Seraphim Investment Trust – democratisation of space offers massive upside, these shares are trading well below value, they should be a great deal higher than 71p, new TP 89p

10.09.2025

The world's first listed SpaceTech investment company, Seraphim Space Investment Trust (LON:SSIT), in its latest investor update has noted that the global space industry reached a record $613bn in Q2 2025, up 7.8% year-on-year, with projections pointing to $1trn by 2032, according to the Space Foundation.

Commercial activity dominates, making up 78% of the total, led by PNT services, Earth observation, launch services and satellite manufacturing.

Some 22% of that total is made up by global Government Budget. 

The Business

Seraphim Space Investment Trust is the world's first listed fund focused on SpaceTech.

The company seeks exposure predominantly to early- and growth-stage, privately financed SpaceTech businesses that have the potential to dominate globally and are sector leaders with first-mover advantages in areas such as climate, communications, mobility, and cybersecurity.

Democratisation of space

Dr Maureen Haverty, Principal at Seraphim Space commented for 'Orbital Today' that the democratisation of space was instrumental to the market we see today.

The next wave of value is expected from downstream data-driven services, including space-enabled connectivity, climate risk insurance and satellite-derived analytics.

While geopolitical tensions and space-specific risks remain, robust infrastructure and expanding commercial applications underpin the sector's long-term potential, highlighting the opportunity for SSIT investors to participate in a rapidly maturing global market.

Orbital Today reported

Dr. Maureen Haverty, Investment Principal at Seraphim Space, recalled that McKinsey valued the space market at $630bn back in 2023.

She agrees that the democratisation of space was instrumental to the market we see today.

“What really unlocked value in the 2020s was a shift in how governments moved away from custom procurement to competitive commercial contracts and a broader vendor base.

That, combined with innovations like rideshare from Spaceflight Industries, changed how people bought launches.”

Ryan Puleo, a Space Investment Analyst specialising in startup finance at Brycetech, recognises the gravity of these seismic innovations.

“Reusable launch vehicles, high-volume satellite production lines, and increased satellite services revenues in consumer and enterprise markets comprise the bulk of industry growth.

I think satellite services for consumer and enterprise services will be the most mature by 2030, as those sectors already have a history of significant commercial activity and the new LEO broadband systems are enabling significant growth in an existing market, rather than trying to develop an entirely new one.”

Dr. Haverty explains that Seraphim likes to think of this capital-intensive, hardware-heavy phase of investment as an initial wave powering an infrastructure layer, the building blocks of the space economy.

“That includes in-orbit transport like D-Orbit, Earth observation constellations like ICEYE, HawkEye360, and SatVu, and ground terminals like All.Space.

These are successful portfolio companies in our growth fund, SSIT, and we see them as the backbone of the modern space economy. Without this layer, there’s nothing to build on.”

The next wave of value, she predicts, will be built on top of this foundation, in which the commodity will become all about downstream products, primarily data.

“In our new early-stage SSV II fund, we’re backing companies like ATMOS, which enables rapid and targeted return to Earth, and Delos and Adaptive Insurance, which use space-derived data to build new kinds of insurance products tailored to climate risk.

Companies like Ascend Arc are making satellite connectivity cheaper than fibre. That shift will open up whole new commercial models.”

But it’s not just capital expenditure that has to be amassed to mature this market; it’ll take legions of highly-trained specialists too.

Virtually all deep tech sectors and the countries taking them seriously report a skills gap in the kinds of professionals serious scaling will require.

Space Foundation’s Cooper lists engineers, machinists, programmers, coders, lawyers, welders, designers, marketers, AI experts and financiers among some of the myriad STEM experts that the world needs more of.

“The global space economy is not a one-dimensional environment, with room for all levels of employees, whether white collar, blue collar or spacesuit collar.

There are other nations — notably China — that are aggressively building those talent pipelines, and we need to be proactive as well as creative in the strategies and investments we make that will fill the pipeline with continued promise and prosperity.”

Latest Update

Seraphim Space reported several key developments in its SpaceTech sector newsletter for August 2025.

ALL.SPACE is collaborating with Telesat Government Solutions to integrate terminals with the Telesat Lightspeed LEO network, planned for a 2027 launch.

LeoLabs partnered with NASA to enhance space safety data.

AST SpaceMobile plans to deploy 45-60 satellites by the end of 2026, targeting peak speeds of 120 Mbps.

Pixxel is leading a $145m program to deliver India's first national Earth Observation Satellite System, consisting of a 12-satellite constellation, and launched three additional hyperspectral satellites.

The global space industry reached $613bn in Q2 2025, projecting to $1trn by 2032, while $7.8bn was invested in space start-ups during 2024.

My View

This group’s shares have performed very well since my late April feature on the Trust, up from 50p to the current 71p, after hitting 90p in late July.

The 42% rise to date is good, obviously the 80% rise was better.

However, I am convinced that SSIT is totally in the right ‘space’ with its portfolio and remain confident of even further capital appreciation to come.

I now set a new Target Price of 89p.

(Profile 22.04.25 @ 50p set a Target Price of 70p*)

(Profile 10.09.25 @ 71p sets a new Target Price of 89p)