RCS - Seraphim Space I.T. - SpaceTech Sector Newsletter – March 2026

Seraphim Space Investment TrustAnnouncement

09/04/2026 07:00

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RNS Number : 7067Z  Seraphim Space Investment Trust PLC  09 April 2026

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

SpaceTech Sector Newsletter - March 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 March 2026.

Portfolio Update

ICEYE reports strong 2025 performance with €250m+ revenue, >€100m
EBITDA and €1.5bn contracted backlog

ICEYE operates the world's largest synthetic aperture radar (SAR)
constellation, using radar rather than visible light to capture imagery
through cloud cover and in darkness. It reported unaudited 2025 revenue of
more than €250m (c.$270m), EBITDA in excess of €100m (c.$108m) and a
€1.5bn (c.$1.6bn) contracted order backlog, reflecting continued growth,
profitability and cash generation during the year. These exceedingly strong
results reinforced the strategic repositioning of space from a venture‑led
sector to a core component of defence, security and national infrastructure.
 The company expects this momentum to continue in 2026. [Read more
(https://www.iceye.com/newsroom/press-releases/iceye-announces-2025-financials)
]

Separately, the company launched a SAR-based deforestation monitoring solution
to provide near real-time detection of illegal logging in cloud-covered
regions such as the Amazon. [Read more
(https://www.iceye.com/newsroom/press-releases/iceye-launches-deforestation-monitoring-solution-to-accelerate-enforcement-against-illegal-tropical-forest-loss)
]

Xona raises $170m Series C to scale Pulsar LEO navigation constellation

Xona raised $170m in a Series C round to scale its low Earth orbit (LEO) GPS
navigation constellation and expand satellite manufacturing. The company is
developing next-generation Positioning, Navigation and Timing (PNT)
infrastructure, which provides location and timing data for systems such as
transport, telecoms and defence, with signals designed to be stronger and more
resilient than GPS. Xona says it has already demonstrated authenticated
navigation signals in orbit and plans to deploy a 258-satellite constellation.
The funding will support production at its California facility and broader
global deployment as the company moves from demonstration to operational
infrastructure. As previously announced
(https://polaris.brighterir.com/public/seraphim_space/news/rns/story/xjl17ow)
, the funding round resulted in a material uplift in the fair value of SSIT's
holding in Xona, which will be reflected in SSIT's 31 March 2026 NAV. [Read
more (https://www.xonaspace.com/news/series-c) ]

SSIT-backed companies deploy payloads on SpaceX Transporter-16, highlighting
breadth of portfolio capabilities

SSIT portfolio companies ICEYE, HawkEye 360, D-Orbit and SatVu launched
payloads on SpaceX Transporter-16 from Vandenberg on 30 March 2026, alongside
Seraphim Accelerator alumni companies Astrolight and CisLunar Industries. The
mission spanned a wide range of capabilities across the space value chain,
including SAR imaging, radio frequency (RF) intelligence, thermal sensing and
space logistics. ICEYE deployed six new SAR satellites, while HawkEye 360
added three satellites to its RF constellation, reflecting continued scaling
across defence, climate and intelligence applications. D-Orbit's participation
underscores the growing importance of in-orbit logistics and transportation
services, while SatVu's thermal imaging capabilities support high-resolution
monitoring of infrastructure and environmental activity. The mission
highlights the breadth of SSIT's portfolio across key segments of the space
economy and the continued deployment of operational capabilities in orbit.
[Read more
(https://seraphim.vc/news/seraphim-companies-spacex-transporter-16/) ]

HawkEye 360 raises additional $23m and secures up to $75m European defence
contract

HawkEye 360 raised a further $23m, following its $150m Series E announced in
December 2025, to strengthen its balance sheet and support integration of its
acquisition of Innovative Signal Analysis
(https://www.satellitetoday.com/finance/2025/12/19/hawkeye-360-ceo-says-isa-acquisition-will-bolster-hawkeyes-signals-analysis/)
. [Read more
(https://www.satellitetoday.com/finance/2026/03/04/hawkeye-360-adds-23m-to-series-e-funding/)
]

