RCS - Seraphim Space I.T. - SpaceTech Sector Newsletter – April 2025

Seraphim Space Investment TrustAnnouncement

08/05/2025 07:01

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RNS Number : 7586H  Seraphim Space Investment Trust PLC  08 May 2025

SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")

SpaceTech Sector Newsletter - April 2025

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, publishes its monthly RNS Reach newsletter to
provide updates, based on publicly available information, on the Company's
portfolio investments, its Manager (Seraphim Space Manager LLP (the "Manager"
or "Seraphim Space")) and the wider SpaceTech market. The following newsletter
covers April 2025.

Portfolio Update

Voyager Technologies expands global reach with Mitsubishi partnership,
completes acquisition of LEOcloud and demonstrates tech on the Moon

Voyager Technologies continued its strategic expansion on multiple fronts. Its
joint venture, Starlab Space, co-founded with Airbus, welcomed Mitsubishi
Corporation as a strategic partner and equity owner. This move transforms
Starlab into a global collaboration, with Mitsubishi set to leverage space
research to accelerate product development across multiple industries and
broaden access to space-based technologies. [Read more]
(https://www.prnewswire.com/news-releases/mitsubishi-corporation-joins-starlab-space-as-strategic-partner-equity-owner-in-joint-venture-302108391.html?tc=eml_cleartime)

Voyager also announced the acquisition of LEOcloud, a space-based cloud
computing company deploying micro data centres to the ISS. This strengthens
Voyager's capabilities in real-time data processing, AI analytics and
autonomous systems, key areas aligned with its rebrand and national security
focus. [Read more]
(https://spacenews.com/voyager-technologies-to-acquire-leocloud/)

Adding to its momentum, Voyager's Clear Dust Repellent Coating (CDRC)
successfully passed a critical NASA-evaluated test on the Moon during Firefly
Aerospace's Blue Ghost mission. The coating resisted lunar dust, a major
hazard for spacecraft, marking a step forward for sustainable lunar
operations. [Read more]
(https://payloadspace.com/voyagers-dust-repellent-coating-tested-on-the-moon/)

ICEYE selected to supply real-time satellite data to NATO

Finnish Synthetic Aperture Radar (SAR) satellite operator ICEYE signed an
agreement to provide imaging data to NATO's Situation Centre in Brussels. With
a fleet of 48 SAR satellites offering all-weather, high-resolution Earth
observation, ICEYE is now playing a direct role in strengthening NATO's
situational awareness and defence intelligence capabilities. This milestone
highlights the growing strategic importance of commercial satellite operators
in global security and reinforces Europe's push for greater autonomy in
space-based infrastructure. [Read more]
(https://www.reuters.com/world/europe/finnish-satellite-operator-iceye-provide-data-nato-headquarters-2025-03-28/)

Tomorrow.io expands weather constellation with successful Bandwagon-3 launch

Tomorrow.io successfully launched its Tomorrow-S7 weather satellite aboard
SpaceX's Bandwagon-3 rideshare mission on 21 April 2025. The satellite is part
of a growing constellation aimed at transforming global weather forecasting
through real-time, space-based data on atmospheric temperature and humidity,
key to improving resilience against climate and weather-related disruptions.
[Read more]
(https://spaceflightnow.com/2025/04/21/live-coverage-spacex-to-launch-bandwagon-3-rideshare-mission-on-falcon-9-rocket-from-cape-canaveral/)

Astroscale and Orbit Fab to refuel US military satellite in space

Astroscale US and Orbit Fab will perform the first-ever in-orbit refuelling of
a US Department of Defence satellite in Geostationary Earth Orbit (GEO).
Scheduled for mid-2026, the mission will see Astroscale's APS-R satellite dock
with and refuel Tetra-5 using Orbit Fab's Rapidly Attachable Fluid Transfer
Interface (RAFTI) system, then refill itself from an on-orbit fuel depot. This
milestone marks a shift toward more sustainable and flexible satellite
operations. [Read more]
(https://payloadspace.com/astroscale-orbit-fab-team-up-on-first-in-space-refueling-flight/)

