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

SpaceTech Sector Newsletter – September 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 September 2026. 

Portfolio Update

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

SSIT co-leads Pixxel's record $100m Series C to expand Earth intelligence platform

Pixxel raised a $100m Series C funding round, co-led by SSIT and Temasek, the largest funding round secured by an Indian SpaceTech company to date. The funding will support Pixxel's expansion beyond hyperspectral Earth observation into a broader Earth intelligence platform spanning advanced sensing capabilities, software, sovereign space systems and satellite manufacturing. The company has evolved into a vertically integrated space business, with its own satellite manufacturing capabilities, operations in India and the US and major government contracts. This expansion comes as hyperspectral technology moves from validation towards commercialisation, AI makes complex Earth observation data easier to use and governments invest more heavily in sovereign space and geospatial intelligence capabilities. Pixxel is well positioned at the intersection of these trends. [Read more]

Having initially invested in Pixxel in 2022, SSIT announced its follow-on investment of $25m (£18m), held in its C share portfolio, in August 2026. [Read here]

Hubble raises $200m at $1.6bn valuation as satellite network reaches commercial viability

Hubble Network raised $200m in a Series C funding round at a $1.6bn valuation, led by Smith Point Capital and supported by SSIT and other leading investors. The funding will support plans to expand its constellation to 60 satellites by 2030. The company also made its satellite-powered Bluetooth network available to the public, enabling compatible devices using standard Bluetooth Low Energy (BLE) technology to communicate directly with satellites without requiring dedicated satellite hardware or terrestrial mobile coverage. According to Hubble, more than 500,000 devices are now active on the network, demonstrating growing adoption of its approach to connecting devices globally. [Read more]

SSIT announced its $30m investment in Hubble in August 2026. This was SSIT's first investment in Hubble and is held in its C share portfolio. [Read here]

ICEYE strengthens sovereign space offering across communications and intelligence

ICEYE and Nokia announced a partnership to develop secure, sovereign broadband low Earth orbit satellite communications systems for government and defence customers. Designed for dual-use missions spanning defence, border security, emergency services and disaster response, the systems will enable nations to own and control the satellites, ground infrastructure and terminals without dependency on a foreign commercial operator. The partnership further strengthens ICEYE's sovereign satellite communications capabilities, with the first communications satellites expected to launch in 2028. [Read more].

ICEYE was also selected by the European Space Agency (ESA) to lead the ARISE consortium in designing the architecture for the European Union's future Earth Observation Governmental Service. The study will define a blueprint for a sovereign European space-based intelligence capability, bringing together national, institutional and commercial Earth observation assets. [Read more]

HawkEye 360 secures approximately $18m of Middle East defence contracts

HawkEye 360 (NYSE: HAWK) secured approximately $18m in contract awards across the Middle East. The awards cover signals intelligence data, analytics and mission support services, reflecting continued demand for the company's space-based intelligence capabilities among defence and national security customers in the region. [Read more]

Voyager Technologies raises $402.5m and expands European launch infrastructure role

Voyager Technologies (NYSE: VOYG) completed a $402.5m offering of 0% convertible senior notes due 2032, generating net proceeds of approximately $391.6m. The financing will provide additional capital to support the company's growth and potential acquisitions. [Read more]

Astroscale secures £15m UK defence contract and advances debris removal mission

Astroscale secured a multi-year £15m (c.$20m) contract with the UK Ministry of Defence, further strengthening the company's role in defence-related space services. [Read more].

