REG - Seraphim Space I.T. - ICEYE and Rheinmetall Sign €1.7 billion Contract

Seraphim Space Investment TrustAnnouncement

19/12/2025 07:00

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RNS Number : 2042M  Seraphim Space Investment Trust PLC  19 December 2025

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

ICEYE and Rheinmetall Sign €1.7 billion Contract

with German Armed Forces

 

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, is pleased to announce that its portfolio
company and largest holding, ICEYE, has secured a major contract valued at
€1.7 billion through its joint venture with Rheinmetall, the German defence
and automotive technology group, to deliver space-based reconnaissance
capabilities for the German Armed Forces.

 

The Federal Office of Bundeswehr Equipment, Information Technology and
In-Service Support (BAAINBw) has commissioned Rheinmetall ICEYE Space
Solutions GmbH - the joint venture between ICEYE and Rheinmetall - to provide
the German Armed Forces with a dedicated synthetic aperture radar (SAR)
satellite constellation. Under the agreement, the joint venture will deliver
full constellation operations, ground station management, and AI-driven image
evaluation. The contract is expected to run from late 2025 for five years,
with options for extension, and represents a significant milestone for ICEYE
as it expands its leadership in sovereign space intelligence.

 

This development is expected to materially strengthen ICEYE's commercial
position and validate SSIT's investment thesis in the growing importance of
space-based data for global security and defence. In line with its recently
announced €150m Series E financing round, ICEYE was valued at €2.4 billion
as at 30 September 2025, representing 34.7 per cent of the Company's net asset
value. In view of this significant commercial development, it is now
anticipated that the valuation of ICEYE as at 31 December 2025 will revert to
the comparable multiples methodology.

 

James Bruegger, Chief Investment Officer of Seraphim Space Manager LLP, said:
"This landmark contract reinforces ICEYE as the global leader in sovereign
space-based intelligence and highlights a major shift in defence strategy by
European governments from reliance on legacy systems to resilient, AI-enabled
satellite constellations. As space becomes an essential domain for national
security, ICEYE is emerging as a mission-critical partner for defence forces
worldwide. This agreement reinforces SSIT's conviction that companies
delivering low-cost, high-resolution satellite-based intelligence gathering
capabilities, combined with rapid production and advanced analytics, are
driving a surge in demand and creating sustained growth opportunities across
our portfolio."

 

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)
 Clotilde Gros / George Esmond / Harry Handyside / Olivia Snaith   +44 (0) 20 3757 6767
 Deutsche Numis
 Mark Hankinson / Nathan Brown / Mohan Wu                          +44 (0) 20 7, 545 8000
 J.P. Morgan Cazenove
 William Simmonds / Jérémie Birnbaum / 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
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.

Further information is available at www.seraphim.vc (http://www.seraphim.vc)

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