

Boggett said: “We are pleased with the portfolio’s strong progress over recent periods. Key holdings, ICEYE, ALL.SPACE, HawkEye 360 and D-Orbit, have seen meaningful valuation uplifts, while the top 10 holdings achieved fair value weighted average year-on-year revenue growth of 79%. This in turn has translated into the company achieving a key milestone, namely the fair value of the current private portfolio (after disposals) exceeding 200% of cost for the first time. Management teams representing over 85% of portfolio value, including seven of the top 10, project EBITDA profitability in 2026, underscoring the strength of our strategy and the quality of the businesses we back.”