Astroscale's Japanese subsidiary also selected Isar Aerospace to launch its ADRAS-J2 mission, which aims to capture and remove a large piece of existing orbital debris. Scheduled for launch in Japan's fiscal year 2027, the mission will demonstrate technologies for actively removing defunct objects from orbit. Active debris removal is becoming increasingly important as the number of satellites and pieces of debris in orbit grows, increasing the risk of collisions. [Read more]

LeoLabs joins US Space Force radar modernisation programme

LeoLabs has announced it is partnering with SciTec, a Firefly Aerospace company, to support a $93.7m US Space Force ground-based radar digitisation programme. The project will modernise existing radar infrastructure through a common architecture and upgraded design, with LeoLabs contributing its radar technology and operational expertise. The company says the programme will help deliver more resilient and scalable space domain awareness capabilities for national security missions. [Read more]

SpaceTech Sector News

Seraphim Space-designed New Space Index underpins new ETF, with SSIT amongst its holdings

The Seraphim New Space UCITS ETF launched on 2 September 2026. Unlike traditional space ETFs, which are often dominated by aerospace primes and defence conglomerates, it tracks the proprietary Seraphim New Space Index. Developed from Seraphim Space's decade of SpaceTech investment experience, the index uses a passive, conviction-weighted methodology. The ETF is designed to capture growth in the New Space sector whilst adding new SpaceTech listings as they enter public markets, giving investors focused exposure to a portfolio spanning SpaceTech and infrastructure megatrends. Operated by HANetf, it is listed on the London Stock Exchange (LSE: SPCE), Deutsche Börse Xetra (SERA) and Borsa Italiana (SERA). Seraphim Space Investment Trust (LSE: SSIT) is its largest constituent, providing indirect exposure to SSIT's predominantly private SpaceTech portfolio alongside direct holdings in publicly listed New Space companies. This broadens public-market access to the New Space economy. [Read more]

Starship reaches orbit, deploys satellites whilst SpaceX stock causes volatility

SpaceX's Starship successfully reached orbit on its 14th test flight, marking the vehicle's first operational mission. The rocket deployed 26 Starlink satellites into orbit, with SpaceX claiming the payload delivered around ten times the capacity of a typical Falcon 9 Starlink launches. When fully operational Starship could dramatically increase the mass and volume that can be put into orbit, lowering costs and enabling new categories of space-based infrastructure. [Read more].

Following SpaceX's record-breaking IPO earlier in 2026, September saw major market attention focused on share lock-up expirations and potential insider selling. Investors worried about hundreds of millions of additional shares becoming eligible for sale, creating volatility across listed SpaceTech names including Rocket Lab and AST SpaceMobile.

Isar Aerospace reaches orbit and advances European launch capabilities

Isar Aerospace successfully reached orbit on the second flight of its Spectrum rocket, becoming the first company selected under ESA's European Launcher Challenge programme to achieve the milestone. The launch deployed six payloads for commercial and academic customers. Reaching orbit represents a major technical milestone for the launch provider and supports Europe's efforts to develop independent launch capacity, reducing reliance on overseas providers for access to space. [Read more]

Podcasts/interviews

• Mark Boggett on ADVFN: A New Index for the New Space Economy: Mark Boggett, CEO and General Partner at Seraphim Space, featured in an ADVFN interview examining the growth of the New Space economy and the launch of the Seraphim New Space Index which features SSIT. [Watch here]
• The New Space Economy: The Next Generation of Critical Infrastructure: Mark Boggett, CEO and General Partner at Seraphim Space, appeared on an exclusive webinar exploring the rapid evolution of the commercial space economy and the structural forces driving its transformation, from falling launch costs and sovereign investment to the convergence of AI and SpaceTech. This webinar is for professional investors only. [Watch here]

Conferences

• Jefferies European Disruptive Tech Conference: James Bruegger, Chief Investment Officer and General Partner at Seraphim Space, will be speaking in London on 13 October 2026 at 14:05. [Learn more]
• HANetf Frankfurt Conference: Mark Boggett, Chief Executive Officer and General Partner at Seraphim Space, will be speaking in Frankfurt on 21 October 2026. [Learn more]
• LSF26 Autumn Forum: Dr Maureen Haverty, Principal at Seraphim Space, will be speaking in London on 22 October 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.

Sign up to receive Seraphim Space's monthly newsletter directly to your inbox. [Sign up]

Neither the Company's website nor the content of any website accessible from hyperlinks in it or in this newsletter (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of, this newsletter.

- 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 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.