Seraphim Space Investment Trust – Capsule C – a new way into Space, is this a flight that must not be missed?

Mark Watson-Mitchell – 05.05.2026

In case you missed it – Space Is Taking Off!

Investors have until midday tomorrow, Wednesday, 6^th May, to subscribe for new ‘C’ shares in this ground-breaking, sorry, space-breaking investment trust, whose shares have gained 466% in the last year.

Last Monday, 27^th April, the Seraphim Space Investment Trust (LON:SSIT) announced an equity raise through a placing and retail offer of new ‘C’ shares at 100p per share, subject to shareholder approval at a general meeting on Wednesday.

The proceeds of the issue will be used to deploy into new and existing investment opportunities within the SpaceTech ecosystem, aiming to strengthen and expand the company's portfolio.

The ‘C’ shares will form a separate class during their deployment phase to mitigate cash drag for existing shareholders and are expected to convert into ordinary shares based on quarterly net asset values.

The company highlighted strong performance in its existing portfolio, with top holdings showing significant revenue growth and profitability, and noted the attractive investment opportunities within the rapidly expanding SpaceTech sector.

The entry price is 100p a share, with the group looking to raise up to £350m of new funds for investing in one of the fastest-growing sectors.

Seraphim Space is the world’s #1 SpaceTech investor, these ‘C’ shares will give investors exposure to its existing portfolio, while also providing a growing global deal flow in which to participate.

Shares up 466% in one year

SQC Research regular readers may well remember that on Tuesday 22^nd April, last year, I featured the shares of the world’s first listed SpaceTech fund, then just 50p, trading at a 50% discount to its net asset value.

Not unlike so many other companies involved within the global space sector, its shares have risen significantly in the last year – touching 233p two weeks ago, a magnificent 466% appreciation, before falling back to the current 189p.

There are no pretensions that by investing in the new ‘C’ shares at 100p each, participants could well see a similar yearly price gain.

However, a recent report from consultants McKinsey suggests that the global Space Economy, now valued at around $626bn, could hit a mega-$1.8trn by 2035.

SpaceTech at Inflection Point

The Seraphim Managers consider that SpaceTech is now at a ‘critical inflection point’ and destined to grow by leaps and bounds.

Seraphim Space's privileged position in the global SpaceTech ecosystem gives unparalleled early access to companies that may shape a new economic revolution.

Since launched as a closed-ended investment company in 2021, the fund has invested in 45 SpaceTech companies on behalf of its fund clients, the outcome of which include 9 unicorns, 5 IPOs and one trade sale.

In addition, it has supported more than 100 SpaceTech companies through its accelerator programme.

The ‘C’ Shares

The recent strong NAV performance, along with a positive outlook for the company's investment proposition and SpaceTech sector more broadly, provides an attractive backdrop to raise and deploy additional equity.

The ‘C’ share structure, which will separate the net proceeds of the Issue from the existing assets attributable to the company’s Ordinary shareholders, will ensure that existing holders do not suffer any cash drag and retain the same exposure in the near term to the company's largest assets.

The Seraphim Space Investment Trust

This UK-based company seeks exposure predominantly to growth stage private financed SpaceTech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

It intends to realise long-term value through exiting its investments over time.

It invests internationally with a view to maintaining a diversified portfolio primarily located in the United States, United Kingdom and Europe.

In addition to participating in new issues, it may also undertake secondary transactions that involve the acquisition of existing stakes.

The company's portfolio is expected to comprise 20 to 50 holdings.

Its investment portfolio includes ICEYE, D-Orbit, ALL.SPACE, HawkEye 360, LeoLabs, SatVu, Astroscale, PlanetWatchers, Tomorrow.io and QuadSAT.

The company's investment manager is Seraphim Space Manager LLP.

The Equity

There are some 239.38m shares in issue.

Based on the 1,000 largest holdings, Institutional Investors control 44.72% of the equity, Others hold 14.07%, Individuals 2.61%, while Unknown Investors hold 34.9%.

Larger holders include British Business Bank (14.07%), Hargreaves Lansdown Asset Management (10.81%), Interactive Investment Services (6.80%), Schroder & Co (4.57%), Asset Value Investors (4.53%), Hargreaves Lansdown Fund Managers (4.05%), AIRBUS SE (3.69%), Brewin Dolphin Ltd (3.67%), UBS Switzerland AG (Investment Management) (3.19%) and David Newlands (2.59%).

My View

With absolutely no guarantees on future performance, SSIT gives investors, whether in the Ordinary Shares or the new ‘C’ shares, access to a multi-trillion-dollar opportunity in the global SpaceTech sector, the frontier driving innovation in defence, security, climate change and sustainability.

The company targets investment in companies transforming advanced science into operational capability: enhancing global intelligence, strengthening critical infrastructure, and safeguarding our planet.

Its objective is to generate capital growth over the long-term through investment in a diversified, international portfolio of predominantly unquoted SpaceTech businesses with the potential to dominate globally.

Whether holding the Ordinary, the ‘C’ shares or even both, investors could well be in for a totally galactic journey.

I actually fancy that the new ‘C’ shares @ 100p each will show a very good performance over the next year or so, while the SSIT Ordinary shares will also do well.

Still so much more to go for - Space has no limits

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

(Profile 10.09.25 @ 71p set a Target Price of 89p*)