RCS - Seraphim Space I.T. - SpaceTech Sector Newsletter - January 2026

Seraphim Space Investment TrustAnnouncement

09/02/2026 07:00

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RNS Number : 1281S  Seraphim Space Investment Trust PLC  09 February 2026

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

SpaceTech Sector Newsletter - January 2026

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 January 2026.

Portfolio Update

ICEYE further strengthens European SAR leadership with commercial and defence
contracts

ICEYE is broadening access to its high-resolution Synthetic Aperture Radar
(SAR) imagery across Europe. The company signed a contract with Ukraine's
Ministry of Defence to provide day-and-night, all-weather tactical
intelligence. SAR satellites use radar instead of visible light, allowing
imaging through clouds, smoke and darkness. [Read more
(https://www.iceye.com/newsroom/press-releases/ukraine-expands-partnership-with-iceye)
]

Sweden's Defence Materiel Administration has also contracted ICEYE for a
sovereign SAR system, including satellites, software and ground
infrastructure, giving the Swedish Armed Forces full control over tasking and
data. [Read more
(https://www.iceye.com/newsroom/press-releases/iceye-to-deliver-sovereign-space-based-intelligence-capabilities-to-the-swedish-armed-forces)
]

On the commercial side, AXA Digital Commercial Platform will use ICEYE SAR
data to enhance monitoring and analytics for floods, wildfires, hurricanes and
other extreme weather events. [Read more
(https://www.iceye.com/newsroom/press-releases/axa-and-iceye-strike-landmark-deal-to-use-ultra-high-quality-sar-data-to-track-extreme-weather-events)
]

LeoLabs secures $60m in 2025 contracts and maps out new radar expansion

LeoLabs closed 2025 with over $60m in total contract awards, driven by 186%
year-on-year growth in US government work. The company's Space Domain
Awareness (SDA) services track more than 25,000 objects in low Earth orbit
(LEO), supporting operational decision-making for the US and allied partners.
LeoLabs is also developing new radar systems: the first 'Scout' radar will be
operational in Hawaii in early 2026, followed by a 'Seeker' radar for the
Indo-Pacific region by 2027, further expanding coverage and collision
monitoring capabilities. [Read more
(https://leolabs.space/press/leolabs-achieves-record-bookings-in-2025/) ]

D-Orbit raises $53m in Series D and CEO signals continued growth

D-Orbit is gearing up for expansion. The Italian satellite company announced
it has closed $53m in new investment led by Azimut Group. The funds will help
D-Orbit boost manufacturing, pursue acquisitions and expand its in-space
computing network via its ION satellite carrier, supporting its longer-term
goals of in-orbit servicing, assembly and debris removal. [Read more
(https://payloadspace.com/d-orbit-raises-53m-to-fund-acquisition-efforts/?utm_content=527446255&utm_medium=social&utm_source=linkedin&hss_channel=lis-7M5lHNIKd5)
]

Voyager Technologies secures International Space Station (ISS) payload
contract and microgravity manufacturing patent

Voyager Technologies (NYSE: VOYG) has signed a contract with Space LiinTech
(https://spaceliintech.com/) to manifest a new payload to the ISS, providing
mission integration and end-to-end support for a protein crystallisation
experiment aimed at improving drug discovery. [Read more
(https://voyagertechnologies.com/press-releases/voyager-enables-microgravity-enabled-drug-discovery/)
]

Voyager has also been awarded a patent for a microgravity-based manufacturing
method intended to produce larger, purer crystals for high-performance optical
communications, with sample flights to the ISS planned for this year to
validate the approach. [Read more
(https://payloadspace.com/voyager-details-its-future-plans-for-in-space-manufacturing/)
]

Separately, Mitsubishi Corporation has reserved and pre-purchased payload
capacity on Voyager's commercial space station venture, Starlab, while
increasing its investment and joining the board. [Read more
(https://investors.voyagertechnologies.com/news/news-details/2026/Mitsubishi-Corporation-Joins-Starlab-as-Major-Space-Station-Customer/default.aspx)
]

Xona orders eight satellites to speed Pulsar navigation rollout

Xona Space Systems has ordered eight additional Pulsar navigation satellites
from Aerospacelab, with launches starting late 2026. Aerospacelab, which built
Xona's first satellite, Pulsar‑0, will support production while Xona sets up
its own California facility. The expansion follows a $100m funding round to
scale the constellation for global commercial navigation services. [Read more
(https://www.satellitetoday.com/manufacturing/2026/01/13/xona-space-systems-orders-8-pulsar-satellites-from-aerospacelab/)
]

Tomorrow.io completes first constellation and outlines 'DeepSky' follow-on
network

Tomorrow.io has completed its initial satellite constellation, achieving a
60-minute global weather revisit rate with its 10th and 11th microwave sounder
satellites. These sensors measure atmospheric temperature and humidity,
improving forecasts even through cloud cover. [Read more
(https://www.tomorrow.io/blog/tomorrow-io-reaches-60-minute-global-revisit-completing-its-first-constellation/)
]

The company also unveiled plans for its next constellation, 'DeepSky',
featuring larger satellites and more powerful sensors for higher-resolution,
real-time monitoring of the atmosphere and oceans, complementing existing LEO
and geostationary systems. [Read more
(https://payloadspace.com/tomorrow-io-to-launch-weather-monitoring-constellation/?oly_enc_id=9685D4236356A3S)
]

Pixxel-led consortium to build India's first commercial Earth observation
constellation

