Seraphim Space Investment Trust: SpaceTech Sector Newsletter – October 2026

SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")

SpaceTech Sector Newsletter – October 2026

Science fiction to science fact

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment company, publishes its monthly RNS Reach newsletter to provide updates, based on publicly available information, on the Company's portfolio investments, its Manager (Seraphim Space Manager LLP (the "Manager" or "Seraphim Space")) and the wider SpaceTech market. The following newsletter covers October 2026.

SSIT/Portfolio Update

Unless otherwise indicated, portfolio investments referenced below are held in the Company's ordinary share portfolio.

SSIT reports 150.6% NAV growth in full-year results

Private companies in the top 10 holdings delivered 237% fair-value-weighted revenue growth, alongside 49% average headcount growth. SSIT's net asset value (NAV) scaled to £704.4m with a portfolio valuation of £605.5m for the year ended 30 June 2026, increases of 150.6% and 133.0% respectively. NAV per ordinary share increased 102.9% to 240.49p, while the Company ended the year with £152.9m in cash and liquid resources. Following the year end, SSIT continued deploying proceeds from its £136.5m C share issue. As at 13 October 2026, £72.5m had been invested across five existing portfolio companies and one new company, satisfying the conditions for the first tranche of C Share conversions. The conversion ratio is expected to be announced on 25 November 2026 alongside the Company's September NAV results. [Read more]

Xona raises $250m at $2.45bn valuation, delivering £52.4m uplift for SSIT and secures CAD$15m investment from Government of Canada

Private GPS satellite constellation Xona Space Systems raised $250m in Series D funding at a $2.45bn valuation, bringing total capital raised to more than $570m. SSIT invested a further $15m from its C share issue proceeds into the round. As a result of the latest funding round, the fair value of SSIT's existing holding (held in its ordinary share portfolio) increased by c.£52.4m from its latest published valuation (as at 30 June 2026), equivalent to 22.0p per ordinary share, gross of any performance fee accrual. Xona is now SSIT's second-largest portfolio holding. [Read more]

The Government of Canada announced a CAD$15m investment in Xona Space Systems Canada to advance next-generation satellite navigation capabilities and support dual-use objectives under Canada's Defence Industrial Strategy. [Read more]

ICEYE partners with Nokia to develop sovereign satellite capabilities and further expands partnerships across the globe

ICEYE and Nokia announced a partnership to develop sovereign broadband low Earth orbit (LEO) satellite communications systems for government and defence customers. The companies expect the first communications satellites to launch in 2028. The partnership aims to enable governments to own and control their satellite communications infrastructure, reducing reliance on external commercial providers. [Read more]

ICEYE and Nokia also signed a letter of intent with Ukraine's Ministry of Defence to explore cooperation on sovereign satellite communications capabilities. [Read more]

In Germany, Rheinmetall ICEYE Space Solutions announced that the German Armed Forces had gained direct access to dedicated synthetic aperture radar (SAR) reconnaissance satellites under the SPOCK 1 programme, less than one year after signing the contract. SAR technology uses radar rather than visible light to produce images through cloud cover and at night, enabling more consistent monitoring of activity on the ground. [Read more]

ICEYE also partnered with OroraTech to combine thermal satellite observations with SAR data for wildfire detection, monitoring and damage assessment. Combining heat detection with radar imagery could help emergency responders track fires and assess damage even when smoke or cloud cover limits conventional satellite imaging. [Read more]

In the US, ICEYE announced a partnership with the California Governor's Office of Emergency Services to integrate its flood and wildfire intelligence products into emergency-management operations, supporting faster assessment of affected areas and more informed disaster response. [Read more]

SSIT invests further $23.1m in Skylo Technologies

SSIT invested a further $23.1m from its C share issue proceeds into existing portfolio company Skylo. Skylo operates a software-defined non-terrestrial network (NTN), extending mobile connectivity using satellites beyond the reach of conventional terrestrial networks. Its technology is designed to connect compatible mobile devices and connected equipment via existing mobile operator networks, enabling coverage in remote areas where terrestrial infrastructure is unavailable. [Read more]

LeoLabs reports more than $100m in bookings as demand for orbital monitoring grows

LeoLabs announced more than $100m in bookings from US and allied customers, representing a doubling of bookings year-on-year. LeoLabs is expanding production of its Scout and Seeker radar systems, with deliveries planned for 2027.

