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

Seraphim Space Investment TrustAnnouncement

05/11/2025 07:00

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RNS Number : 1689G  Seraphim Space Investment Trust PLC  05 November 2025

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

SpaceTech Sector Newsletter - October 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 October 2025.

Portfolio Update

SSIT's portfolio shows 29% growth in year-end results, reflecting sector
momentum

In announcing its results for the year ended recent 30 June 2025, SSIT
reported portfolio growth of 29% year-on-year to nearly £260m, supported by
valuation uplifts across holdings such as ICEYE. 17 of the companies in SSIT's
portfolio at the start of the financial year successfully secured additional
funding during the year, raising approximately $2.1bn in total. These figures
align with broader investor interest across the defence-linked space sector.
[Read more]
(https://www.ajbell.co.uk/news/articles/seraphim-space-net-asset-value-surges-quarter-amid-iceye-boost)

ICEYE expands international footprint and launches 'Tactical Access'

·           ICEYE has strengthened its global presence with new
agreements in Japan and Slovakia, supporting government and defence
applications with its Synthetic Aperture Radar (SAR) technology. In Japan,
ICEYE is building a constellation with IHI Corporation, starting with four
satellites and options for up to 20 more. The contract follows the memorandum
of understanding (MoU) signed between ICEYE and IHI in May 2025 to jointly
develop the constellation and establish domestic production facilities in
Japan. In Slovakia, ICEYE and EMIS, a provider of geospatial information
systems in Slovakia, entered into a strategic partnership to expand access to
critical, near real-time hazard information for Slovak authorities. This
partnership represents a significant step in ICEYE's involvement in the
Eastern European marketplace. [Read more
(https://defence-industry.eu/iceye-and-ihi-sign-agreement-to-build-satellite-constellation-for-earth-observation-in-japan/#google_vignette)
(Japan) and Read more
(https://www.iceye.com/newsroom/press-releases/iceye-and-emis-announce-partnership-to-provide-flood-data-to-slovakia)
(Slovakia)]

·           ICEYE also announced the launch of 'Tactical Access', a
subscription tasking product giving customers full control of the fleet, fast
tasking timelines and access to high-resolution imagery, including up to
16 cm resolution from its Generation 4 satellites. 'Tactical Access' allows
users to rapidly task satellites, receive imagery within minutes and adjust
plans flexibly to meet urgent needs. [Read more]
(https://www.iceye.com/newsroom/press-releases/iceye-launches-tactical-access-providing-guaranteed-satellite-tasking-for-time-critical-missions?utm_content=354641726&utm_medium=social&utm_source=linkedin&hss_channel=lcp-4856503)
.

ALL.SPACE boosts resilient multi-orbit satellite networks

·           ALL.SPACE has secured $1.1m from the European Space
Agency's Navigation Innovation and Support Program to develop navigation that
works when GPS is jammed, offering reliable positioning and timing as a
Software-as-a-Service. [Read more
(https://www.adsadvance.co.uk/all-space-to-develop-alternative-pnt-for-esa.html)
].

·           The company has also partnered with Aalyria, a pioneer
in network orchestration and software-defined connectivity, combining Hydra
terminals with Spacetime orchestration software to create an autonomous,
multi-orbit network across satellites, 5G, terrestrial and cloud systems. This
ensures secure, low-latency connectivity even in contested environments,
supporting modern defence operations. [Read more]
(https://www.all.space/insights/all-space-and-aalyria-partner-to-deliver-autonomous-multi-orbit-network-orchestration-and-implementation)

Skylo Technologies partners with Tele2 and Semtech to deliver seamless
satellite-cellular IoT connectivity

Skylo has expanded its global Non-Terrestrial Network (NTN) for
direct-to-device IoT connectivity through two new partnerships. In Sweden,
Tele2 IoT launched the country's first 3(rd) Generation Partnership
Project-compliant satellite IoT service using Skylo's NTN, enabling devices to
automatically switch between terrestrial and satellite networks for
uninterrupted operation in remote areas. Skylo has also partnered with
Semtech, a leading provider of wireless semiconductors and IoT solutions, to
offer a combined terrestrial and satellite IoT solution under a single SIM and
management platform, integrating Skylo-certified modules with the AirVantage®
cloud. The system will provide global coverage across more than 190 countries,
with commercial rollout planned for November 2025. [Read more (Tele2) and Read
more
(https://www.skylo.tech/newsroom/semtech-launches-industrys-first-single-vendor-device-to-cloud-cellular-and-satellite-iot-solution-with-skylo)
(Semtech)]

