Seraphim Space Investment Trust reported strong financial results for the second half of 2025, with its portfolio benefiting from increased government investment in space technologies and growing demand for commercial space infrastructure.
The company said its net asset value rose 20% during the period to £337.5 million (€388.3 million). The fair value of its portfolio exceeded 200% of its total cost for the first time, excluding foreign exchange losses.
Seraphim also reported strong operational performance among its portfolio companies. The trust said its top 10 holdings recorded 79% year-on-year revenue growth, while more than 85% of the portfolio by fair value expects to reach EBITDA profitability by 2026. In addition, about 77% of portfolio companies currently have at least 12 months of cash runway.
Seraphim’s share price increased 160% compared with the previous year, reflecting investor interest in space-sector companies amid rising geopolitical demand for satellite capabilities.
Chief Executive Officer Mark Boggett said the performance was partly driven by governments increasingly viewing space assets as critical to national security.
“What’s happening in this period is that certain companies are becoming neo-primes,” Boggett told Payload. “They are demonstrating…best-in-class technology, the ability to be able to build and develop reliable products at low cost, and that they can provide a rapid delivery. All of the things that traditional primes have been challenged to do.”
The company highlighted several developments across its portfolio, including a joint venture between ICEYE and Rheinmetall that helped secure a €1.7 billion contract from Germany’s Bundeswehr. Tomorrow.io raised $175 million in new equity funding and signed an agreement to integrate its weather intelligence tools into platforms developed by Palantir.
Other portfolio companies also secured major investments or contracts. HawkEye 360 completed a $150 million Series E funding round and signed a radio-frequency data access agreement worth more than $100 million with a strategic partner. Satellite imaging company SatVu raised £30 million with backing from the NATO Innovation Fund and the British Business Bank, while a consortium led by Pixxel was selected to develop India’s national Earth observation satellite constellation.
Boggett said these developments could create a positive cycle for the space startup ecosystem as governments increasingly turn to commercial providers for capabilities such as communications, Earth observation and intelligence gathering.
“What we’re demonstrating here are the early movers…there’s a juggernaut that’s coming behind all of this,” Boggett said. “There’s a new era upon us where mega launch closes the business case for some of these big infrastructure plays that we’ve just been quietly positioning ourselves in.”
Seraphim said it has also invested in companies supporting emerging space infrastructure markets, including Voyager Technologies’ commercial space station plans and ATMOS Space Cargo, which is developing systems designed to return goods manufactured in space back to Earth.
“This is a bumper set of results, but it’s only the beginning of the process,” Boggett added.
