Seraphim Space Investment Trust plc (LON: SSIT) has highlighted a major valuation milestone for its largest portfolio company, ICEYE, following the announcement of a €450 million Series F funding round that values the space intelligence specialist at more than €10 billion.
The financing round, led by General Atlantic, includes participation from a high-profile group of investors, including Qatar Investment Authority, Nokia, Tesi, Solidium, Varma, Ilmarinen, Lifeline Ventures and TCV. Together with a concurrent secondary share sale, the transaction is expected to exceed €1 billion in total.
Subject to regulatory approvals, the funding round is expected to complete during the third quarter of 2026.
For Seraphim shareholders, the implications are significant. Based on the announced valuation, the company estimates an implied uplift of approximately £202 million in the value of its ICEYE holding. This would represent a 102% increase in the fair value of the investment and could add around 73 pence per share to Seraphim’s Net Asset Value.
The uplift is expected to be reflected in Seraphim’s results for the year ending 30 June 2026, subject to completion of the financing and the company’s normal valuation review procedures.
ICEYE has established itself as a global leader in sovereign intelligence from space, operating one of the world’s most advanced synthetic aperture radar (SAR) satellite constellations. The company provides governments and defence organisations with real-time intelligence, surveillance and reconnaissance capabilities, regardless of weather conditions or time of day.
The business has already supplied sovereign satellite systems to seven European governments and continues to benefit from growing demand for defence, security and resilience solutions amid an increasingly complex geopolitical environment.
According to Seraphim’s investment manager, the latest valuation reflects both ICEYE’s market leadership and the rising strategic importance of space-based intelligence capabilities. The company plans to use the new capital to expand its global presence and further enhance its intelligence offerings.
The funding round represents another major validation of the SpaceTech sector and highlights Seraphim’s strategy of providing public market investors with exposure to high-growth private space technology companies that would otherwise be difficult to access.
If completed as announced, the transaction would rank among the largest private funding rounds ever achieved by a European space technology company and further reinforce ICEYE’s position as one of the world’s leading space intelligence providers.
Notes to Editors
About Seraphim Space Investment Trust plc
Seraphim Space Investment Trust plc (the “Company”) is the world’s first listed fund focused on SpaceTech. The 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.
The Company is listed on the Main Market of the London Stock Exchange.
Further information is available at: https://investors.seraphim.vc.
About Seraphim Space Manager LLP
Seraphim Space Manager LLP (“Seraphim Space” or the “Manager”) is based in the UK and manages Seraphim Space Investment Trust plc.
Further information is available at www.seraphim.vc
About ICEYE
ICEYE is a global leader in sovereign intelligence from space and operates the world’s largest synthetic aperture radar (“SAR”) satellite constellation. The company provides persistent earth observation and intelligence capabilities, delivering high-quality data and insights regardless of weather conditions or time of day. ICEYE serves customers across defence, intelligence, environmental monitoring, insurance and emergency management, and has supplied sovereign satellite systems to multiple governments. Founded in Finland, ICEYE operates globally and employs more than 1,000 people.
