RCS - Seraphim Space I.T. - SpaceTech Sector Newsletter - December 2025

Seraphim Space Investment TrustAnnouncement

08/01/2026 07:00

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RNS Number : 0536O  Seraphim Space Investment Trust PLC  08 January 2026

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

SpaceTech Sector Newsletter - December 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 December 2025.

Portfolio Update

ICEYE valued at €2.4bn after €1.7bn German military contract and €150m
Series E funding

Rheinmetall ICEYE Space Solutions, the joint venture between Rheinmetall and
ICEYE, has been awarded a €1.7bn ($1.9bn) contract by the German Armed
Forces to provide space-based reconnaissance. The agreement, running from late
2025 to late 2030 with options to extend, gives the German Armed Forces
exclusive access to a dedicated satellite constellation for continuous,
all-weather, day-and-night monitoring. [Read more
(https://www.iceye.com/newsroom/press-releases/iceye-and-rheinmetall-win-major-contract-worth-billions-for-space-reconnaissance)
]

Separately, ICEYE raised €150m ($170m) in new primary funding, alongside a
€50m ($55m) secondary placement, as part of its Series E round led by
General Catalyst. The round values ICEYE at approximately €2.4bn ($2.8bn)
and will accelerate the expansion of its satellite constellation and delivery
of sovereign intelligence services across Europe and allied markets. [Read
more
(https://www.iceye.com/newsroom/press-releases/iceye-and-general-catalyst-partner-to-redefine-space-based-intelligence-in-europe)
]

HawkEye 360 raises $150m, acquires Innovative Signal Analysis and signs $100m
data access agreement

HawkEye 360 completed a $150m financing round combining Series E preferred
equity and debt, co-led by NightDragon and Center15 Capital, with additional
debt from Silicon Valley Bank, Pinegrove Venture Partners and Hercules
Capital. As part of this growth, the company acquired Innovative Signal
Analysis, whose signal-processing technology and engineering team will
strengthen HawkEye 360's radio frequency analytics platform. The acquisition
will improve performance in complex environments and accelerate delivery of
actionable insights. HawkEye 360's technology detects and analyses emissions
from radios, radars and other transmitters to support defence and security
operations. [Read more
(https://www.he360.com/hawkeye-360-closes-strategic-acquisition-and-secures-series-e-preferred-and-debt/)
]

Separately, HawkEye 360 has signed a five-year data access agreement valued at
over $100m with an international partner. The deal guarantees access to the
company's radio frequency data and analytics, with options to expand
collection capacity and integrate regional ground infrastructure. HawkEye 360
plans to deploy dedicated satellite clusters with full operational capability
in early 2027, providing priority access while expanding overall constellation
capacity. [Read more
(https://www.he360.com/hawkeye-360-and-international-partner-establish-multi-year-data-access-agreement/)
]

SatVu targets data centre market with HotSat-2 launch in 2026

SatVu plans to launch HotSat-2 in Q1 2026, expanding its thermal imaging
capabilities to track data centre activity worldwide. The high-resolution
satellite imagery provides investors, regulators and operators with real-time
insights into energy use, heat emissions and operational status, turning
previously hidden activity into actionable intelligence. SatVu aims to build a
constellation capable of 20 daily revisits, positioning data centre monitoring
as a growing revenue stream and strategic focus for the company. [Read more]
(https://payloadspace.com/satvu-plans-to-target-data-center-market-with-hotsat-2/)

Tomorrow.io launches Thailand pilot and expands services in the Philippines

Tomorrow.io has begun a three-month AI weather forecasting pilot in southern
Thailand with the Ministry of Digital Economy and Society, updating forecasts
every 15 minutes to improve disaster warnings. The pilot runs without
government funding and could expand nationwide within six months. [Read more
(https://www.nationthailand.com/news/general/40059161) ]

In the Philippines, the company has partnered with Agrilever to provide
hyperlocal forecasts to farmers, giving early warnings on rainfall, wind and
flood risks. Tomorrow.io's satellite-based data is being integrated into
government systems, expanding real-time weather intelligence for agriculture
and disaster preparedness. [Read more
(https://www.manilatimes.net/2025/12/18/business/agribusiness/agrilever-tomorrowio-utilize-ai-powered-weather-forecasting-for-farmers/2245077)
]

LeoLabs secures cross-government licensing contract with Space Force and
Office of Space Commerce

LeoLabs will integrate its orbital object data into the Space Force's Unified
Data Library under a new contract with the Office of Space Commerce. The
agreement covers LeoLabs' full public catalogue, radar observations, object
state updates and manoeuvre detection data, enabling enhanced space traffic
management and commercial orbital alerts. LeoLabs, which has already secured
$29.4m in US government contracts for satellite tracking, collision avoidance
and radar systems in 2025, demonstrating growing reliance on commercial
providers for space situational awareness. [Read more
(https://payloadspace.com/leolabs-lands-cross-government-licensing-contract/)
]

