Seraphim's NAV per share doubles as ICEYE passes a €10bn valuation
Seraphim Space Investment Trust's NAV per share rose 102.9% to 240.49p in the year to June 2026. ICEYE is now 54% of the portfolio, and its €450m Series F adds another ~73p per share.
Seraphim Space Investment Trust (LSE: SSIT), the London-listed space venture trust, has published its results for the financial year ended June 30, 2026. It is one of the clearest public windows into how private space companies are being valued.
The numbers
From the company's results presentation:
- NAV per ordinary share: 240.49p, up from 118.52p a year earlier (+102.9%).
- Net assets: £704.4m; market capitalisation £553.3m at June 30, 2026.
- Portfolio fair value: £605.5m, 359.6% of cost.
- Liquid resources: £152.9m (21.7% of NAV).
Per Payload's summary of the results, the ordinary share price rose 119.4% to 187.8p over the year. The discount to NAV narrowed from 27.8% to 21.9%.
It is mostly an ICEYE story
ICEYE, the Finnish synthetic-aperture-radar (SAR) satellite operator, is valued at £379.7m, or 53.9% of NAV. Seraphim says that over the year ICEYE secured a €1.7bn German contract, exceeded €250m of revenue, raised two equity rounds and passed a €10bn valuation.
There is more to come. In a regulatory announcement, Seraphim confirmed that ICEYE's €450m ($520m) Series F has completed. It said the round implies an uplift of about £202m in the value of its ICEYE holding (+102%), and about 73p per ordinary share relative to the March 31, 2026 NAV. The uplift will be fully reflected in the September 30, 2026 NAV, which is also the basis for the first partial conversion of C shares, expected after results in November.
The rest of the top ten is much smaller: ALL.SPACE (6.4% of NAV), D-Orbit (5.8%), HawkEye 360 (5.3%) and Xona Space Systems (4.0%). After the period end, an October financing valued Seraphim's Xona stake at $106.5m, making it the trust's second-largest holding.
Why it matters for space investors
- Private marks are rising. A doubling in NAV at one of the few listed pure-play space vehicles shows institutional capital is paying up for defence-linked Earth observation.
- Concentration cuts both ways. With more than half of NAV in one company, SSIT behaves partly like a listed proxy for ICEYE.
- Exits are happening. HawkEye 360 completed a NYSE IPO, and ALL.SPACE gave the trust its first strategic M&A exit. See the IPO tracker.
Not financial advice.
