Seraphim Space Investment Trust Manager on NAV Uplift as Defence Spending Takes Off

Why It Matters

The revaluation signals a structural inflection for the space-tech sector as large defence budgets and faster purchasing decisions channel significant capital into private and listed space companies, boosting NAVs and investor interest. For markets and policymakers, it underscores growing strategic demand for satellite communications, Earth observation and space infrastructure as national-security priorities.

Summary

Seraphim Space Investment Trust manager Mark Boggett said a £69m uplift in the trust’s December-quarter NAV reflects a rapid rerating of its largest holdings as European defence spending accelerates. The trust, which backs late-stage space-tech companies, has benefited from big government procurement wins and higher private funding rounds — led by ICEYE’s €1.7bn German contract and $150m financings for Hawkeye 360 and D-Orbit. Boggett also flagged a substantial, undisclosed revaluation of UK antenna specialist AllSpace tied to imminent defence work. He attributed the shift to Europe’s renewed push for sovereign space capabilities and faster procurement cycles, favoring nimble, tech-led contractors over traditional defence primes.

Original Description

Seraphim Space CEO and co-founder Mark Boggett talked with Proactive's Stephen Gunnion about the Seraphim Space Investment Trust PLC (LSE:SSIT), including its recent portfolio revaluation, performance momentum and the powerful defence spending tailwinds driving growth across the space technology sector.

Boggett explained that Seraphim Space operates three funds across the capital stack, with the publicly listed investment trust focused on growth-stage space technology companies at Series B, C and D rounds. Over the past decade, the firm has invested in 46 companies, producing nine unicorns, five IPOs and just four failures.

The recent uplift was driven by the trust’s four largest holdings, including ICEYE, which secured a €1.7 billion contract with the German government. Boggett described ICEYE as a “poster child in the defence space industry,” highlighting its radar satellite capability that can monitor “every square meter of Earth every hour,” regardless of weather or time of day.

He pointed to a structural shift in European defence policy, with governments committing significant new budgets and accelerating procurement processes. Companies such as HawkEye 360 and D-Orbit have completed $150 million funding rounds at higher valuations, while UK-based ALL.SPACE has also seen a significant revaluation.

Boggett said, “These companies are winning giant contracts. They’re moving very quickly. The market’s moving in their favor and that’s being recognised in our share price.”

With the trust trading around net asset value and operating at a premium, Boggett suggested further upside as defence-led demand continues to accelerate.

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#DOrbit #AllSpace #PublicMarkets