REG - Seraphim Space I.T. - Valuation Update - Xona Space Systems

Seraphim Space Investment TrustAnnouncement

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RNS Number : 3114Y  Seraphim Space Investment Trust PLC  26 March 2026

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

Valuation Update - Xona Space Systems

 

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, provides an update on its portfolio holding in
Xona Space Systems, Inc. ("Xona"). Xona has completed an oversubscribed
US$170m Series C funding round, which has delivered a 167% increase in the
fair value of SSIT's holding.

The updated valuation derived from the funding round has resulted in an
increase in the Company's net asset value ("NAV") of approximately £17.5m (or
c.7.37 pence per share), which will be reflected in SSIT's NAV update for the
quarter ending 31 March 2026.

Xona Fair Value (FV)

                                     Amount (£m)
 FV as at 31 December 2025           10.5
 Updated FV as at 24 March 2026      28.0
 Increase in FV as at 24 March 2026  17.5

About Xona

Xona is aiming to deliver the next generation of satellite navigation, through
the development of the world's first commercial GPS constellation in low-earth
orbit. Its system is designed to provide a critical layer of resilience to
existing GPS infrastructure, which is currently operated by nation states and,
therefore, is of increasing importance for national security and defence
applications.

Xona's technology enables centimetre-level positioning accuracy, approximately
50-100x improvement over traditional GPS, through a simple software upgrade to
existing devices. This step-change in precision and reliability is expected to
unlock a wide range of high-value applications, including autonomous vehicles,
drones, robotics and advanced air mobility solutions as well as supporting
next-generation industrial and logistics use cases. Satellite navigation
already underpins trillions of dollars of global economic activity, supporting
critical infrastructure across transportation, telecommunications, financial
systems and supply chains. By enhancing both the accuracy and resilience of
positioning, navigation and timing ("PNT") services, Xona is positioning
itself at the forefront of the next evolution of global GPS infrastructure.

James Bruegger, Chief Investment Officer of Seraphim Space Manager LLP, said:
"Xona is a perfect example of Seraphim's approach: backing winners and helping
them become category leaders. We first met the founder while he was still at
business school, supported the business through our accelerator, and led its
early funding rounds, with SSIT then doubling down with conviction. We believe
Xona holds the potential to become one of the defining companies to emerge
from the New Space ecosystem in recent years. One only has to look at how
pervasive GPS is today to get a sense of the scale of the opportunity Xona is
addressing with its next-generation, highly accurate, highly secure commercial
GPS constellation. "

- Ends -

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 (mailto:seraphim@secnewgate.co.uk)
 Clotilde Gros / George Esmond / Harry Handyside               +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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