LeoLabs launches mobile radar to strengthen global space surveillance

LeoLabs unveiled 'Scout', a mobile, containerised S-band radar system designed
for rapid deployment anywhere in the world, including at sea. The system
enhances space domain awareness by addressing surveillance gaps in key regions
like the Indo-Pacific, where fixed radar installations are limited. As
satellite traffic and space-based threats grow, Scout marks a strategic
expansion of LeoLabs' global radar network, with multiple units set for
deployment in the coming years. [Read more]
(https://payloadspace.com/leolabs-unveils-scout-mobile-radar-system/)

Spire Global completes strategic $241m sale to accelerate growth

Spire Global completed the $241m sale of its commercial maritime tracking
business to Belgian firm Kpler, using the proceeds to fully pay down $100m in
debt and reinvest in its core growth areas: weather, aviation, Radio Frequency
(RF) geolocation and hosted payload services. The close of this strategic
transaction, following a brief legal dispute, marks a significant step toward
financial strengthening and operational focus. With improved free cash flow
and a forecasted 12-17% revenue growth for 2025, Spire can now focus on its
space-based data solutions across key high-growth sectors. [Read more]
(https://spacenews.com/spire-global-closes-stalled-241-million-maritime-sale/)

SpaceTech Sector News

Seraphim Space Manager releases whitepaper on SpaceTech's crucial role in
Europe's security

Seraphim Space released a new whitepaper outlining a strategic roadmap to
accelerate growth in the UK and European space sectors while addressing
growing regional security challenges. The report highlights Europe's current
reliance on US defence assets, underinvestment in sovereign space capabilities
and shortfall in the availability of risk capital. Key recommendations include
fast-tracking procurement for innovative companies, mobilising public and
private capital for critical infrastructure and creating a pan-European
procurement body to develop sovereign capabilities in secure communications,
Intelligence, Surveillance and Reconnaissance (ISR) satellites and launch
systems. The whitepaper underscores that advancing SpaceTech is essential for
Europe's long-term security and autonomy. [Read more]
(https://seraphim.vc/wp-content/uploads/2025/04/Role-of-SpaceTech-in-Europes-Security-Dilemma-Whitepaper-April-2025.pdf)

Q1 2025 Seraphim Space Index published - SpaceTech funding jumped 12% YoY

Seraphim Space released the Q1 2025 edition of its SpaceTech Index, showing a
12% year-on-year increase in funding, bringing the total to $8.1bn over the
trailing 12 months. Investment remained concentrated in capital-intensive
sectors such as hardware, infrastructure, launch and satellites. US companies
captured 59% of the funding, while China accounted for just 8%. Seed-stage
deals dominated in volume, but Series B and C rounds raised the most capital.
Despite macroeconomic challenges, Seraphim Space remains optimistic about
long-term growth in SpaceTech. [Full Index]
(https://seraphim.vc/wp-content/uploads/2025/04/seraphimspaceUK-q1-2025_v1.pdf)
[Reuters Coverage]
(https://www.reuters.com/business/aerospace-defense/space-startups-face-uncertainty-us-cuts-federal-spending-report-says-2025-04-11/)

$400bn surge in NATO defence spending to boost commercial space sector

NATO's planned increase in defence spending represents a major opportunity for
the commercial space sector. This funding surge, estimated at $400bn annually,
is expected to accelerate the integration of space-based capabilities into
NATO's defence strategies, particularly in satellite communications, Earth
observation and space domain awareness. At the recent Space Symposium
conference, NATO officials highlighted the importance of aligning national
space programs and setting clear capability targets to address emerging
threats, including cyber-electronic warfare. NATO's emphasis on rapid
deployment and resilience further underscores the growing strategic role of
commercial space assets in bolstering its operational readiness. [Read more]
(https://spacenews.com/surge-in-nato-spending-to-benefit-space-sector/)

China's Shenzhou-20 mission advances space ambitions

On 24 April 2025, China launched the Shenzhou-20 mission, sending three
astronauts to its Tiangong space station for a six-month stay. This mission
underscores China's commitment to expanding its space capabilities and
establishing a permanent human presence in orbit. [Read more]
(https://www.nbcnews.com/science/space/china-launches-3-astronauts-replace-crew-chinese-space-station-rcna202769)

