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

SpaceTech Sector Newsletter - May 2025

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 May 2025. 

Portfolio Update

ICEYE demonstrates huge strategic growth and momentum across global markets

ICEYE continued to expand its global presence and strengthen its position as a leader in Synthetic Aperture Radar (SAR) satellite technology. Developments during May 2025 underscore the company's growing role in defence, national security and commercial Earth observation:

·           Japan: ICEYE and IHI Corporation announced plans to co-develop a SAR satellite constellation (up to 24 satellites) to support Japan's civil, commercial and defence needs. Plans include a new satellite manufacturing facility in Japan, aligned with national goals for space industry expansion and resilience. [Read more]

·           Strategic AI collaboration: ICEYE entered a long-term partnership with Safran.AI to develop advanced multi-sensor AI solutions, enhancing decision-making capabilities in geospatial intelligence for government customers. [Read more]

·           Greece: ICEYE opened a new office and satellite assembly facility in Athens as part of its participation in the Greek National Satellite Space Program (Axis 1.2), including the deployment of two SAR satellites. [Read more]

·           Poland: ICEYE signed a €200m agreement with Poland's Ministry of National Defence to deliver three SAR satellites, with an option for three more under the MikroSAR program. [Read more]

·           Germany: ICEYE and Rheinmetall signed a memorandum of understanding to establish a joint venture, Rheinmetall ICEYE Space Solutions, for satellite production in Germany, with operations scheduled to begin in 2026. [Read more]

·           Spain: ICEYE launched a major new research and development and manufacturing centre in Valencia, its second-largest global facility, to support innovation in SAR and multi-sensor Earth observation technologies. [Read more]

ICEYE's continued global momentum reflects its unique market positioning and underscores the long-term potential of this core SSIT holding.

SSIT invests in $50m funding round for Zeno Power to advance space-ready nuclear batteries

SSIT invested £4.1m in Zeno Power's $50m Series B funding round, led by Hanaco Ventures. This new investment brought Zeno's total funding to over $70m, supporting the company's efforts to develop compact nuclear batteries that can deliver reliable, long-lasting power in extreme environments such as space, the deep ocean and polar regions. Zeno is pioneering the commercial use of radioisotope power systems based on Strontium-90, a by-product of nuclear waste. These systems are designed to operate for years without sunlight, refuelling or recharging, offering a breakthrough solution for powering critical infrastructure where traditional energy sources fail. [Read more]

Voyager Technologies files for IPO, targets 2029 Starlab launch and acquires Optical Physics Company

Voyager Technologies, formerly Voyager Space, has filed for an IPO as it ramps up development of Starlab, the $2.8-3.3bn commercial space station set to launch in 2029 aboard a SpaceX Starship. With NASA as its largest customer and a growing national security portfolio now accounting for two-thirds of Q1 2025 revenue, Voyager reported $144.2m in revenue for 2024. The company holds a 67% stake in the Starlab joint venture alongside Airbus, MDA, Mitsubishi and Palantir. Voyager also acquired Optical Physics Company for $10.7m to strengthen its defence technology capabilities. [Read more]

AST SpaceMobile projects up to $75m revenue in H2 2025, taps into US defence opportunity

AST SpaceMobile has projected $50-75m in revenue in H2 2025, driven by government contracts, gateway deployments and early service income. CEO Abel Avellan noted that these revenues will help support the company's funding needs over the next three years. Avellan also stated that AST's satellites could make the company a valuable contributor to the US government's $25bn Golden Dome missile defence program, citing its unique capabilities for national security applications. [Read more]

SatVu secures $6m in pre-orders despite early satellite setback

SatVu secured $6m in pre-orders for its next thermal imaging satellite, HotSat-2, following the early failure of its first satellite after six months in orbit. Despite this setback, HotSat-1 provided valuable high-resolution mid-wave infrared data that demonstrated the technology's potential to both commercial and government clients, including US defence contractors supporting the US National Geospatial-Intelligence Agency's Luno program. SatVu's sensors detect thermal signatures down to 3.5 meters, enabling detailed monitoring of infrastructure and industrial activity. Supported by a $10m insurance payout and the efforts of manufacturer Surrey Satellite Technology Ltd., a subsidiary of Airbus, to address prior issues, SatVu aims to build an eight-satellite constellation delivering daily global coverage, reinforcing its promising position in the remote sensing market. [Read more]

SpaceTech Sector News

Seraphim announced 15^th accelerator cohort

Seraphim announced the 15^th cohort of its global leading accelerator program, featuring 10 startups from five countries, including its first from Mongolia. The latest round reflects a growing trend of commercial innovation aligning with national security priorities, with participating companies tackling challenges in defence communications, satellite-enabled AI and microgravity manufacturing. Since launching in 2018, the program has supported startups that have gone on to raise over $695m in private funding. [Read more]