Voyager Technologies acquires ExoTerra Resource to scale in-space propulsion
for defence

Voyager is acquiring ExoTerra, a supplier of electric propulsion systems
already deployed on US Department of Defense programmes, including the Space
Development Agency constellation and the Defense Advanced Research Projects
Agency's Blackjack Aces. The acquisition will accelerate domestic production
of compact electric thrusters, enhancing manoeuvrability, responsiveness and
deterrence in contested orbits, and supports Voyager's expansion into defence
ahead of upcoming Golden Dome competitions. [Read more
(https://payloadspace.com/voyager-acquires-exoterra-for-electric-propulsion-tech/)
]

SatVu supports NATO's space-based surveillance initiative with thermal imaging

SatVu has delivered an infra-red familiarisation programme to NATO personnel
as part of the Alliance Persistent Surveillance from Space (APSS) initiative,
a multi-nation effort combining commercial and government space data for
faster decision-making. SatVu's satellites capture thermal imagery at
resolutions down to 3.5 metres, enabling analysts to detect activity, such as
heat from aircraft, vehicles or energy infrastructure, rather than just
physical changes. This 'activity layer' enhances NATO's Intelligence,
Surveillance and Reconnaissance (ISR) capabilities for border security,
critical infrastructure protection and operational planning. [Read more
(https://www.satelliteevolution.com/post/satvu-strengthens-nato-s-space-based-intelligence-through-thermal-imaging-collaboration?utm_source=linkedin&utm_medium=social&utm_campaign&utm_content=ap_hzmbnmsxhp)
]

Xona Space Systems and Sepentrio partner to deliver high-precision satellite
navigation

Xona is partnering with Sepentrio to co-develop high-precision positioning and
timing services using Xona's Pulsar low Earth orbit (LEO) navigation
satellites and Sepentrio's advanced Global Navigation Satellite System
receivers. The collaboration aims to enhance traditional GPS and other
satellite navigation systems for higher accuracy and resilience, with
potential applications in defence, autonomous vehicles, precision agriculture,
mining and critical infrastructure. This follows Xona's first production-class
Pulsar-0 launch and its $100m Series B funding earlier this year. [Read more
(https://www.satellitetoday.com/imagery-and-sensing/2025/10/07/sepentrio-and-xona-space-systems-to-collaborate-on-positioning-technology/)
]

AST SpaceMobile signs Verizon deal, advances BlueBird launches and raises $1bn

·           AST has signed a definitive commercial agreement with
Verizon to extend its 850 MHz low-band spectrum into remote areas across the
continental US, enabling direct-to-cell satellite coverage from 2026 and
continuous nationwide mobile service for both commercial and government users.
[Read more
(https://www.cnbc.com/2025/10/08/verizon-signs-deal-with-ast-spacemobile-to-provide-cellular-service-from-space.html)
]

·           The company also confirmed that BlueBird 6 had
completed final assembly, with BlueBird 7 expected to ship to the Cape
Canaveral launch site in October 2025.  AST is targeting 45-60 satellites in
orbit by the end of 2026. To support this rollout, AST raised $1bn in
convertible debt, including $850m committed and an option for a further $150m.
[Read more
(https://news.satnews.com/2025/10/01/ast-spacemobile-announces-bluebird-6-ready-to-ship/)
(Bluebirds) and Read more
(https://feeds.issuerdirect.com/news-release.html?newsid=5168359543961630&symbol=ASTS)
(funding)]

SpaceTech Sector News

Airbus, Leonardo and Thales sign MoU to form European space champion

Airbus, Leonardo and Thales have signed a memorandum of understanding to
create a unified European space player, consolidating manufacturing and
programme capabilities across satellites, payloads and secure communications.
The partnership aims to strengthen Europe's industrial base, reinforce
sovereign space capabilities and boost global competitiveness in both civil
and defence space markets. [Read more
(https://www.airbus.com/en/newsroom/press-releases/2025-10-airbus-leonardo-and-thales-sign-memorandum-of-understanding-to)
]

Seraphim Space releases Q3 2025 SpaceTech Index and 2025 ecosystem map as
global space funding hits record $3.5bn

Seraphim Space released its Q3 2025 SpaceTech Index, highlighting that global
space investment reached $3.5bn for the quarter, nearly doubling year-on-year.
The release is complemented by Seraphim Space's 2025 SpaceTech ecosystem map,
which shows a broadening and maturing sector with investment spreading across
satellite manufacturing, in-space services and direct-to-cell connectivity.
The data underscores the growing role of both commercial and defence-linked
companies in the evolving space economy. [Read more
(https://www.reuters.com/business/aerospace-defense/investors-pour-record-35-billion-into-space-investors-look-beyond-big-names-2025-10-10/)
]