The company was also selected by a European Ministry of Defence for an
electronic warfare programme valued at up to $75m. The contract provides
subscription-based access to air defence and GPS interference monitoring
services, reflecting growing demand for sovereign signals intelligence and
electronic warfare capabilities across Europe, and providing increased
visibility of future revenues. The company's space-based radio frequency (RF)
intelligence capability underpins its role in defence and intelligence
applications, enabling the detection and geolocation of signals from orbit.
[Read more
(https://www.he360.com/hawkeye-360-expands-partnership-with-european-ministry-of-defense-clients/)
]

ALL.SPACE completes certification and expands defence partnerships for
multi-orbit connectivity

ALL.SPACE completed certification of its electronically-steered multi-orbit
terminal on the SES O3b mPOWER network, enabling simultaneous full-duplex
connectivity across geostationary orbit (GEO) and medium Earth orbit (MEO).
The capability supports resilient, high-performance communications for
government and defence missions across land, maritime and mobile operations.
[Read more
(https://www.all.space/insights/all-space-and-ses-space-defense-complete-certifications-and-are-now-delivering-assured-multi-orbit-connectivity-for-defense-missions)
]

The company also signed a strategic partnership with Viasat (the global
communications company), with its Hydra terminal achieving Global Xpress
Category 4 certification, enabling operation across high-capacity military
Ka-band beams worldwide. [Read more
(https://www.satellitetoday.com/technology/2026/03/12/all-space-signs-viasat-partnership-deal/)
]

The certification and partnership strengthen ALL.SPACE's position within
multi-orbit defence connectivity and support its integration into leading
global satellite networks.

Voyager wins NASA contract and invests in lunar habitat developer Max Space

Voyager Technologies (NYSE: VOYG) secured a follow-on multi-million-dollar
NASA contract under the Expendable Launch Vehicle Integrated Support (ELVIS 3)
programme, extending its role in launch integration and mission support
through the end of the US fiscal year. The programme supports NASA's Launch
Services Program, which manages launch services for robotic science and
exploration missions. [Read more
(https://investors.voyagertechnologies.com/news/news-details/2026/Voyager-Awarded-Multi-Million-Dollar-NASA-Contract/default.aspx)
]

Voyager also made a "low eight-figure" investment in Max Space to support the
development of expandable habitats for sustained lunar and deep space
missions, aligned with NASA's plans for a long-term lunar presence by 2028.
The investment is expected to support research, manufacturing scale-up and
mission integration as Max Space advances its cislunar infrastructure
capabilities. [Read more
(https://www.satellitetoday.com/finance/2026/03/09/voyager-makes-low-eight-figures-investment-in-max-space/)
]

Pixxel expands access to Earth observation data and advances space
sustainability initiatives

Pixxel partnered with NSG UP42 (a geospatial data and analytics platform) in
Saudi Arabia to provide hyperspectral Earth observation data via a national
geospatial platform. The collaboration enables detailed analysis for
applications such as mineral detection, environmental monitoring and
regulatory compliance by expanding access to high-resolution satellite data.
[Read more
(https://www.pixxel.space/news/pixxel-and-nsg-up42-partner-to-expand-hyperspectral-earth-observation-capabilities-in-saudi-arabia)
]

Separately, Pixxel partnered with Cosmoserve Space, which develops Active
Debris Removal (ADR) technology and provides commercial ADR services to remove
orbital debris and non-operational satellites, on a technology demonstration
mission focused on ADR. The mission is designed to test the feasibility of
large-scale debris removal technologies, supporting efforts to improve the
sustainability of operations in Earth orbit. [Read more
(https://www.pixxel.space/news/pixxel-space-and-cosmoserve-join-forces-to-advance-space-debris-removal)
]

SSIT portfolio companies make Fast Company's 2026 most innovative list

SSIT portfolio companies including ICEYE, XONA, Tomorrow.io, AST SpaceMobile,
LeoLabs and Skylo were named in Fast Company's 2026 most innovative companies
list. The companies span key segments of the space economy, including weather
intelligence, direct-to-device connectivity, Earth observation, space traffic
management and navigation infrastructure. The recognition highlights continued
momentum behind commercial space as a source of critical infrastructure and
reflects growing validation of space-enabled technologies across global
markets. [Read more
(https://seraphim.vc/news/seraphim-space-fast-company-most-innovative-companies-2026/)
]

