TAMPA, Fla. — Space-focused investor Seraphim Space’s London-listed trust aims to raise up to 350 million British pounds ($474 million), seeking to capitalize on growing investor interest and demand across the industry.
The Seraphim Space Investment Trust (SSIT) launched an offer April 27 for a new class of C-shares priced at one British pound each, giving it flexibility to raise that maximum amount in stages or all at once. This initial offer is open until May 6, although SSIT has not specified how much it aims to raise in the first tranche.
SSIT’s shares have climbed more than 85% this year to close at 222.50 pence the trading day before the announcement, reflecting roughly 120% growth since they listed on the London Stock Exchange in July 2021.
Seraphim said that performance, combined with improving visibility for investor exits across its portfolio — such as U.S. space-based intelligence company HawkEye 360’s plans for an IPO, created a rare window to raise significant capital in otherwise constrained public markets.
According to SSIT, its top 10 holdings grew revenues by a fair value-weighted average of 79% in 2025, while company management teams project more than 85% of the portfolio will be profitable in 2026 on an EBITDA basis, a measure that excludes interest, taxes, depreciation and amortization.
Iceye, the Finnish radar satellite operator, dominates the portfolio and accounted for 39% of net asset value at the end of 2025.
| Company | Business description | Fair value (£m) | % of Net Asset Value | Cost (£m) |
| Iceye | Radar satellite imagery and data | 131.6 | 39.0% | 39.6 |
| All.Space | Multi-orbit terminals | 53.8 | 15.9% | 30.6 |
| D-Orbit | In-orbit transportation and logistics | 41.9 | 12.4% | 11.6 |
| HawkEye 360 | Radio-frequency geolocation and analytics | 34.1 | 10.1% | 18.6 |
| LeoLabs | Space object tracking and collision monitoring | 12.4 | 3.7% | 11.7 |
| SatVu | Thermal satellite imagery and analytics | 11.2 | 3.3% | 7.0 |
| Xona Space Systems | Satellite navigation services | 10.5 | 3.1% | 7.0 |
| Skylo | Direct-to-device satellite connectivity | 6.8 | 2.0% | 2.8 |
| Tomorrow.io | Weather intelligence and satellite data | 4.3 | 1.3% | 4.2 |
| Zeno | Radioisotope power systems for spacecraft | 3.7 | 1.1% | 4.1 |
| Other investments | Other portfolio holdings | 21.4 | 6.4% | 30.1 |
| Total investments | 331.6 | 98.2% | 167.4 |
<em>Figures as of Dec. 31, 2025. Seraphim said Xona’s value had climbed to 28 million British pounds as of March 25, 2026. Source: SSIT April 27, 2026, regulatory filing.
C-shares enable investment trusts to raise new money in a separate pool before folding it into the main fund. The structure helps protect existing shareholders from dilution while giving the trust time to invest proceeds before the new shares convert into ordinary shares.
“The proceeds will be deployed into two areas,” Seraphim Space CEO Mark Boggett said, “doubling down on the most promising companies already in our portfolio and using our unrivaled position in the market to cherry-pick new investments from outside the portfolio.
“The themes driving this investment strategy are global security, climate and sustainability and next-generation space infrastructure, where the convergence of AI and space is generating an enormous opportunity.”
The move comes shortly after Seraphim closed its second private early-stage venture fund above an $100 million target. That vehicle, Seraphim Space Ventures II, focuses on early-stage seed and Series A startups, while SSIT tends to invest in more mature space firms, such as Iceye and HawkEye 360.
Seraphim has also recently formed a global advisory council to advise its long-term investment strategy as geopolitical and technological shifts reshape the space economy.