Amazon's Kuiper constellation takes flight with first 27 satellites in orbit

Amazon officially entered the satellite broadband race, launching 27 Project
Kuiper satellites aboard expendable launch system ULA Atlas V - its heaviest
payload to date. The mission marks the start of an 80+ launch campaign to
build a 3,200+ satellite constellation aimed at delivering laser-linked
gigabit internet. With a mid-2026 Federal Communications Commission deadline
looming, Amazon is racing to catch up with Starlink and establish a meaningful
foothold in low earth orbit (LEO). [Read more]
(https://payloadspace.com/kuiper-launches-first-production-internet-satellites/)

Media

Webinar

·           The Seraphim Space Index Q1 2025 explained: Seraphim
Space investor Lucas Bishop discusses the findings of the Seraphim Space Index
Q1 2025. This webinar explores the investment activity across the previous
quarter, discussing where investment has taken place, including stage,
geography and category. The webinar provides a deep understanding of
investment data in the sector.  Watch 
(https://www.linkedin.com/events/7312789294442598400/comments/)

Conference

·           EIE25 Conference: Seraphim Space General Partner Rob
Desborough is speaking on 15 May 2025 in Edinburgh.  Details 
(https://www.eie-invest.com/)

Find out where to meet and hear from Seraphim Space's team by following its
social media, LinkedIn (https://www.linkedin.com/company/seraphim-space/) /
Twitter (https://twitter.com/seraphim_space?lang=en) .

Sign up to receive Seraphim Space's monthly newsletter directly to your inbox.
[Sign up]
(https://seraphim.us16.list-manage.com/subscribe?u=e0d06c32336837b2b89cf44ae&id=68130aa2bb)

Neither the Company's website nor the content of any website accessible from
hyperlinks in it or in this newsletter (or any other website) is (or is deemed
to be) incorporated into, or forms (or is deemed to form) part of, this
newsletter.

- Ends -

Media Enquiries

 Seraphim Space Manager LLP (via SEC Newgate)
 Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough
 SEC Newgate (Communications advisers)                     seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk)
 Emma Kane / Clotilde Gros / George Esmond                 +44 (0) 20 3757 6767
 Deutsche Numis
 Mark Hankinson / Gavin Deane / Nathan Brown               +44 (0) 20 7545 8000
 J.P. Morgan Cazenove
 William Simmonds / Jérémie Birnbaum / Rupert Budge        +44 (0) 20 7742 4000
 Ocorian Administration (UK) Limited                       seraphimteam@ocorian.com
 Lorna Zimny                                               +44 (0) 28 9078 5880

Notes to Editors

About Seraphim Space Investment Trust plc

Seraphim Space Investment Trust plc (the "Company") is the world's first
listed fund focused on SpaceTech. The Company seeks exposure predominantly to
early and growth stage private financed SpaceTech businesses that have the
potential to dominate globally and that are sector leaders with first mover
advantages in areas such as climate, communications, mobility and cyber
security.

The Company is listed on the Premium Segment of the London Stock Exchange.

Further information is available at: https://investors.seraphim.vc
(https://investors.seraphim.vc) .

About Seraphim Space Manager LLP

Seraphim Space Manager LLP ("Seraphim Space" or the "Manager") is based in the
UK and manages Seraphim Space Investment Trust plc and Seraphim Space Ventures
II LP.

Further information is available at www.seraphim.vc (http://www.seraphim.vc) .

About Seraphim Space Accelerator Ltd

Seraphim Space Camp Accelerator Ltd, an affiliate of Seraphim Space Manager
LLP based in the UK, established the Seraphim Space Accelerator in 2018 and
has developed it to become the world-leading VC-led accelerator with a focus
on SpaceTech. The accelerator programme brings in-depth industry expertise to
get Seed and Pre-Series A SpaceTech companies 'investment ready' while
facilitating relationships with some of the world's leading Space corporates
and agencies.

Further information is available at www.seraphim.vc (http://www.seraphim.vc) .

About Generation Space LLC

Generation Space LLC is the US subsidiary of Seraphim Space Manager LLP and is
responsible for its US activities. Generation Space LLC is an affiliate of
Seraphim Space Camp Accelerator Ltd and is responsible for delivery of the US
Generation Space Accelerator.

Further information is available at www.generation.space
(http://www.generation.space) .

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