Astroscale selects Isar Aerospace for ELSA-M debris removal demonstration
mission

Astroscale selected Isar Aerospace to launch its ELSA-M in-orbit demonstration
mission, which will test end-of-life satellite removal capabilities. The
programme is supported by the UK Space Agency through the European Space
Agency's programme of Advanced Research in Telecommunications Systems (ARTES)
as part of the Sunrise Partnership Project, a public-private partnership with
Eutelsat, and forms part of a broader roadmap toward commercial in-orbit
servicing. Astroscale says the mission is a key step toward scalable debris
removal and a more sustainable space environment. [Read more
(https://www.astroscale.com/en/news/astroscale-selects-isar-aerospace-to-launch-elsa-m-in-orbit-demonstration)
]

AST SpaceMobile partners with Orange to expand satellite-to-smartphone
services

Orange partnered with AST SpaceMobile and Satellite Connect Europe to expand
direct-to-device satellite connectivity, enabling standard smartphones to
connect to satellites without specialised hardware. Demonstrations covering
voice, SMS and data are planned in Romania in late 2026, as part of Orange's
multi-provider strategy alongside partners including Eutelsat, SES and
Starlink. Direct-to-device connectivity supports coverage in areas with
limited terrestrial infrastructure and improves resilience during outages. The
agreement reflects increasing competition among European telecom operators to
deploy satellite-enabled mobile services. [Read more
(https://www.reuters.com/business/retail-consumer/orange-partners-with-ast-spacemobile-vodafone-satellite-connectivity-2026-03-02/)
]

SpaceTech Sector News

SpaceX files for IPO, targeting record-breaking listing

SpaceX confidentially filed for a US initial public offering, according to
Reuters, paving the way for what could become the largest IPO in history. The
company is reportedly targeting a valuation of around $1.75tn, with the deal
expected to surpass Saudi Aramco's $29bn listing in 2019. The IPO would give
investors exposure to one of the world's most advanced space companies,
spanning rockets, satellite communications and emerging space-based
infrastructure. It also highlights growing interest in space as a critical
platform for connectivity, defence and next-generation data services, with
SpaceX increasingly positioned at the centre of this shift. [Read more]
(https://www.reuters.com/business/aerospace-defense/spacex-registers-take-rocket-maker-public-blockbuster-ipo-bloomberg-news-reports-2026-04-01/)

NVIDIA launches space computing platform for AI in orbit

NVIDIA launched a space computing platform, including the Space-1Vera Rubin
module and Jetson Orin, designed to deliver data-centre-class AI in size,
weight and power-constrained environments. The system is intended to enable
real-time processing for applications including geospatial intelligence,
orbital data centres and autonomous spacecraft. The development highlights the
growing convergence of AI and space infrastructure, as onboard processing
becomes increasingly critical to unlocking the value of space-based data and
services. [Read more
(https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Launches-Space-Computing-Rocketing-AI-Into-Orbit/default.aspx)
]

NASA's Artemis II mission marks return of crewed deep space exploration

NASA launched (on 1 April 2026) Artemis II, the first crewed mission around
the Moon in more than 50 years, testing systems ahead of planned lunar
landings later this decade. The mission signals renewed momentum in human
space exploration and has captured global attention, reinforcing growing
public and commercial interest in the next phase of the space economy. The
space economy is no longer emerging. It has arrived. [Read More]
(https://www.bbc.co.uk/news/articles/c0q4w3l0wdvo)

Seraphim Space publishes 2026 SpaceTech ecosystem map with new industry
framework

Seraphim Space released its SpaceTech Ecosystem Map 2026, covering more than
300 private equity financed  companies and introducing a new three-layer
framework spanning Space Access, Space Segment and Downstream. The update
replaces the legacy upstream/downstream model to better reflect how value is
created across infrastructure, in-orbit assets and end-user services. New
categories, including Supply, Satellite Operations and the In-Space Economy,
highlight areas of growing investment and industrial scale. The revised
taxonomy reflects a maturing sector with expanding commercial activity and
clearer value chains. [Read more
(https://seraphim.vc/news/seraphim-spacetech-ecosystem-map-2026-a-new-framework-for-a-maturing-industry/)
]

