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

Seraphim Space Investment TrustAnnouncement

10/09/2025 07:00

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RNS Number : 6779Y  Seraphim Space Investment Trust PLC  10 September 2025

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

SpaceTech Sector Newsletter - August 2025

Science fiction to science fact

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 August 2025.

Portfolio Update

ALL.SPACE and Telesat Government Solutions begin terminal collaboration for
Telesat Lightspeed

ALL.SPACE has signed a memorandum of understanding (MoU) with Telesat
Government Solutions, a subsidiary of Telesat, to integrate its multi-orbit
user terminals with the forthcoming Telesat Lightspeed LEO network. The
collaboration will include testing with Telesat's LEO 3 demo satellite to
ensure ALL.SPACE's terminals are fully compatible and certified ahead of
Lightspeed's planned 2027 launch. Already in use by the US Navy and Army,
ALL.SPACE's Hydra terminals enable simultaneous connections across
geostationary (GEO), medium Earth orbit (MEO) and LEO satellites. The
partnership aims to deliver secure, resilient and interoperable satellite
communications (SATCOM) solutions for government and defence operations
worldwide. [Read more
(https://www.all.space/insights/terminal-collaboration-for-telesat-lightspeed?utm_source=linkedin&utm_medium=social&utm_campaign&utm_content=ap_ibtv4qhkqc)
]

LeoLabs and NASA partner on space safety data

LeoLabs has signed a Space Act Agreement with NASA to test how its orbital
tracking data can support NASA's efforts to prevent satellite collisions.
NASA's team will evaluate LeoLabs' metrics, radar data and safety products,
alongside the company's commercial catalogue of nearly 25,000 LEO objects
tracked with sub-10 metre accuracy. The collaboration could complement the US
Department of Defence's Space Surveillance Network, creating a more integrated
approach to space safety and resilience for government and commercial
operators. [Read more
(https://leolabs.space/press/leolabs-and-nasa-enter-space-act-agreement-for-flight-safety-data-integration-coordination/)
]

AST SpaceMobile hits launch button on satellite expansion

AST SpaceMobile has confirmed a fully funded plan to deploy 45-60 satellites
by the end of 2026, enabling continuous space-based mobile broadband to
support continuous service in the US, Europe, Japan and other strategic
markets, including the US Government. The company is building the first
direct-to-smartphone satellite network and has already achieved key
milestones, including the first space-based voice, video and 5G calls. With
six satellites currently in orbit, AST is scaling production of its Block 2
BlueBird satellites and preparing launches every 1-2 months. By expanding its
spectrum rights for mobile broadband, AST aims to deliver peak speeds of 120
Mbps and extend global coverage to nearly three billion subscribers. [Read
more
(https://www.computerweekly.com/news/366629316/AST-SpaceMobile-hits-launch-button-on-satellite-expansion)
]

Pixxel expands capabilities with national constellation contract and new
satellite launches

Pixxel is leading a consortium with Dhruva Space, PierSight and SatSure to
deliver India's first national Earth Observation Satellite System (EOSS), a
$145m programme. The 12-satellite constellation will give India sovereign
access to advanced imagery for agriculture, disaster response, infrastructure
and environmental monitoring. At the same time, Pixxel launched three
additional Firefly hyperspectral satellites on SpaceX's Falcon-9 from
California, completing the first phase of its six-satellite constellation.
Collectively, the Fireflies form the world's most advanced commercial
hyperspectral imaging system, capturing over 135 spectral bands at 5-metre
resolution. With six Fireflies now in orbit and its upcoming Honeybee mission
targeting short-wave infrared imaging, Pixxel is cementing its role as both a
global leader in hyperspectral Earth observation and a driver of India's
sovereign space capabilities. [Read more]
(https://www.business-standard.com/world-news/pixxel-dhruva-space-launch-satellites-on-spacex-falcon-9-from-california-125082700587_1.html)

Astroscale technology to strengthen Xona's Pulsar satellites

Astroscale will provide fellow SSIT portfolio company Xona Space Systems with
docking plates for its Pulsar satellites in low Earth orbit (LEO). These
plates will enable the satellites to be serviced, upgraded or safely deorbited
at the end of their operational lives. Xona's Pulsar constellation is designed
to deliver highly resilient positioning, navigation, and timing (PNT)
services, with stronger signals, centimetre-level accuracy and enhanced
protection against jamming and spoofing. As threats to GPS and other
navigation systems grow, resilient PNT is increasingly critical for national
security, essential infrastructure and global commerce. The partnership also
underscores a commitment to sustainable space operations by reducing orbital
debris risks, demonstrating how innovation and long-term responsibility can
combine to build future-proof satellite systems. [Read more
(https://www.themanufacturer.com/articles/xona-pulsar-satellites-to-take-advantage-of-astroscale-tech-for-resilient-responsible-navigation/)
]

