Seraphim Space Investment Trust (SSIT) has reported results for the quarter ended 31 March 2025. While net asset value (NAV) per share edged down slightly by 0.3% to 100.78p, the underlying portfolio saw a 3.0% increase in value to £222.7m, reflecting solid commercial progress among key holdings.
The quarter saw a £4.9m unrealised uplift in fair value, new investments totalling £6.1m, and ongoing follow-ons, though this was partially offset by a £4.5m unrealised FX loss and a reduction in liquid resources to £16.5m (from £23.5m at 31 December). As of early June, following the profitable exit of most of the trust’s stake in AST SpaceMobile, cash reserves have increased to £22.6m, with an additional £4.7m of potential liquidity.
Investment activity and funding
During the quarter, SSIT made a new £4.1m investment in Zeno Power, a US nuclear battery company, and follow-ons in ALL.SPACE and Skylo. Skylo also announced a $30m raise, while AST SpaceMobile secured $460m via convertible notes and a separate $43m US government contract.
Roughly 74% of the portfolio (by fair value) is deemed to have robust funding positions, with 62% fully funded beyond 12 months, and an additional 11% funded for a year or more – you can read more about this in our latest note on SSIT – click here to read.
Commercial traction and partnerships
ICEYE (25.5% of NAV), the trust’s largest holding, continues to make strong progress. During and after the quarter, it signed:
- A €200m contract with the Polish government for SAR satellites,
- A strategic collaboration with Rheinmetall in Germany,
- A partnership with Japan’s IHI Corporation to launch a 24-satellite SAR constellation.
Elsewhere in the portfolio:
- HawkEye 360 (9.0%) posted record bookings and continued satellite expansion.
- LeoLabs (5.3%) and Xona Space Systems (2.5%) were selected by SpaceWERX, the US Space Force’s commercial arm.
- Voyager (1.0%) progressed towards a potential IPO, secured new equity partnerships, and made two acquisitions expanding its capabilities in cloud and optical technologies.
Following quarter-end, SSIT sold 95% of its stake in AST SpaceMobile for £7.9m, a return of 187% of cost.
Outlook
Chair Will Whitehorn and CEO Mark Boggett highlighted the growing alignment between SSIT’s portfolio and global defence priorities, with government interest in space-based intelligence and security capabilities on the rise.
ICEYE’s expanding role in European and Asian sovereign defence infrastructure was singled out as a potential catalyst for future returns. The trust believes the long-term secular growth in space spending is accelerating, even amid broader market volatility.
Analyst and investor briefings
SSIT’s management team is hosting presentations for analysts and retail investors today, 4 June. Registration details are available via SEC Newgate at [email protected].
[QD comment MR: Despite a flat headline NAV, this was an encouraging quarter for Seraphim Space. The valuation uplift and surge in commercial activity – particularly from ICEYE – suggest the trust’s long-term thesis around sovereign space infrastructure is gaining real traction. The profitable realisation of AST SpaceMobile also shows the manager’s ability to monetise gains and replenish liquidity.
The discount remains significantly overdone in our view (over 45%), but that may prove attractive for investors willing to take a long-term view on what is an increasingly strategic and fast-evolving sector. The ongoing transformation of defence and communications through space assets looks likely to remain a structural growth story, and SSIT appears well-positioned to benefit.]
