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

Seraphim Space Investment TrustAnnouncement

03/07/2025 07:00

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RNS Number : 5029P  Seraphim Space Investment Trust PLC  03 July 2025

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

SpaceTech Sector Newsletter - June 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 June 2025.

Portfolio Update

Voyager Technologies achieves milestone with NYSE IPO debut

Voyager Technologies made a strong debut on the New York Stock Exchange,
opening at $69.75 (more than double its $31 IPO price), before closing day one
at $56.48, marking an 82.2% surge and a valuation of approximately $3.8bn.
Following its heavily over-subscribed IPO, Voyager's price has settled around
the $43-$45 range, still significantly above its IPO price and a strong
indicator of investor confidence. The company's positioning at the
intersection of space and defence, backed by key contracts including a $217.5m
NASA Starlab award and involvement in the US Golden Dome missile-defence
initiative, continues to drive enthusiasm. Its partnerships with Lockheed
Martin, Palantir and the US Air Force further reinforce Voyager's long-term
potential in critical US national infrastructure. [Read more]
(https://www.reuters.com/business/aerospace-defense/voyager-technologies-valued-38-billion-shares-more-than-double-nyse-debut-2025-06-11/)

Xona raises $92m to reinvent GPS from low earth orbit

Xona raised $92m in new funding to accelerate the build-out of its
next-generation satellite navigation system. The Series B round was led by
Craft Ventures, with continued support from SSIT and other major investors
including  Toyota Ventures, and NGP Capital. The raise also included a $20m
non-dilutive Strategic Funding Increase  (STRATFI) award from the US Space
Force's SpaceWERX, bringing Xona's total funding to over $150m. Xona is
developing Pulsar, the first commercial satellite navigation system in low
earth orbit. Pulsar delivers encrypted, spoof-resistant signals and
centimetre-level precision, offering a resilient, high-performance alternative
to legacy GPS for defence, autonomy, logistics, critical infrastructure and
more. With the successful launch of its first production-class satellite,
Pulsar-0, Xona is now scaling rapidly toward a full constellation that will
bring secure, real-time positioning and timing to customers worldwide. [Read
more] (https://www.xonaspace.com/news/series-b)

ICEYE strengthens leadership with NATO tie-up, military contracts, fleet
growth and €250m R&D investment

ICEYE continues to cement its position as Europe's leader in sovereign SAR
satellite intelligence through a series of strategic milestones. NATO's Allied
Command Operations has integrated ICEYE's 25 cm-class synthetic-aperture
radar (SAR) imagery into its Alliance Persistent Surveillance from Space
(APSS) initiative, enabling all-weather intelligence delivery within one hour
of capture and significantly enhancing rapid-response capabilities. ICEYE also
announced further contracts with the Netherlands and Portugal. The Royal
Netherlands Air Force signed a deal for four SAR satellites and AI-enabled
ground/mobile systems, launching its first military-grade unit at record
speed. In parallel, ICEYE will provide the Portuguese Air Force and CTI
Aerospacial with a SAR satellite, ground segment and local assembly
infrastructure in support of Portugal's 2030 Space Strategy and Atlantic
Constellation program. ICEYE is also currently launching its own investment
program using €250 million+ to expand its satellite manufacturing
capabilities, accelerate technology development, and strengthen its position
as a global leader in space and defence technologies. This initiative is
supported by a €41.1 million R&D grant from Business Finland, which
includes €5.7 million in non‑dilutive grants and €35.4 million in
development loans.[Read more]
(https://www.iceye.com/newsroom/press-releases/iceye-scales-operations-and-investments-in-rd-business-finland-grants-significant-funding?utm_content=335873174&utm_medium=social&utm_source=linkedin&hss_channel=lcp-4856503)

SSIT backed innovators launch multiple payloads on SpaceX transporter-14
mission

SpaceX's Falcon 9 launched the Transporter-14 mission from Vandenberg Space
Force Base, successfully deploying several payloads from companies supported
by SSIT. Key highlights include:

·           Xona Space Systems launched Pulsar-0, advancing
precise, encrypted and jam-resistant navigation as a commercial alternative to
GPS.

·           D-Orbit continued its leadership in space logistics
with the launch of its 18(th) and 19(th) Orbital Transfer Vehicles, optimising
satellite deployment.

·           Spire Global launched six low earth multi-use receiver
(LEMUR) satellites focused on soil moisture monitoring and improved weather
forecasting.

·           ICEYE deployed six SAR satellites, including its first
for the Royal Netherlands Air Force, boosting Earth observation capabilities.

These deployments have been facilitated by SSIT's ongoing commitment to
supporting space technologies that enable innovation across defence, climate,
communications, and Earth observation sectors. [Read more]
(https://seraphim.vc/news/seraphim-backed-innovators-launch-on-spacex-transporter-14/)

SatVu secures €3m ESA contract for thermal intelligence services

Space-based thermal imaging specialist SatVu has been awarded a contract worth
up to €3m by the European Space Agency (ESA) to deliver high-resolution
thermal data to the Copernicus Contributing Missions programme. Announced at
the Living Planet Symposium in Vienna, this is the first Category 1 Copernicus
contract awarded to a UK company. Over the next three years, SatVu will
support Copernicus with real-time thermal insights for applications spanning
urban heat mapping, infrastructure resilience, emissions tracking and security
monitoring, strengthening Europe's environmental and defence intelligence
capabilities. [Read more]
(https://www.satellitevu.com/news/uks-satvu-secures-multi-million-esa-contract-to-power-climate-and-security-intelligence)