Voyager and Latent AI bring advanced AI to orbit

Voyager Technologies has invested in Latent AI, a software company
specialising in optimising artificial intelligence (AI) for edge environments.
The collaboration aims to deliver faster, more resilient decision-making for
space and defence missions. The investment will expand Latent AI's hardware
reach, accelerate product development, and integrate advanced AI capabilities
into Voyager's platforms, strengthening edge intelligence for defence, space
and industrial customers. [Read more
(https://investors.voyagertechnologies.com/news/news-details/2025/Voyager-and-Latent-AI-Bring-Advanced-AI-to-Orbit/default.aspx)
]

SpaceTech Sector News

Space IPOs gain momentum

Space initial public offerings (IPOs) are regaining momentum after a slowdown
in recent years. SSIT portfolio company Voyager Technologies, along with
Firefly Aerospace and Karman Holdings, recently listed, achieving
multi-billion-dollar valuations. Firefly surged in its Nasdaq debut following
the success of its Blue Ghost lunar lander. Investor appetite is being fuelled
by government contracts, defence priorities and rising private investment,
with the Q3 2025 Seraphim Space Index reporting $3.1bn invested in space
startups, up from $2.1bn in Q1. Despite geopolitical and supply chain risks,
analysts see favourable conditions for space firms to go public. [Read more
(https://www.cnbc.com/2025/08/08/investing-in-space-space-ipos-are-rearing-their-heads-again-.html)
]

SpaceX pulls off starship rocket launch in recent comeback

SpaceX has completed a successful 60-minute test flight of its new Starship
rocket after a string of prior disappointing tests. The world's most powerful
rocket launched from Texas, reached nearly 200 km altitude and returned to
Earth. NASA plans to use a modified Starship for its Artemis Moon mission in
2027, though delays are expected. Elon Musk hailed the test as a major
milestone, with Starship intended as a fully reusable system for Moon and Mars
missions. The flight restores momentum after several failed test flights, but
experts caution major challenges remain before human missions. [Read more
(https://www.bbc.co.uk/news/articles/cly69z9lwnno) ]

Space industry hits $613bn as commercial sector drives growth

The global space industry reached a record $613bn in Q2 2025, up 7.8%
year-on-year, with projections pointing to $1trn by 2032, according to the
Space Foundation. Commercial activity dominates, making up 78% of the total,
led by PNT services, Earth observation, launch services and satellite
manufacturing. Dr Maureen Haverty, Principal at Seraphim Space commented for
'Orbital Today' that the democratisation of space was instrumental to the
market we see today. The next wave of value is expected from downstream
data-driven services, including space-enabled connectivity, climate risk
insurance and satellite-derived analytics. While geopolitical tensions and
space-specific risks remain, robust infrastructure and expanding commercial
applications underpin the sector's long-term potential, highlighting the
opportunity for SSIT investors to participate in a rapidly maturing global
market. [Read more]
(https://orbitaltoday.com/2025/08/25/space-industry-hits-613b-total-valuation-what-the-investors-are-telling-us/)

BryceTech's Start-Up Space 2025 report: Global investment in space start-ups
surges

Seraphim Space was featured as the most active investor globally in
BryceTech's Start-Up Space 2025, a report showing $7.8bn invested in space
start-ups during 2024, with the US leading at $4bn. First-time funding rounds
rose to 69, while Series A investment reached $1.4bn, the highest since
2021. The report highlights trends in capital allocation, company maturity and
investor concentration. [Read the report]
(http://www.brycetech.com/reports/report-documents/start_up_space_2025/BryceTech_Start_Up_Space_2025.pdf)

UK space sector bolstered by government reforms to boost growth and cut red
tape

The UK Space Agency will join the Department for Science, Innovation and
Technology by April 2026 to reduce duplication and improve accountability
under the government's Plan for Change. [Read more
(https://www.gov.uk/government/news/uk-space-sector-bolstered-with-government-reforms-to-boost-growth-and-cut-red-tape)
]

Media

Podcast

·           Rob Desborough, General Partner at Seraphim Space, on
KPMG's 'Pull Up a Chair' podcast: Rob Desborough joined KPMG UK's Bina Mehta
on the Pull Up a Chair podcast to discuss the rapid acceleration of the
SpaceTech sector. The conversation explored which segments are drawing
investor attention, the steps the UK must take to close its growth funding gap
and the breakthrough innovations reshaping the industry. [Listen here]
(https://podcasts.apple.com/us/podcast/pull-up-a-chair-with-bina-mehta/id1657203999)

Conferences

·           World Space Business Week (WSBW): Seraphim Space CEO
Mark Boggett will be speaking at the Paris event on 16 September 2025. [Find
out more] (https://wsbw.com/)

·           International Aeronautical Congress (IAC): Seraphim
Space advisory board member Candace Johnson and General Partner Rob Desborough
will be speaking in Sydney. [Find out more] (https://www.iac2025.org/)

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 / Vicki Paine  +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 Main Market 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 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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