The world’s first listed space technology trust has hailed a ‘record’ quarter in one of the ‘most exciting times’ for the industry ahead of SpaceX’s blockbuster float.
Seraphim Space said the value of its portfolio had risen 30.7 per cent to £433.3million in the three months to 31 March, as interest in space firms booms.
While Seraphim does not hold Elon Musk’s rocket firm in its portfolio, fund manager Mark Boggett said the Initial Public Offering ‘could prove transformational, by being a catalyst for generating billions of new capital into the market’.
The company’s net asset value per share, after performance fees, rose 24.8 per cent to 177.63p.
It leaves shares – which have rallied over 50 per cent to 191.6p this year – trading at a 7.9 per cent premium. Seraphim’s shares have surged 161 per cent over the past year.
Boggett pointed to a ‘breadth of positive momentum’ across the trust’s holdings, including its biggest holding ICEYE, which makes up 47.1 per cent of the trust’s net asset value (NAV).
The Finnish microsatellite firm reported €250million (£215.9m) revenue, operating profits over €100million (£86.4m) and a €1.5billion (£1.29bn) order backlog, which the trust said had ‘vindicated’ its position.
Funding rounds at Xona Space System and Tomorrow.io, which make up 6.7 per cent and 2.1 per cent of NAV respectively, also helped to drive the uplift, alongside HawkEye 360’s New York Stock Exchange listing.
Seraphim has backed 45 space tech firms since its launch, nine of which are now so-called ‘unicorns’ with values over $1billion (£730million) while a further five have floated on the stock market and one has been sold.
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Boggett said that as ‘momentum continues to build, we remain confident that NAV will continue to appreciate’.
The trust said it would deploy the £136.5million raised in last month’s C-share raise, which chair Will Whithorn said ‘further strengthens the company’s position to capture the next wave of opportunities across the space domain at one of the most exciting times for the sector.’
QuotedData senior analyst Matthew Read said: ‘Mark Boggett has previously been clear that he expects quarter-on-quarter NAV growth from Seraphim this year and beyond as recently signed contracts convert to revenues; these results suggest that ambition is on track.’
He added that the C-share issue had ‘added firepower at a time when defence spending and space-based intelligence are moving up governments’ agendas.’
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