Pixxel and partners signed an MoU with India's IN-SPACe to build the country's
first indigenous commercial Earth observation satellite network. The
12-satellite constellation will carry optical, multispectral SAR and
hyperspectral sensors, with launches starting in 2027 and phased deployment to
follow. [Read more
(https://economictimes.indiatimes.com/news/science/pixxel-led-group-inks-pact-with-inspace-for-commercial-satellite-constellation-first-launches-next-year/articleshow/126942753.cms)
]

Astroscale Japan secures Japan and ESA contracts for satellite servicing
technologies

Astroscale Japan (186A.T:TYO) won a ¥1bn ($6.4m) contract from Japan's
Ministry of Defence to develop a satellite capture mechanism for national
security satellites. [Read more
(https://www.satellitetoday.com/technology/2026/01/07/japan-mod-awards-astroscale-contract-to-develop-gripping-mechanism-system/)
]

Separately, Astroscale's UK subsidiary received a €399,000 ESA Phase A study
to explore an In-Orbit Refurbishment and Upgrading Service (IRUS), aimed at
extending or upgrading satellites' operational life, with BAE Systems as a
prospective client. [Read more
(https://www.astroscale.com/en/news/astroscale-uk-awarded-esa-contract-to-develop-world-first-in-orbit)
]

SpaceTech Sector News

$1.25tn SpaceX-xAI merger signals acceleration of space-based AI

In early February, SpaceX announced a merger with xAI, creating a combined
entity valued at over $1.25tn and is expected to pursue an IPO later this
year. The move highlights a growing industry trend: orbital infrastructure is
increasingly seen as a key enabler for large-scale AI and global digital
systems, overcoming terrestrial limitations such as power, cooling and grid
capacity.

Industry observers note that the merger could accelerate investment and
innovation across space-based computing, satellite constellations and orbital
infrastructure. As global megatrends like AI, connectivity and climate
solutions converge in orbit, this development reinforces the strategic
importance of space as the backbone for the next wave of digital technologies.
[Read more]
(https://www.reuters.com/business/media-telecom/us-space-stocks-rise-after-musks-spacex-merges-with-xai-125-trillion-valuation-2026-02-03/)

Seraphim Space Index Q4 2025 signals strong investment growth in 2026

Global investment in space technology is set to accelerate in 2026, fuelled by
defence-linked satellites, expanded launch capacity and AI applications in
orbit, according to the latest Seraphim Space Index. The Index shows private
funding hit a record $12.4bn in 2025, up 48% on 2024 and surpassing the
previous 2021 peak. [Read more
(https://www.reuters.com/business/aerospace-defense/space-sector-eyes-further-investment-growth-2026-after-record-year-2026-01-19/)
]

Media

Podcast

Seraphim Space - Past, Present and Future: In the first episode of Seraphim
Space's tenth-anniversary podcast series host Candace Johnson speaks with
Aarti Holla-Maini, Director General of the United Nations Office for Outer
Space Affairs. The conversation explores space governance, international
cooperation and a message of hope for the global space ecosystem. [Listen here
(https://seraphim.vc/generation-space/podcast/space-governance-and-hope/) ]

Webinar

The Seraphim SpaceTech VC Index Q4 2025 Explained: Seraphim Space's Investment
Associate, Lucas Bishop, and Head of Marketing, Leah Martin, review findings
from the Q4 2025 Index, highlighting a record quarter with $3.8bn invested
globally and $12.4bn deployed over the trailing twelve months. The session
examines how SpaceTech has rebounded from the 2022 downturn and outperformed
the wider venture capital market. [Watch here
(https://www.linkedin.com/events/theseraphimspacetechvcindexq4207416796702680170496/theater/)
]

Media Commentary

SpaceX-xAI merger: Seraphim Space's commentary appeared widely on the
SpaceX-xAI merger: Reuters
(https://www.reuters.com/business/media-telecom/us-space-stocks-rise-after-musks-spacex-merges-with-xai-125-trillion-valuation-2026-02-03/)
/ Barron's
(https://www.barrons.com/articles/tesla-stock-price-spacex-xai-musk-deal-5f180c6e?refsec=technology&mod=topics_technology)
/ MarketScreener
(https://uk.marketscreener.com/news/us-space-stocks-rise-after-musk-s-spacex-merges-with-xai-at-1-25-trillion-valuation-ce7e5bd2d08df72d)
/ City AM
(https://www.cityam.com/musks-mega-merger-raises-stakes-for-spacex-ipo/) /
Business Recorder
(https://url.uk.m.mimecastprotect.com/s/x2uECGwPMsYjBoSYFJIBaAjy?domain=brecorder.com)
.

Conferences

·           World Defense Show, Riyadh (8 to 12 February 2026):
Seraphim Space CEO Mark Boggett will be attending on 8 and 9 February. [Find
out more (https://www.worlddefenseshow.com/en) ]

·           Munich Security Conference, Munich (13 to 15 February
2026): Seraphim Space General Partner Rob Desborough will be attending all
days. [Find out more (https://securityconference.org/en/msc/) ]

·           DGI 2026, London (23 to 25 February 2026): Seraphim
Space CEO Mark Boggett will be attending and speaking on 23 February. [Find
out more (https://dgi.wbresearch.com/) ]

·           Florida Venture Capital Conference, Miami (23 to 25
February 2026): Seraphim General Partner Rob Desborough will be attending and
speaking at the Conference. [Find out more
(https://flventure.org/florida-venture-capital-conference/) ]

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
 Gavin Deane / 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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