Seraphim Space Trust's portfolio more than doubles in FY26

Seraphim Space Investment Trust (SSIT) reported a portfolio valuation of £605.5 million for the financial year ending 30 June 2026. The figure more than doubles the £374.3 million valuation from the prior year, representing a 133% leap in the fair value of its holdings.

[ICEYE](/companies/earth-observation/iceye/) remains dominant driver of growth

ICEYE, the Finnish synthetic aperture radar satellite operator, was the overwhelming engine of this growth. It accounted for 53.9% of the total portfolio. A £274.6 million increase in ICEYE's valuation alone drove three-quarters of the trust's overall growth for the year. This surge followed a €450 million Series F funding round in June 2026 that valued the company at over €10 billion. In December, ICEYE also secured a €1.7 billion contract with the German Bundeswehr, in partnership with Rheinmetall, to provide SAR satellites and imagery.

Xona rises as second-largest holding after new funding

Xona Space Systems became the trust's second-largest investment following a new funding round. The £52.2 million added to Xona's valuation propelled the Californian company, which is developing a constellation of low-orbit satellites, into the number two spot. The trust's major holdings are now concentrated in a handful of high-performing companies.

Together, ICEYE, ALL.SPACE, D-Orbit, HawkEye 360, and Xona represent more than 75% of Seraphim's portfolio. The top ten holdings collectively saw revenue growth of 237%, and headcount across the portfolio companies grew by nearly 50%.

Strong returns and market context highlight watershed year

The net asset value per share increased by 102.9% to 240.49p, delivering a 119.4% total return for shareholders. The annualised NAV total return per share since the company's IPO five years ago was 19.1%, broadly in line with its long-term target. This performance coincided with a landmark period for the space sector. Private equity investment surged to $20.8 billion in the third quarter of 2026, up from $8 billion the previous quarter and compared to $12 billion for the whole of the prior year. SpaceX's record $1.8 trillion flotation in June 2026 helped establish SpaceTech as a serious asset class. Chief executive Mark Boggett addressed the portfolio's concentration on ICEYE, noting its maturing role. Mark Boggett said: "ICEYE [is] now sort of seen as a safe pair of hands. They’re stepping into this sort of role of being a neo-prime."

Looking ahead, Seraphim aims to scale up its assets under management to lead larger funding rounds in the next five or ten years, capitalising on projections that the total number of satellites in orbit could reach 100,000 by 2030.