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

Seraphim Space Investment TrustAnnouncement

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RNS Number : 1035H  Seraphim Space Investment Trust PLC  05 June 2026

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

SpaceTech Sector Newsletter - May 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 May 2026. `

SSIT Update

SSIT completes £137m capital raise

SSIT completed a £137m fundraising through the issue of C shares, which trade
on the London Stock Exchange under the ticker SSIC. The C shares were issued
at 100p and proceeds will be invested in new and existing investments across
the SpaceTech sector. The fundraising comprised £76.4m through a placing,
£15.1m from a direct institutional subscription and £45.0m from retail
investors. The transaction represents the largest fundraising by a UK
investment company since early 2023, highlighting strong investor demand for
exposure to the SpaceTech sector, with the retail component particularly
notable. [Read more
(https://quoteddata.com/2026/05/morning-briefing-seraphim-space-delighted-by-137m-fund-raise-saba-requisitions-workspace-edinburgh-worldwide-announces-its-saba-nominated-chair/)
]

Portfolio Update

HawkEye 360 goes public at $2.8bn valuation, raising $416m for growth

HawkEye 360 (NYSE: HAWK) began trading on the New York Stock Exchange on 7 May
2026, raising approximately $416m at $26 per share and valuing the company at
around $2.8bn. The company provides space-based radio frequency (RF)
intelligence, enabling defence and intelligence customers to detect and
geolocate signals from sources such as radars and communications systems.
Proceeds from the IPO will support satellite constellation expansion,
technology development and international growth. [Read more
(https://seraphim.vc/news/hawkeye-360-nyse-ipo-seraphim-sixth-unicorn-listing/)
]

ICEYE secures $325m financing facility, expands sovereign defence footprint
and enters banking risk market

ICEYE secured a €300m (c.$325m) revolving credit facility to support
liquidity, issuance of guarantees and global expansion, reflecting the
company's continued growth and strong financial performance. The company,
which operates the world's largest Synthetic Aperture Radar (SAR)
constellation, uses radar rather than visible light to capture imagery through
cloud cover and at night, supporting defence, intelligence and commercial
applications. [Read more
(https://www.iceye.com/newsroom/press-releases/iceye-secures-300-million-revolving-credit-facility-to-support-continued-growth)
]

The company also launched a new natural catastrophe monitoring solution for
the banking sector, helping financial institutions assess climate-related
risks and incorporate hazard data into lending, capital allocation and risk
management decisions. [Read more
(https://www.iceye.com/newsroom/press-releases/iceye-launches-natural-catastrophe-monitoring-solutions-for-global-banking-sector-to-address-credit-risk)
]

In addition , ICEYE delivered Poland's sovereign MikroSAR radar satellite
system in less than 12 months, providing independent reconnaissance
capabilities for the Polish military [Read more
(https://www.iceye.com/newsroom/press-releases/iceye-delivers-mikrosar-system-to-polish-armed-forces-in-under-12-months)
].

ICEYE was also selected for a US National Reconnaissance Office (NRO) contract
to provide radio frequency data, expanding its relationship with one of the US
government's most important intelligence agencies. [Read more
(https://www.satellitetoday.com/earth-observation/2026/05/04/nro-makes-new-commercial-awards-to-earthdaily-iceye-and-pixxel/)
]

Finally, ICEYE announced plans to establish a satellite manufacturing facility
in India, which is expected to become its Asia-Pacific hub and support growing
regional and global demand. [Read more
(https://telecom.economictimes.indiatimes.com/amp/news/portal-in-portal/satcom/iceye-establishes-satellite-manufacturing-in-india-for-defence-and-environmental-monitoring/131164748)
]

Pixxel wins US intelligence contract and advances orbital data centre
capabilities

Pixxel was selected by the US National Reconnaissance Office (NRO) under its
Commercial Solutions Opening programme to support modelling and potential
delivery of hyperspectral Earth observation data. Hyperspectral imaging
captures hundreds of spectral bands invisible to the human eye, enabling the
identification of materials and environmental changes beyond the capabilities
of conventional satellite imagery. [Read more
(https://www.satellitetoday.com/earth-observation/2026/05/04/nro-makes-new-commercial-awards-to-earthdaily-iceye-and-pixxel/)
]

In addition, Pixxel partnered with Indian AI company Sarvam AI to develop an
orbital data centre satellite that combines hyperspectral imaging with
datacentre-class graphics processing units (GPUs) capable of processing data
directly in space. The Pathfinder satellite is designed to reduce latency and
accelerate analysis, highlighting the growing convergence of Earth
observation, artificial intelligence and in-orbit computing. [Read more
(https://www.pixxel.space/news/pixxel-to-launch-indias-first-orbital-data-centre-satellite-powered-by-sarvam)
]