Media

Podcasts

·           QuotedData - In The HotSeat with Mark Boggett: Mark
Boggett, CEO of Seraphim Space, discussed the investment strategy and outlook
for SSIT, including market dynamics and opportunities across the space sector.
[Watch here
(https://quoteddata.com/events/in-the-hotseat-mark-boggett-of-seraphim-space-investment-trust/)
]

·           Valley of Depth - The Early Innings: Mark Boggett, CEO
of Seraphim Space, joined the podcast to discuss the growth of the space
industry, how venture capital has evolved in the sector and why growing
institutional funding is unlocking the next phase of industry growth. [Watch
here (https://www.youtube.com/watch?v=dfAhp7ahqkc&t=3s) ]

·           Building the Global Capital of Space Finance: Can the
UK Lead, and What Will It Take?: Rob Desborough, General Partner at Seraphim
Space, Bob Wigley, Chair of UK Finance and Seraphim Space Partner, and Joe
Cassidy, Partner and EMA Head of Technology, Media & Telecoms at KPMG UK,
joined Leah Martin to explore how the UK can position itself as a global hub
for space finance. [Listen here
(https://seraphim.vc/generation-space/podcast/uk-space-finance-generation-space/)
]

·           Seraphim  Space 10(th) Anniversary Podcast (Episode 5)
- Lessons from Outer Space: Soichi Noguchi, Japanese Astronaut, joined
Seraphim Space investment committee member Candace Johnson to reflect on his
three missions to the International Space Station and the evolution of human
spaceflight. [Listen here
(https://seraphim.vc/generation-space/podcast/tenth-anniversary-podcast-episode-5/)
]

·           Seraphim 10(th) Anniversary Podcast (Episode 6) -
Building Space for Humanity: Pascale Ehrenfreund, President of the Committee
on Space Research, President Emeritus of the International Astronautical
Federation and Board Member of the Space Foundation, joined Seraphim Space
investment committee member Candace Johnson to discuss the need for stronger
collaboration across industry, investors and policymakers to build the next
phase of the space economy. [Listen here
(https://seraphim.vc/generation-space/podcast/tenth-anniversary-podcast-episode-six/)
]

·           Kepler Trust Intelligence - Ideas for your ISA in 2026:
James Bruegger, Chief Investment Officer at Seraphim Space, discussed
investment themes and opportunities for 2026, including the role of space
within diversified portfolios. [Watch
(https://www.trustintelligence.co.uk/investor/articles/ideas-for-your-isa-in-2026-retail?session_id=27608&utm_content=564437211&utm_medium=social&utm_source=linkedin&hss_channel=lis-kD9LtVVt3l#session_27608)
(https://www.trustintelligence.co.uk/investor/articles/ideas-for-your-isa-in-2026-retail?session_id=27608&utm_content=564437211&utm_medium=social&utm_source=linkedin&hss_channel=lis-kD9LtVVt3l#session_27608)
here
(https://www.trustintelligence.co.uk/investor/articles/ideas-for-your-isa-in-2026-retail?session_id=27608&utm_content=564437211&utm_medium=social&utm_source=linkedin&hss_channel=lis-kD9LtVVt3l#session_27608)
]

Conferences

·           Space Symposium: Rob Desborough, General Partner at
Seraphim Space, will be attending in Colorado Springs from 13-16 April. [Find
out more (https://www.spacesymposium.org/) ]

·           Resilience Conference Warsaw 2026: Lucas Bishop,
Investment Associate at Seraphim Space, will be attending on 15 April. [Find
out more
(https://resiliencemedia.co/events/resilience-conference/resilience-conference-warsaw-2026/)
]

·           European Investment Forum Reception North America - New
York: Rob Desborough, General Partner at Seraphim Space, will be attending on
28 April. [Find out more
(https://www.ukprivatecapital.co.uk/events/calendar/european-investment-forum-reception-north-america-new-york.html)
]

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
 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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