Seraphim Space sees valuations of top four holdings jump 24%

(Sharecast News) - Seraphim Space Investment Trust said on Monday that valuations of its top four holdings jumped 24% in the December quarter. The holdings - ICEYE, ALL.SPACE, D-Orbit and HawkEye 360 - recorded an increase in valuation resulting in a combined fair value uplift of £69m from the end of September to £261m at the end of December 2025.

ICEYE's valuation shot up 34% between the end of September and the end of December, to £132m, after the award of a €1.7bn multi‑year contract from the German government through its joint venture with Rheinmetall.

ALL.SPACE was valued at £54m at the end of December, up from £30m at the end of September. Seraphim said the valuation uplift was partially reflective of recent corporate activity, which completed shortly following the end of the period.

D-Orbit was valued at £42m, up from £34m, reflecting a $128m Series D funding round, which completed in December and was led by new investor Azimut. "The funding will help support D-Orbit's long-term goals in in-orbit servicing, assembly and debris removal," Seraphim said.

HawkEye 360 saw its valuation increase to £34m from £30m, reflecting the terms of its $150m Series E funding round, which closed in December and was co-led by NightDragon and Center15 Capital, with additional debt from Silicon Valley Bank, Pinegrove Venture Partners and Hercules Capital.

James Bruegger, chief investment officer of Seraphim Space Manager, said: "The substantial valuation uplifts across all four of our largest holdings reflect the benefits these companies are now starting to reap as a result of consolidating their leadership positions in their respective categories.

"Over the quarter, these portfolio companies have secured substantial late‑stage funding rounds led by high‑quality new investors and/or major government and private‑sector contract wins. These milestones underpin the increased valuations and demonstrate the growing maturity and momentum of some of the company's most important holdings.

"Given the strong momentum in these four portfolio companies and indeed the overall portfolio, we anticipate there being further positive news and commensurate increases in valuations over forthcoming quarters."

Seraphim is the world's first listed fund focused on SpaceTech. The company's interim results are due on 5 March.

At 1410 GMT, the shares were up 5.5% at 149.33p.

Seraphim's other holdings include AST SpaceMobile, Skylo Technologies, LeoLabs and Astroscale.