Voyager Technologies expands defence and orbital computing roles

Voyager Technologies ($VOYG) secured a subcontract from the US Defence
Advanced Research Projects Agency (DARPA), the Pentagon's advanced technology
research arm, under the Otter mission. The company will supply its
Acceleration Measurement System to support manoeuvres in very low Earth orbit
as part of a programme focused on advancing air-breathing electric propulsion
technologies. [Read more
(https://www.satellitetoday.com/technology/2026/05/20/redwire-taps-voyager-for-subcontract-for-darpa-otter-mission/)
]

Separately, Voyager was awarded a $16.5m DARPA Burn n' Go Phase 2 contract to
develop propellant-embedded control technology for solid rocket motors. The
programme aims to enable post-manufacturing thrust control to improve
performance, flexibility and scalability across defence applications. [Read
more
(https://voyagertechnologies.com/press-releases/voyager-awarded-16-5m-darpa-contract/)
]

The company was also selected by Anduril as part of a team of collaborators
for Anduril's recent US Space Force's Systems Command award to prototype
technologies for space-based interceptors in support of the Golden Dome
initiative. [Read more
(https://www.satellitetoday.com/government-military/2026/05/05/anduril-to-work-with-impulse-space-k2-space-voyager-and-others-on-space-based-interceptor-award/)
]

Finally, Voyager deployed Red Hat Enterprise Linux to its Space Edge micro
datacentre aboard the International Space Station (ISS), extending cloud
computing and artificial intelligence capabilities into orbit. The company
says the platform supports hybrid infrastructure operating across Earth and
space, highlighting growing demand for in-orbit computing services. [Read more
(https://voyagertechnologies.com/press-releases/voyager-and-red-hat-propel-red-hat-enterprise-linux-into-orbit-with-space-edge-micro-datacenters/)
]

Skylo expands direct-to-device connectivity through satellite integration and
regulatory growth

Skylo completed integration with Thuraya-4, a next-generation mobile
communications satellite operated by the UAE-based space technology company
Space42, enabling standards-based direct-to-device connectivity and real-time
voice calls on unmodified mobile phones. [Read more
(https://www.satellitetoday.com/connectivity/2026/05/11/space42-enhances-d2d-prospects-with-skylo-partnership/)
]

In addition, Skylo applied to the US Federal Communications Commission (FCC)
to significantly increase the number of devices supported on its network
across smartphones, Internet of Things (IoT) devices and wearables. The
application reflects growing demand for satellite-enabled connectivity as
operators seek to seek to extend coverage and improve network resilience.
[Read more
(https://www.lightreading.com/satellite/skylo-seeks-fcc-approval-for-big-d2d-device-expansion)
]

SatVu showcases thermal intelligence capabilities with first HotSat-2 imagery

SatVu released the first images from its HotSat-2 satellite, demonstrating the
operational capability of its high-resolution thermal imaging technology.
Thermal infrared imaging measures heat signatures, providing insight into
industrial and economic activity that cannot be detected using conventional
optical or radar satellites.  The data has been used to monitor energy
infrastructure, including refineries and liquefied natural gas (LNG)
facilities, helping identify changes in activity levels and, in some cases,
providing indicators ahead of public disclosure. The capability highlights the
growing role of thermal intelligence in supporting energy security, economic
monitoring and national security applications [Read more
(https://www.satellitevu.com/news/first-light-real-insight-satvus-hotsat-2-early-images-monitor-live-activity-at-three-of-the-worlds-most-strategic-energy-sites)
]

Astroscale secures strategic investment from JSAT to advance on-orbit
servicing

Astroscale entered into a strategic partnership with Sky Perfect JSAT, one of
Asia's leading satellite operators, which has invested in the company to
support the development of on-orbit servicing technologies. On-orbit servicing
includes satellite inspection, repair and life-extension services designed to
improve asset utilisation and reduce space debris. The companies plan to
collaborate on the development of new on-orbit services, with Sky Perfect JSAT
identifying on-orbit servicing as a future growth area alongside its
communications and Earth observation businesses. The investment highlights
growing industry interest in technologies that can extend satellite lifetimes
and support a more sustainable space environment. [
(https://www.satellitetoday.com/technology/2026/05/19/sky-perfect-jsat-invests-in-astroscale-to-partner-on-on-orbit-servicing/)
Read more
(https://www.satellitetoday.com/technology/2026/05/19/sky-perfect-jsat-invests-in-astroscale-to-partner-on-on-orbit-servicing/)
]

