Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment fund, has published its October 2026 monthly newsletter, revealing full-year net asset value growth of 150.6% to £704.4m for the year ended 30 June 2026. The update also highlights a £52.4m fair-value uplift from Xona Space Systems' $250m Series D funding round, in which SSIT invested a further $15m. The newsletter covers significant portfolio activity, record sector-wide investment figures, and continued deployment of proceeds from the company's £136.5m C share issue.

Key Points

  • Seraphim Space Investment Trust plc (SSIT) — world's first listed SpaceTech fund, traded on the Main Market of the London Stock Exchange
  • Full-year NAV grew 150.6% to £704.4m with portfolio valuation rising 133.0% to £605.5m for the year ended 30 June 2026
  • Xona Space Systems raised $250m at a $2.45bn valuation, delivering a c.£52.4m uplift to SSIT's existing holding, equivalent to 22.0p per ordinary share
  • Investors should watch for the C Share conversion ratio announcement expected on 25 November 2026 alongside September NAV results

SSIT Full-Year NAV Reaches £704.4m as Top Holdings Deliver 237% Revenue Growth

SSIT's full-year results for the year ended 30 June 2026 show NAV scaling to £704.4m and a portfolio valuation of £605.5m, representing increases of 150.6% and 133.0% respectively. NAV per ordinary share rose 102.9% to 240.49p. The company ended the year with £152.9m in cash and liquid resources. Private companies in the top ten holdings delivered 237% fair-value-weighted revenue growth alongside 49% average headcount growth, according to the announcement. As at 13 October 2026, £72.5m from the £136.5m C share issue had been invested across five existing portfolio companies and one new company, satisfying conditions for the first tranche of C Share conversions.

Xona Space Systems Raises $250m at $2.45bn Valuation, Becoming SSIT's Second-Largest Holding

Portfolio company Xona Space Systems, which operates a private GPS satellite constellation, closed a $250m Series D funding round at a $2.45bn valuation, bringing total capital raised to more than $570m. The round generated a c.£52.4m increase in the fair value of SSIT's existing ordinary share portfolio holding, gross of any performance fee accrual, equivalent to 22.0p per ordinary share based on the latest published valuation as at 30 June 2026. SSIT deployed a further $15m from C share proceeds into the round. Additionally, the Government of Canada announced a CAD$15m investment in Xona Space Systems Canada to advance next-generation satellite navigation and dual-use defence objectives.

ICEYE, LeoLabs, SatVu and HawkEye 360 Report Operational Milestones Across Defence and Earth Observation

Portfolio company ICEYE announced a partnership with Nokia to develop sovereign broadband LEO satellite communications for government and defence customers, with first satellites expected to launch in 2028. Germany's armed forces gained access to dedicated SAR reconnaissance satellites under the SPOCK 1 programme. LeoLabs reported more than $100m in bookings, representing year-on-year doubling, with radar system deliveries planned for 2027. SatVu launched HotSat-3 on 1 October, its second operational infrared spacecraft, expected to double active collection capacity. HawkEye 360 secured $36m in international contracts and launched six satellites across two missions during October.

SpaceTech Sector Attracted Record $20.8bn in Q3 2026 as European Financing Partnership Announced

Seraphim Space's Space Investment Tracker recorded a record $20.8bn invested in SpaceTech during Q3 2026, nearly triple the $7.4bn invested in Q2. Excluding Blue Origin's $10bn financing, investment still reached a record $10.8bn. Deal numbers increased from 140 to 216, with launch and space-access businesses attracting $16.4bn across 120 deals. North America accounted for approximately 70% of global funding year-to-date. At the institutional level, Deutsche Bank and the European Investment Bank announced a €560m financing partnership for European space businesses, forming part of the EIB's Space TechEU initiative targeting approximately €1.4bn in total investment with commercial banking partners.