Seraphim Space CEO and co-founder Mark Bogget talked with Proactive's Stephen Gunnion about the Seraphim Space Investment Trust PLC (LSE:SSIT), including its recent portfolio revaluation, performance momentum and the powerful defence spending tailwinds driving growth across the space technology sector.
Bogget explained that Seraphim Space operates three funds across the capital stack, with the publicly listed investment trust focused on growth-stage space technology companies at Series B, C and D rounds. Over the past decade, the firm has invested in 46 companies, producing nine unicorns, five IPOs and just four failures.
The recent uplift was driven by the trust’s four largest holdings, including ICEYE, which secured a €1.7 billion contract with the German government. Bogget described ICEYE as a “poster child in the defence space industry,” highlighting its radar satellite capability that can monitor “every square meter of Earth every hour,” regardless of weather or time of day.
He pointed to a structural shift in European defence policy, with governments committing significant new budgets and accelerating procurement processes. Companies such as HawkEye 360 and D-Orbit have completed $150 million funding rounds at higher valuations, while UK-based ALL.SPACE has also seen a significant revaluation.
Bogget said, “These companies are winning giant contracts. They’re moving very quickly. The market’s moving in their favor and that’s being recognised in our share price.”
With the trust trading around net asset value and operating at a premium, Bogget suggested further upside as defence-led demand continues to accelerate.
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