New report values the space industry at $944bn by 2033

A new report from Novaspace estimates that the global space economy will grow from $596bn in 2024 to $944bn by 2033, a 1.5x increase in less than a decade. The expansion is expected to be driven by wider adoption of downstream technologies such as AI and cloud computing, which are making space-based data more accessible and commercially useful. Downstream services, which include applications that leverage satellites and space infrastructure for use on Earth, already account for over half of the industry's value. In contrast, upstream activities like launch services and satellite manufacturing make up the remainder, underscoring the shift toward data-driven solutions in the sector. [Read more]

Intuitive Machines confident in lunar plans

Intuitive Machines remains confident in its lunar ambitions despite recent NASA budget adjustments. CEO Steve Altemus highlighted strong support for commercial-led Moon and Mars exploration, with no expected impact on upcoming contracts. The company is advancing its heavy cargo lander and Lunar Terrain Vehicle, launching aboard SpaceX's Falcon Heavy, with exciting contract phases anticipated in 2025. Alongside lunar efforts, Intuitive Machines is breaking ground in national security space projects, including an orbital transfer vehicle, a Texas-funded re-entry vehicle and pioneering nuclear propulsion for stealth satellites. Following valuable lessons from two 2024 landing attempts, Intuitive Machines has enhanced its technology and is on track for a third Moon landing mission in early 2026. [Read more]

China issues framework for direct-to-device satellite services

China has introduced its first regulatory framework for direct-to-device (D2D) satellite services, supporting the growth of satellite-enabled mobile and IoT connectivity. The new rules address licensing, data security and device standards, while mandating domestic data handling and real-name registration. The move mirrors global momentum in the D2D sector, following the Federal Communications Commission's similar framework in the US, and positions China to influence international standards. This development highlights growing global competition in space-based mobile communications, where companies like SpaceX, Lynk Global and SSIT portfolio companies AST SpaceMobile and Skylo are leading innovation.

ESA proposes €20bn budget as Aschbacher calls for increased European space investment

European Space Agency (ESA) Director General Josef Aschbacher has called for a major increase in European space funding, highlighting that Europe contributes just 10% of the €100bn ($112bn) spent globally by governments on space, far behind the US (60%) and China (15%). Speaking to the European Parliament, he described Europe's achievements in Earth observation and navigation as "almost a miracle" given this disparity and revealed the ESA is preparing a €20bn budget proposal for 2025-2027, an 18% increase over the €16.9bn approved in 2022. He argued that greater investment is essential to strengthen Europe's autonomy and competitiveness in the global space sector. [Read more]

Media

Podcast

·           The role of SpaceTech in solving Europe's security dilemma: As geopolitical tensions rise and warfare rapidly evolves, Europe faces a critical challenge: rapidly building sovereign space capabilities to secure its future. In this timely episode, host Leah Martin (Seraphim Space) is joined by Mark Boggett (CEO, Seraphim Space), James Bruegger (CIO, Seraphim Space) and Marco Fuchs (CEO, OHB, one of Europe's leading aerospace companies) to discuss Seraphim Space's latest white paper on European defence readiness. They explore the changing geopolitical landscape, the growth of dual-use SpaceTech and the urgent need for accelerated policy, investment and innovation to close Europe's security gap. [Listen]

Webinar

·           Mission 15: Meet the Seraphim Space Accelerator mission 15 cohort: Seraphim Space launched Mission 15 of its Accelerator, showcasing 10 pioneering startups from five countries, including its first from Mongolia. The cohort is tackling a range of critical challenges, from AI-powered satellite technology and space sustainability to microgravity biotech. In a recent webinar, Leah Martin and Accelerator Manager Ellie Gyaurova unveiled the new cohort and explored the key trends shaping the future of SpaceTech. [Watch].

Conferences

·           London Tech Week: Seraphim Space Partner Rob Desborough will be hosting a panel on 'Why SpaceTech is European Defence's Superpower' on 11 June 2025. [Details]

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 Seraphim Space Accelerator Ltd

Seraphim Space Camp Accelerator Ltd, an affiliate of Seraphim Space Manager LLP based in the UK, established the Seraphim Space Accelerator in 2018 and has developed it to become the world-leading VC-led accelerator with a focus on SpaceTech. The accelerator programme brings in-depth industry expertise to get Seed and Pre-Series A SpaceTech companies 'investment ready' while facilitating relationships with some of the world's leading Space corporates and agencies.

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. Generation Space LLC is an affiliate of Seraphim Space Camp Accelerator Ltd and is responsible for delivery of the US Generation Space Accelerator.

Further information is available at www.generation.space.