SpaceTech Sector News

SpaceX reveals $18.7bn revenue as IPO preparations advance

SpaceX filed its S-1 registration statement, disclosing 2025 revenue of
$18.67bn alongside adjusted EBITDA of $6.58bn and an operating loss of
$2.59bn, ahead of an expected public listing. Starlink was the largest
contributor, generating $11.39bn of revenue and highlighting the growing
importance of satellite connectivity within the business. The filing provides
one of the most detailed views to date of the financial performance of the
world's largest private SpaceTech company. SpaceX also outlined a combined
$28.5tn total addressable market across space infrastructure, connectivity and
artificial intelligence, reflecting the increasing convergence of these
sectors as the company prepares for a potential IPO. [Read more
(https://payloadspace.com/spacex-reveals-financial-data-ahead-of-ipo/) ]

SpaceX completes Starship V3 test flight ahead of IPO

SpaceX launched its Starship V3 rocket on 22 May 2026, completing a test
flight that successfully deployed payloads and re-entered before splashdown.
The vehicle, the largest rocket built to date, achieved most of its planned
objectives despite experiencing engine issues during flight. Beyond its role
in deep-space exploration, Starship is increasingly viewed as the critical
infrastructure enabling SpaceX's long-term vision for large-scale orbital
communications, computing and data infrastructure. The programme is therefore
expected to play a central role in the company's future growth strategy. [Read
more (https://www.bbc.co.uk/news/articles/c62d65y16nno) ]

Media

Podcasts/interviews

·           Mark Boggett on The Business: Mark Boggett, CEO at
Seraphim Space, discussed why the space economy is gaining momentum, focusing
on SpaceX's planned IPO and its potential to reshape capital flows into the
sector. [Listen here
(https://podcasts.apple.com/gb/podcast/lift-off-for-the-space-economy/id1470598428?i=1000768999855)
]

·           Mark Boggett on The Business (Bonus episode): In a
follow-on discussion, Mark Boggett examined SpaceX's dominance in launch and
what its market position means for competition, pricing and commercial
opportunities across the wider space economy. [Listen here
(https://podcasts.apple.com/gb/podcast/bonus-inside-the-spacex-monopoly/id1470598428?i=1000769732965)
]

·           Mark Boggett on This is Money: Mark Boggett discussed
the growth of space investing, the role of private companies and long-term
investment trends shaping the space economy. [Watch here
(https://www.thisismoney.co.uk/money/investingshow/article-15794601/Seraphim-Space-boss-Investors-critical-point-things-taking-off.html)
]

·           Rob Desborough on NYSE TV: Rob Desborough, General
Partner at Seraphim Space, discussed the emergence of SpaceTech as a global
investment theme and its growing relevance across public and private markets.
[Watch here (https://qz.com/seraphim-space-rob-desborough-spacetech-markets) ]

Conferences

·           NY Tech Week: The Seraphim Enterprise team will be
attending NY Tech Week beginning on 1 June 2026. [Learn more about the drinks
they are hosting (https://partiful.com/e/NEACQLRcBvDYbv4ERCaW) ]

·           UK-Saudi Investment & Partnership Summit: Rob
Desborough, General Partner at Seraphim Space, will be attending in London on
8 June 2026. [Find out more
(https://www.sbjbc.org/uk-saudi-investment-partnership-summit/) ]

·           London Tech Week: Maureen Haverty, Investment Principal
at Seraphim Space, and Rob Desborough, General Partner at Seraphim Space, will
be speaking in London on 10 June 2026. [Find out more
(https://londontechweek.com/2026-agenda) ]

·           SuperReturn International: Mark Boggett and James
Bruegger, CEO and Chief Investment Officer respectively at Seraphim Space,
will be speaking in Berlin on 11 June 2026. [Find out more
(https://informaconnect.com/superreturn-international/agenda/4/#engaged-conversation_space-infrastructure-defence-security-and-global-resilience_09-50)
]

·           NATO DIANA Demo Day: Rita Pignacca, Investment
Associate at Seraphim Space, will attend from 15 June 2026. [Find out more
(https://ofcores.idloom.events/diana-demo-days-2026) ]

·           VivaTech: Rita Pignacca, Investment Associate at
Seraphim Space, will attend from 17 June 2026. [Find out more]

·           GCV Symposium: Rob Desborough, General Partner at
Seraphim Space, will be speaking on 23 June 2026. [Find out more
(https://www.gcvsymposium.com/) ]

Curation Connect - explore SSIT: SSIT is 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 (mailto: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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