Investors in Seraphim Space Investment Trust, chaired by Edinburgh businessman Will Whitehorn, have been handed a huge uplift in the value of its largest holding.
ICEYE, a provider of sovereign intelligence from space, is raising €450 million in a Series F financing round at a valuation exceeding €10 billion, with an expected closing in Q3 2026.
This valuation implies an uplift of approximately £202m in the fair value of SSIT’s holding, representing a 102% increase and an estimated 73p increase in NAV per ordinary share. SSIT expects to reflect this uplift in its results for the year ended 30 June 2026, to be announced in October 2026.
The announcement comes just a day after SSIT, the world’s first listed spacetech investment company, announced that it will join the FTSE 250 on 19 June.
ICEYE is SSIT’s largest holding, representing 47.1% of the Company’s NAV. It has supplied sovereign satellite systems to seven European governments to date. The proceeds of the financing will support the continued expansion of its global footprint and intelligence capabilities, enabling it to meet growing demand for space-based intelligence, defence and resilience solutions.
James Bruegger, CIO of Seraphim Space Manager, commented: “This financing round marks a significant milestone for ICEYE and, if completed on the terms announced, would represent a substantial uplift in the value of the Company’s largest portfolio holding.
“Achieving a valuation of over €10 billion is a strong endorsement of ICEYE’s leadership position in space-based intelligence and reflects the growing strategic importance of sovereign intelligence, resilience and real-time situational awareness capabilities.
“For SSIT shareholders, this financing round demonstrates the company’s ability to provide access to category-leading SpaceTech companies at the forefront of some of the most important technological and geopolitical trends shaping the global economy.”
#SSIT #shareholders #lift #ICEYE #funding #deal #Daily #Business