10th Sep 2026 16:28
Seraphim Space Investment Trust PLC - London-based investor in 'SpaceTech' companies - Confirms the completion of an EUR450 million, or USD520 million, series F financing round by portfolio company ICEYE, which operates the world's largest synthetic aperture radar satellite constellation to deliver "high-quality data and insights regardless of weather conditions or time of day." Says the resulting uplift will be fully reflected in its net asset value as of September 30. Reiterates that the valuation implies an uplift of approximately GBP202 million in the fair value of its holding in ICEYE, and that this represents a 102% increase in fair value and an increase in NAV per share of approximately 73 pence. Notes that its NAV at September 30 will form the basis for the first partial conversion of C Shares into ordinary shares.
Chief Investment Officer James Bruegger comments: "ICEYE's emergence as one of Europe's most valuable private space companies is a defining moment for the European space sector and for SSIT. We have seen it pioneer an entirely new model for sovereign intelligence from space and grow into a global leader operating at exceptional scale. Beyond defence and intelligence, its systems are also supporting critical applications including disaster response, environmental monitoring and insurance. As governments increasingly recognise space-based intelligence as essential national infrastructure, we believe ICEYE is uniquely positioned to shape this new era and become one of the world's most important SpaceTech companies."
Current stock price: 192.96 pence, up 2.5% on Thursday afternoon in London
12-month change: more than doubled from 69.00p
By Emma Curzon, Alliance News reporter
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