AST SpaceMobile secures Ligado Spectrum in $550m deal

AST SpaceMobile has agreed to invest $550m in the bankrupt Ligado Networks,
with most of the funds going to repay Ligado's debt to Viasat/Inmarsat. In
return, AST will get long-term access to valuable L-band spectrum across North
America, pending bankruptcy approval. By blending this spectrum with existing
cellular bands from AT&T and Verizon, AST aims to launch its
space-to-smartphone broadband service, capable of 120 Mbps speeds to
unmodified handsets, targeting a beta rollout by late 2025 and a full launch
in 2026. Under the agreement, Ligado will receive approximately $16m
quarterly, escalating annually (through 2107). This multi-decade arrangement
supports AST's growing BlueBird satellite network and strengthens its footing
in the satellite-based cellular ecosystem. [Read more]
(https://www.satellitetoday.com/connectivity/2025/06/16/viasat-ligado-and-ast-spacemobile-reach-spectrum-deal-in-bankruptcy-case/)

HawkEye 360 expands coverage with strategic Rocket Lab launch

HawkEye 360 successfully expanded its satellite constellation with the launch
of three Cluster 12 satellites aboard Rocket Lab's Electron rocket. Operating
in a dawn/dusk sun-synchronous orbit for the first time, the new satellites
will enhance global radio-frequency data coverage and mark another step
forward in HawkEye 360's growing space-based intelligence capabilities. [Read
more] (https://spacenews.com/rocket-lab-launches-hawkeye-360-satellites/)

Astroscale awarded £5.15m UK contract to launch Orpheus satellites in 2027

Astroscale's UK subsidiary has secured a £5.15m contract from the UK's
Defence Science & Technology Laboratory (Dstl), awarded via the BAE
Systems-managed Serapis framework, to deploy two hyperspectral cubesats in
2027 for the Orpheus mission. Built by Open Cosmos, the near‑identical
spacecraft will fly in close formation to monitor space weather and track
debris, each equipped with a hyperspectral imager and four geophysical
payloads targeting ionospheric disturbances that impact satellite signals,
navigation and communications. The mission, supported by payload developers
including the US Naval Research Laboratory, University of Bath and Surrey
Satellite Technology Ltd., will leverage Astroscale's proven expertise in
satellite servicing and debris removal to advance space sustainability
efforts. [Read more]
(https://astroscale.com/astroscale-uk-defence-contract-orpheus/)

SpaceTech Sector News

UK strategic defence review declares space a core security pillar

The UK's 2025 Strategic Defence Review identifies space as vital national
infrastructure, crucial to the country's defence, economy and daily life. It
warns that GPS disruption alone could put up to £1bn of economic activity per
day at risk. In response, the UK is committing to stronger capabilities in
space-based awareness, secure communications (such as the SKYNET satellite
programme), intelligence gathering, navigation and protection against hostile
actions in space. To drive rapid innovation, the review establishes a £400m
annual defence innovation fund and a new defence innovation organisation, with
reforms targeting swift procurement across military and civil sectors. It also
elevates space within the national armaments portfolio and proposes a cabinet
sub‑committee to synchronise policy, a clear invitation for UK space
start-ups and scale‑ups to become leaders in their field. [Read more]
(https://www.gov.uk/government/publications/the-strategic-defence-review-2025-making-britain-safer-secure-at-home-strong-abroad)

Amazon launches second batch of Kuiper internet satellites, taking on Elon
Musk's Starlink

Amazon successfully launched its second batch of Project Kuiper satellites on
24 June, sending 27 satellites into low earth orbit aboard a United Launch
Alliance Atlas V rocket. This brings the total Kuiper satellites in orbit to
54, marking steady progress toward Amazon's planned 3,236-satellite broadband
constellation, which will compete directly with SpaceX's Starlink. [Read more]
(https://www.cnbc.com/2025/06/23/amazon-kuiper-satellites-musk-starlink.html)

Will Whitehorn awarded OBE in King Charles III's birthday honours for services
to aerospace

Will Whitehorn, non-executive Chair of SSIT, was awarded an OBE (Officer of
the Order of the British Empire) in King Charles III's Birthday Honours list
for his services to the aerospace industry. Will played a key role in
commercial spaceflight as founding President of Virgin Galactic from 2004 to
2011. He later served as President of UKspace from 2019 to 2022, overseeing
industry engagement during a period of rapid growth. [Read more]
(https://www.bbc.co.uk/news/articles/cd7gq07883wo)

Seraphim Space Accelerator launches startup pitch platform

The Seraphim Space Accelerator's startup pitch platform is now live, providing
a dedicated hub to explore early-stage space tech companies. The platform
features an overview of its purpose, official video pitches from the latest
Mission 15 cohort and a searchable Airtable directory of all 119 Accelerator
alumni. It offers professional investors and industry stakeholders streamlined
access to one of the world's leading space-focused startup communities. [Find
out more] (https://platform.seraphim.vc/access)

Media

Webinar

·      Mark Boggett, CEO of Seraphim Space, recently presented at the
Mello Monday investor event, offering insights into SSIT's strategy, portfolio
highlights and the growing importance of space technologies across the
defence, climate and communications sectors.  Watch 
(https://www.youtube.com/watch?v=-ruF71FLl6s)

Conferences

·           UK Space conference: Seraphim Space CEO Mark Boggett,
with be speaking at the UK Space Conference in Manchester on 16 July 2025.
[Find out more] (https://www.spaceconference.co.uk/)

·           SPACETIDE: Seraphim CIO James Bruegger will be speaking
at SPACETIDE Japan on 7 July 2025 in Tokyo. [Find out more]
(https://spacetide.jp/en/conferences/)

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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