The company's radar technology tracks satellites and other objects in orbit, helping operators and governments monitor potential collisions and identify unusual activity. The bookings reflect growing demand for these capabilities as orbital infrastructure becomes more strategically important and congested. Read more

SatVu launches HotSat-3 and expands commercial distribution

HotSat-3 launched on 1 October to become SatVu's second operational infrared spacecraft. Once commissioned, it will double the company's active collection capacity. [Read more]

SkyFi added SatVu's thermal imagery to its platform on 21 October. Customers can search the archive and request new 3.5-metre thermal images through SkyFi's web platform and API. HotSat-3 tasking is expected to be available in early 2027. [Read more]

Tomorrow.io expands its weather constellation

Weather forecasting company Tomorrow.io launched microwave-sounder satellites S12 and S13 on 1 October, followed by S14 and S15 on 20 October. These four additions build on the 60-minute global revisit capability achieved earlier in 2026; the company says its global revisit time is now well under an hour. [Read more]

HawkEye 360 secures $36m in international contracts and launches six satellites

HawkEye 360 (NYSE: HAWK) secured $36m in new international contracts during the third quarter, covering customers across more than 10 allied and partner nations. The contracts reflect demand for its space-based radio frequency (RF) intelligence, which uses signals emitted by communications and radar systems to detect and locate activity on Earth. [Read more]

The company also expanded its constellation with six satellites launched across two missions in October. Cluster 15 launched aboard SpaceX's Bandwagon-5 mission on 20 October, followed by Cluster 16 aboard Rocket Lab's Electron rocket on 23 October. The additional satellites increase the company's capacity to collect RF data and provide intelligence to government and commercial customers. [Read more]

Voyager Technologies secures $22.4m defence agreement and advances lunar mission

Voyager Technologies (NYSE: VOYG) was awarded a $22.4m Other Transaction Agreement by the US Strategic Capabilities Office to prototype next-generation satellite deployment systems, with the programme intended to transition new capabilities to the US Space Force. The technology is intended to support more flexible deployment of satellites, an increasingly important capability as defence organisations seek to expand and replenish space infrastructure. [Read more]

Voyager also announced that its Griffin-1 lunar lander had completed acceptance testing ahead of its targeted late-2026 launch. The mission is planned to carry 10 payloads from six countries to the lunar South Pole. Acceptance testing is an important milestone in demonstrating that spacecraft systems are ready for the conditions of launch and operation. [Read more]

Astroscale secures £15m UK defence contract for space security programme

Astroscale's UK subsidiary was awarded a £15m contract by the UK Ministry of Defence as prime contractor for Project LEDA, supported by BAE Systems and Open Cosmos. The programme will develop capabilities to monitor and respond to potential threats involving spacecraft operating close to other satellites. As satellites become increasingly important to communications, navigation and national security, the ability to identify and respond to potentially threatening activity in orbit is becoming a growing defence priority. [Read more]

AST SpaceMobile advances satellite-to-mobile connectivity across Europe and the Americas

AST SpaceMobile (NASDAQ: ASTS), which has the only space-based cellular broadband network accessible directly by everyday smartphones, welcomed a letter of intent signed by its mobile network operator partners Deutsche Telekom, Orange, Telefónica and Vodafone to explore a potential joint bid for Mobile Satellite Services spectrum in Europe. Access to suitable spectrum is an important requirement for developing satellite connectivity that works alongside existing mobile networks. [Read more]

AST SpaceMobile secured regulatory authorisation to operate satellite communications services in Brazil, supporting its international expansion. [Read more]

In Canada, AST SpaceMobile completed its first network integration test with TELUS, advancing direct satellite connectivity for compatible mobile phones beyond terrestrial coverage, without dedicated satellite handsets. [Read more]

SpaceTech Sector News

Seraphim Space data shows record $20.8bn invested in SpaceTech during Q3 2026

SpaceTech startups raised a record $20.8bn in Q3 2026, nearly triple the $7.4bn invested in Q2. Excluding Blue Origin's $10bn financing, investment still reached a record $10.8bn, while deal numbers increased from 140 to 216.

Launch and broader space-access businesses attracted $16.4bn across 120 deals. North America accounted for approximately 70% of global funding year-to-date, while China recorded a quarterly high of $3.3bn across 49 deals, according to Seraphim Space's latest Space Investment Tracker. [Read more]

Deutsche Bank and EIB agree €560m financing partnership for European SpaceTech

Deutsche Bank and the European Investment Bank (EIB) announced a €560m financing partnership to support European space businesses, including satellite manufacturing, launch technologies, propulsion and in-orbit services.

