Seraphim Space Investment Trust (SSIT) Q3 2026 earnings summary

Executive summary

• Q3 to 31 March 2026: NAV rose 24.8% to £421.3m and portfolio value increased 30.7% to £433.3m, driven mainly by unrealised gains.

• NAV per share increased to 177.63p from 142.30p; the quarter-end share price was 150.0p, up 25.0%.

• Post-period milestones included HawkEye 360’s NYSE IPO, the conditional ALL.SPACE sale and a £136.5m C Share issue.

Financial highlights

• Portfolio fair value increased to £433.3m from £331.6m; the reported unrealised fair-value gain was £101.7m, alongside £5.5m of FX gains and £0.7m of acquisitions.

• Net assets rose to £421.3m from £337.5m; market capitalisation was £355.8m at quarter-end.

• Liquid resources were £20.9m, or 5.0% of NAV; listed holdings could provide a further £4.1m of liquidity.

• Q3 investment activity was £0.7m, comprising a follow-on investment in ALL.SPACE.

Outlook and guidance

• 73% of portfolio fair value was fully funded; 85% was fully funded or had at least 12 months of runway, while the unfunded private portfolio had 14 months’ average runway.

• ICEYE forecast revenue above €1bn in 2027; its backlog conversion and further contract wins could support additional fair-value gains if comparable EV/revenue multiples remain stable.

• The anticipated SpaceX IPO was viewed as a potential catalyst for investor interest and new capital into SpaceTech.

• A pre-qualified pipeline of ~50 companies represented ~$1bn of potential investments, with around six opportunities actively progressing.