AST SpaceMobile launches BlueBird 6, its largest commercial LEO communications
satellite

AST SpaceMobile successfully launched BlueBird 6, its largest commercial
communications satellite to date, from India on 23 December 2025. At nearly
2,400 square feet, the satellite is designed to deliver peak data rates of up
to 120 Mbps directly to standard, unmodified smartphones, supporting voice,
data and video from low Earth orbit. The company says the launch marks the
start of scaled deployment, with plans to launch 45-60 satellites by the end
of 2026. [Read more
(https://www.businesswire.com/news/home/20251222922862/en/AST-SpaceMobile-Announces-Successful-Orbital-Launch-of-BlueBird-6-the-Largest-Commercial-Communications-Array-Ever-Deployed-in-Low-Earth-Orbit)
]

SpaceTech Sector News

SpaceX targets $30bn IPO in 2026, valuation could top $1.5tn

SpaceX is planning an initial public offering in 2026, aiming to raise over
$30bn at a valuation of around $1.5tn, potentially one of the largest IPOs in
history. The offering would provide capital to accelerate growth across
infrastructure, connectivity and AI-powered services, including Starlink
satellite broadband, energy and transport systems, and advanced computing
clusters. This move positions SpaceX not just as a rocket and satellite
company, but as a vertically integrated technology powerhouse, creating
opportunities across the space economy, from in-orbit servicing and satellite
constellations to data analytics and global security solutions. With the space
economy expected to grow from $600bn today to $1.8tn by 2035, a SpaceX IPO
could fast-track that trajectory, driving the next industrial revolution in
space. [Read more
(https://www.bloomberg.com/news/articles/2025-12-09/spacex-said-to-pursue-2026-ipo-raising-far-above-30-billion)
]

VC's eye $39bn space market at London space investment conference

The inaugural Space Investment Conference in London brought together founders
and investors to explore the rapidly growing space economy, which has seen
$39bn(€33.2 bn) invested over the past five years. Speakers highlighted
opportunities in defence, dual-use technologies and European public funding,
with a focus on long-term infrastructure projects that deliver both strategic
impact and financial returns. The event underscored how new investors are
entering the space market, targeting scalable projects and aligning portfolios
with emerging European space initiatives. Mark Boggett, CEO of Seraphim Space
Manager LLP, highlighted the surge of new investors in Europe and the huge
potential opportunities on the horizon. [Read more
(https://payloadspace.com/vc-investors-plan-for-a-rich-space-future-in-london/)
]

New NASA chief says US will return to the Moon within Trump's second term

NASA Administrator Jared Isaacman has said the US will return astronauts to
the Moon within President Donald Trump's second term, following renewed
political backing for lunar exploration. Isaacman said a sustained lunar
presence could unlock scientific, economic and national security
opportunities, with NASA working with contractors, including SpaceX, Blue
Origin and Boeing, under the Artemis moon exploration programme. He added that
recent funding and advances in heavy-lift launch vehicles and in-orbit
refuelling are key to enabling more frequent and affordable missions. [Read
more
(https://www.cnbc.com/2025/12/26/nasa-boss-isaacman-us-will-return-to-the-moon-within-trumps-term.html)
]

Media

Podcast

Generation Space Podcast- Zeno Power: Founder Tyler Bernstein joined Seraphim
Space's Lucas Bishop and Leah Martin to discuss Zeno's nuclear battery
technology, recent milestones and government contracts and plans to deliver
its first long-duration power systems in 2027. [Listen here
(https://seraphim.vc/generation-space/podcast/portfolio-spotlight-zeno-power/)
]

Interview

Bloomberg interview - SpaceX IPO: SSIT Chair Will Whitehorn joined Bloomberg
to discuss why a potential SpaceX listing would be a "seismic event" for the
space industry, with major implications for suppliers and the wider SpaceTech
ecosystem. [Watch here
(https://www.bloomberg.com/news/videos/2025-12-10/spacex-ipo-seismic-event-for-space-industry-whitehorn-video)
]

Other

Curation Connect - Explore SSIT: SSIT is now featured on Curation Connect, a
platform offering investors insights into SSIT's portfolio, growth strategy
and position within the global SpaceTech market. The profile showcases
Curation Connect's latest investment thesis on SSIT, highlighting its solid
foundations and role in the rapidly evolving space economy. [Learn more
(https://app.curationcorp.com/company/Seraphim-Space-Investment-Trust-97352?utm_source=ssit_newsletter)
]

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 / Nathan Brown / Vicki Paine               +44 (0) 20 7545 8000
 J.P. Morgan Cazenove
 William Simmonds / 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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