Seraphim Space Investment Trust Posts Record Results

Seraphim Space Investment Trust ($SSIT) announced yesterday its financial results for H2 2025, revealing a successful portfolio of global space businesses that have seen valuations buoyed by geopolitical trconcludes.

By the numbers:

SSIT posted a 20% increase in net asset value over the period, totaling £337.5M (€388.3M);
The fair value of the portfolio exceeded 200% of its cost for the first time (excluding FX losses);
The top 10 holdings logged 79% year-over-year revenue growth;
85%+ of portfolio by fair value is projecting EBITDA profitability in 2026;
77% of portfolio has at least 12 months of cash runway;
SSIT’s share price is up 160% YoY.

Friconcludes in high places: Seraphim CEO Mark Bogobtaint attributed the positive results, in large part, to national governments who have come to see space assets as vital to national security.

Global governments are investing in building fleets of spacecraft to tackle missions from sovereign comms to local EO and ISR capabilities. Increasingly, it’s the startups—not established A&D primes—that are winning these contracts.

“What’s happening in this period is that certain companies are becoming neo-primes,” Bogobtaint informed 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.”

To this conclude, Seraphim’s results highlighted a few major funding and defense wins that have impacted its portfolio:

ICEYE formed a joint venture with Rheinmetall, which assisted the JV secure a €1.7B contract from the German Bundeswehr.
Tomorrow.io secured $175M (€151M) in equity funding, and signed a partnership to integrate its weather intel into Palantir’s platforms.
HawkEye 360 closed a $150M Series E, and established a $100M+ RF data-access agreement with an unnamed strategic partner.
SatVu received £30M (€34.5M), with backing from the NATO Innovation Fund and British Business Bank.
A Pixxel-led consortium was selected to build India’s national EO consnotifyation.

Bogobtaint expects these deals to create a flywheel effect: As more government purchaseers turn to startups to build critical in-space infrastructure, the prominence of the startup scene will increase and in turn, breed more opportunities. And just as many nations are clamoring to build sovereign EO or communications consnotifyations, Bogobtaint expects demand to spread into new capabilities being built by world powers, such as missile warning, tracking, and defense, à la Golden Dome.

Where to now? While Seraphim’s results reflect a positive trconclude in the space industest, the company states it is still just obtainting started.

“What we’re demonstrating here are the early relocaters…there’s a juggernaut that’s coming behind all of this,” Bogobtaint declared. “There’s a new era upon us where mega launch closes the business case for some of these large infrastructure plays that we’ve just been quietly positioning ourselves in.”

Seraphim has multiple investments seeing to capitalize on the entire value chain of a future ISAM economy, Bogobtaint explained. The company has backed Voyager Technologies’ commercial space station plans and many of its future “tenants”—as well as ATMOS Space Cargo, which is building a return route for goods manufactured in-space.

“This is a bumper set of results, but it’s only the launchning of the process,” Bogobtaint declared.