REG - Seraphim Space I.T. - ICEYE Financing Round

Seraphim Space Investment TrustAnnouncement

Today 07:20

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260609:nRSI5513Ha&default-theme=true

RNS Number : 5513H  Seraphim Space Investment Trust PLC  09 June 2026

This announcement contains information that is inside information for the
purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014, which
is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as
amended. Ocorian Administration (UK) Limited, the Company Secretary, is
responsible for arranging the release of this announcement on behalf of
Seraphim Space Investment Trust plc. Upon the publication of this
announcement, this information is considered to be in the public domain.

 

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

 

ICEYE Series F financing round values company at over €10 billion

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, notes today's announcement by ICEYE, the global
leader in sovereign intelligence from space, that it is raising €450 million
($520 million) in a primary Series F financing round led by General Atlantic
at a valuation of over €10 billion ($12 billion).

The financing round is subject to customary regulatory approvals and
according, to ICEYE, is expected to close in Q3 2026. The investor syndicate
includes General Atlantic, Solidium, Tesi, Varma, Ilmarinen, Lifeline
Ventures, Nokia, Qatar Investment Authority and TCV. The Series F financing
round is being undertaken in conjunction with a secondary placement and
together are expected to exceed €1 billion.

ICEYE is currently the Company's largest portfolio holding.* Based on the
announced valuation, the implied uplift in the fair value of the Company's
holding would be approximately £202 million, which would represent a 102%
increase in fair value and would be equivalent to an increase in NAV per
ordinary share of approximately 73p. Subject to completion of the financing
round and the Company's customary quarter-end valuation review procedures, the
Company expects substantially to reflect this uplift in its results for the
year ended 30 June 2026, which are expected to be announced in October 2026.

ICEYE is the leading provider of sovereign intelligence from space and has
supplied sovereign satellite systems to seven European governments to date.
The proceeds of the financing will support the continued expansion of the
company's global footprint and intelligence capabilities, enabling it to meet
growing demand for space-based intelligence, defence and resilience solutions.

James Bruegger, CIO of Seraphim Space Manager, commented:

"This financing round marks a significant milestone for ICEYE and, if
completed on the terms announced, would represent a substantial uplift in the
value of the Company's largest portfolio holding. Achieving a valuation of
over €10 billion is a strong endorsement of ICEYE's leadership position in
space-based intelligence and reflects the growing strategic importance of
sovereign intelligence, resilience and real-time situational awareness
capabilities. For SSIT shareholders, this financing round demonstrates the
Company's ability to provide access to category-leading SpaceTech companies at
the forefront of some of the most important technological and geopolitical
trends shaping the global economy."

The Company will provide further updates as appropriate.

*As at 31 March 2026, ICEYE was the Company's largest portfolio holding,
representing 47.1% of the Company's NAV.

Media Enquiries

 Seraphim Space Manager LLP (via SEC Newgate)
 Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough GP
 SEC Newgate (Communications advisers)                              seraphim@secnewgate.co.uk
 Clotilde Gros/George Esmond / Harry Handyside / Natasha Humphreys  +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/Birgitte Horn                                          +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)

About ICEYE

ICEYE is a global leader in sovereign intelligence from space and operates the
world's largest synthetic aperture radar ("SAR") satellite constellation. The
company provides persistent earth observation and intelligence capabilities,
delivering high-quality data and insights regardless of weather conditions or
time of day. ICEYE serves customers across defence, intelligence,
environmental monitoring, insurance and emergency management, and has supplied
sovereign satellite systems to multiple governments. Founded in Finland, ICEYE
operates globally and employs more than 1,000 people.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUUKANRNNUNRRR



            Copyright 2019 Regulatory News Service, all rights reserved