The agreement forms part of the EIB's wider Space TechEU initiative, which aims to mobilise approximately €1.4bn in investment with commercial banking partners. The partnership will provide additional long-term financing capacity to support European space companies moving from technology development towards commercial growth and industrial expansion. [Read more]

SpaceX launches Bandwagon-5 with satellites from four SSIT portfolio companies

SpaceX launched 32 payloads aboard its Bandwagon-5 rideshare mission on 20 October 2026, including 15 satellites from four SSIT portfolio companies: Xona, ICEYE, Tomorrow.io and HawkEye 360.

Xona deployed six satellites, including its first Pulsar service cluster ahead of planned commercial navigation services in 2027. ICEYE launched four radar imaging satellites, including two for Portugal's sovereign constellation. Tomorrow.io added two weather-monitoring satellites and HawkEye 360 deployed three satellites to expand its RF intelligence capabilities.

The mission also carried spacecraft supporting communications, Earth observation, orbital manoeuvring and microgravity research, illustrating the range of commercial and institutional applications served by shared launch services. [Read more]

Seraphim Space launches global Academy for early-stage SpaceTech companies

Seraphim Space launched the Seraphim Academy, offering selected pre-seed and seed-stage SpaceTech companies a rolling programme to support ambitious founders across fundraising, commercial growth and operations, providing access to Seraphim Space's team, mentors, corporate partners and network of more than 800 co-investors. Seraphim Space aims to support up to 15 companies annually, building upon its previous accelerator model, which developed businesses including Xona. [Read more]

UK Budget confirms up to £5bn for defence and dual-use financing

The UK Government's Autumn Budget confirmed plans for the National Wealth Fund and British Business Bank to deploy up to £5bn over four years into defence, dual-use technologies and sectors supporting national security and sovereign capabilities.

The commitment covers the wider defence and dual-use economy rather than a dedicated allocation to SpaceTech but includes areas relevant to the development of sovereign technologies and industrial capacity. [Read more]

Podcasts/Interviews

• MoneyWeek Talks – Are we in a new space race?: Mark Boggett, CEO and General Partner at Seraphim Space, joined Cris Sholto Heaton to discuss the expanding space economy, including falling launch costs, growing sovereign space capabilities and the potential impact of space technologies across defence, climate, communications and other industries. [Watch here]
• Good Money Guide: Mark Boggett, CEO and General Partner at Seraphim Space, discussed the space economy's investment opportunity, including SpaceX, satellite communications, artificial intelligence, defence technology and data centres in orbit, as well as Seraphim Space's approach to identifying and investing in SpaceTech companies. [Watch here]

Conferences

• Global MilSatCom: Dr Maureen Haverty, Investment Principal at Seraphim Space, will be speaking in London on 5 November 2026. [Learn more]
• Payload x Tectonic Space and Defense Investor Summit: Lewis Alun Jones and Andre Ronsoehr, , Investment Principal and Partner respectively at Seraphim Space, will be attending in Los Angeles from 3 November 2026. [Learn more]
• MoneyWeek Wealth Summit: Rob Desborough, General Partner at Seraphim Space, will be speaking in London on 6 November 2026. [Learn more]
• Reuters Space & Satellites: Mark Boggett, CEO and General Partner at Seraphim Space, will be speaking in Washington, D.C. on 10 November 2026. [Learn more]
• Atlantic Future Forum: Rob Desborough, General Partner at Seraphim Space, will be speaking in Oslo on 11 November 2026. [Learn more]
• Deutsche Bank Global Space Summit: Mark Boggett, CEO and General Partner at Seraphim Space, will be speaking in New York on 18 November 2026. [Learn more]
• Slush: James Bruegger, CIO and General Partner at Seraphim Space, and Lucas Bishop, Vice President at Seraphim Space, will be attending in Helsinki from 18 November 2026. [Learn more]

Curation Connect - explore SSIT: SSIT is featured on Curation Connect, a platform offering investors insights into SSIT's portfolio, growth strategy and position within the global SpaceTech market. The profile showcases SSIT's investment thesis, highlighting its solid foundations and role in the rapidly evolving space economy. [Learn more]

Find out where to meet and hear from Seraphim Space's team by following its social media, LinkedIn / Twitter.

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- Ends -

Media Enquiries

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 early and 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 and Seraphim Space Ventures II LP.

Further information is available at www.seraphim.vc.

About Generation Space LLC

Generation Space LLC is the US subsidiary of Seraphim Space Manager LLP and is responsible for its US activities. Further information is available at www.generation.space.

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