SpaceX completes 11(th) Starship test flight

SpaceX successfully completed its 11(th) Starship test, launching from Texas
and landing in the Indian Ocean. The flight validated heat-shield tiles and
refiring capabilities ahead of a new prototype designed for lunar and Mars
missions. NASA's Acting Administrator Sean Duffy called it "another major step
toward landing Americans on the Moon's south pole". SpaceX plans to test
orbital refuelling in 2026 as part of its $3tn Artemis lunar lander contract.
[Read more
(https://www.nbcnews.com/science/space/spacex-completes-starship-rocket-test-flight-rcna237463)
]

Media

Webinars

·           Payload Europe Webinar - Understanding the EU Space
Act: Payload hosted a webinar on the draft EU Space Act, exploring its
implications for launch regulation, international collaboration and commercial
operations across Europe. The session featured Seraphim Space CEO Mark Boggett
as a panel guest alongside European policy experts, who discussed how the
proposed legislation could reshape the continent's space economy. [Watch here
(https://payloadspace.com/webinar/understanding-the-eu-space-act/) ]

·           SpaceNews Live - The Space Investment Horizon (Replay):
SpaceNews hosted a live panel exploring how inflation, interest rates and
geopolitical tensions are reshaping the future of space investment. Seraphim
Space CEO Mark Boggett joined industry leaders to discuss government
influence, cross-border capital flows and where the next wave of growth
funding may emerge. [Watch here
(https://spacenews.com/live-event-the-space-investment-horizon/) ]

·           Seraphim Space Index Q3 2025 Webinar: Seraphim Space
hosted a live discussion breaking down its Q3 2025 Space Index results,
reviewing funding trends, sector growth and geographic patterns across
SpaceTech. The session provided investors and founders with key insights into
emerging opportunities and future market dynamics. [Watch here
(https://seraphim.vc/generation-space/live-stream/seraphim-space-index-q3-2025-2/)
]

Podcasts

·           The Business of Space Investment -Thinking on Paper:
Seraphim Space CEO Mark Boggett appeared on the 'Thinking on Paper' podcast to
discuss how space investment has evolved from exploration to infrastructure,
where capital is flowing and how defence-driven funding is accelerating
commercial innovation in satellites, analytics and orbital services. [Listen
here (https://www.thinkingonpaper.xyz/investing-in-space-technology/) ]

·           Generation Space Podcast - Making Space Profitable:
Voyager Technologies CEO Dylan Taylor, Seraphim Space Principal Investor Dr
Maureen Haverty and Seraphim's Head of Marketing Leah Martin talk about
Voyager's IPO journey, the role of private markets and how commercial and
defence demand are driving the next phase of sustainable growth in the space
sector. [Listen here
(https://seraphim.vc/generation-space/podcast/making-space-profitable-commercial-viability-is-finally-here/)
]

Platform

·           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)
]

Conferences

·           Economist Impact's 3(rd) annual Space Economy Summit:
Seraphim Space General Partner Rob Desborough will be speaking in Orlando on 6
November 2025. [Find out more
(https://events.economist.com/space-economy-summit/) ]

·           Web Summit: Seraphim Space Principal Investor Dr
Maureen Haverty will be speaking in Lisbon on 11 November 2025. [Find out more
(https://websummit.com/?utm_source=google&utm_medium=cpc&utm_campaign=18596301002&utm_content=143300305918&utm_term=web%20summit%20tech%20conference&gclid=CjwKCAiAr4GgBhBFEiwAgwORrTTjTpDNKp_u4EVPnM2saYGf8dMfnCRfDVvSqEhI4lfRPTWK9UDnfhoCZ7AQAvD_BwE)
]

·           Tectonic European Defense Conference: Seraphim Space
CEO Mark Boggett will be speaking in Paris on 13 November 2025. [Find out more
(https://www.tectonicdefense.com/event/tectonic-european-defense-summit/) ]

·           Mello London: Seraphim Space CIO James Bruegger will be
speaking in London on 18 November 2025. [Find out more
(https://www.melloevents.com/mellolondon2025) ]

·           Space Tech Expo Europe 2025: Seraphim Space Investor
Lucas Bishop will be speaking in Bremen on 19 November 2025. [Find out more
(https://www.spacetechexpo-europe.com/) ]

·           Deutsche Bank's Global Space Summit: Seraphim Space CEO
Mark Boggett will be speaking in New York on 19 November 2025. [Find out more
(https://conferences.db.com/americas/space1regform) ]

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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