REG - Seraphim Space I.T. - Valuation Uplift & Notice of Results

Seraphim Space Investment TrustAnnouncement

16/02/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260216:nRSP0408Ta&default-theme=true

RNS Number : 0408T  Seraphim Space Investment Trust PLC  16 February 2026

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

Valuation Update & Notice of Results

 

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, today provides an update on the valuations of
its four largest portfolio holdings as at 31 December 2025.

 

The Company is disclosing these updates ahead of the publication of its
interim results, as they reflect material valuation movements linked to
recently completed financing rounds / corporate activity and, in the case of
ICEYE, revisions to valuation methodology following significant contract wins.
The Company does not anticipate any further material valuation movements as at
31 December 2025 within the rest of the portfolio.

 

Across the quarter, each of SSIT's top four holdings recorded an increase in
valuation resulting in a combined fair value uplift of £69m, equivalent to a
24% increase in the Company's previously published NAV of £284m as at 30
September 2025.

 

                      Valuation as at     Valuation as at

30 September 2025
30 December 2025
              Change                      % Change

 ICEYE                £99m                £132m              £33m   34%
 ALL.SPACE            £30m                £54m               £24m   80%
 D-Orbit              £34m                £42m               £8m    23%
 HawkEye 360          £30m                £34m               £4m    15%
 Sub-total            £192m               £261m              £69m   36%

 

 

Drivers of Valuation Uplifts

 

·      ICEYE: As previously announced, SSIT has reverted to valuing
ICEYE using public‑market comparables. This change follows the company's
award of a €1.7bn multi‑year contract from the German government through
its joint venture with Rheinmetall. The valuation as at 31 December 2025
reflects both this methodology shift and the strong forward revenue visibility
associated with the contract.

 

·      ALL.SPACE: ALL.SPACE's valuation uplift is partially reflective
of recent corporate activity, which completed shortly following the end of the
period. In line with the company's valuation policy, the 31 December 2025
valuation reflects 95% of the implied value relating to this corporate
activity.

 

·      D-Orbit: The uplift in D-Orbit's valuation is fully reflective of
the $128m Series D funding round, which completed in December 2025 and was led
by new investor Azimut. The funding will help support D-Orbit's long-term
goals in in-orbit servicing, assembly and debris removal.

 

·      HawkEye 360: The uplift in HawkEye 360's valuation fully reflects
the terms of its $150m Series E funding round, which closed in December 2025
and was co-led by NightDragon and Center15 Capital, with additional debt from
Silicon Valley Bank, Pinegrove Venture Partners and Hercules Capital. A
portion of this increase had already been captured in the 30 September 2025
valuation.

 

 

James Bruegger, Chief Investment Officer of Seraphim Space Manager LLP, said:
"The substantial valuation uplifts across all four of our largest holdings
reflect the benefits these companies are now starting to reap as a result of
consolidating their leadership positions in their respective categories.

 

Over the quarter, these portfolio companies have secured substantial
late‑stage funding rounds led by high‑quality new investors and/or major
government and private‑sector contract wins. These milestones underpin the
increased valuations and demonstrate the growing maturity and momentum of some
of the Company's most important holdings.

 

Given the strong momentum in these four portfolio companies and indeed the
overall portfolio, we anticipate there being further positive news and
commensurate increases in valuations over forthcoming quarters."

 

 

Notice of Results

 

The Company will announce its interim results for the six-month period ended
31 December 2025 on Thursday, 5 March 2026.

 

There will be a webinar for equity analysts at 09.45 (UK time) on the day of
the results. To register for the event, please contact SEC Newgate by email
at seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk) .

 

A further presentation for retail investors will be provided at 11.00 (UK
time) on the same day. Investors can register for the event by
emailing seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk) .

 

Both presentations will be hosted by the Chair, Will Whitehorn, and Seraphim
Space Manager LLP's CEO Mark Boggett, CIO James Bruegger and COO Sarah
Shackleton.

 

 

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
 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
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) .

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  PFUQZLFFQLLXBBX



            Copyright 2019 Regulatory News Service, all rights reserved