Seraphim Space Investment Trust plc (“SSIT”) has successfully completed a £137 million equity raise through the issue of new C Shares, marking a significant milestone for the Company and one of the larger UK investment trust fundraises in recent years.
The raise follows SSIT’s announcement in April that it was seeking shareholder approval for a C Share issue designed to support the next phase of portfolio deployment while minimising cash drag for existing shareholders during the investment period.
The Issue comprised:
- £76.4 million raised through a placing;
- £15.1 million through a direct institutional subscription; and
- £45.1 million via a retail offer.
The proceeds will be deployed in line with SSIT’s established investment strategy into a pipeline of pre-identified opportunities across the SpaceTech sector, including both existing portfolio companies and new investments.
Investing in the Next Phase of Space Infrastructure
Since launching in 2021 as the world’s first listed SpaceTech investment company, SSIT has focused on investing in companies operating across areas that are increasingly central to global infrastructure, including defence, communications, Earth observation, navigation and in-orbit services.
The SpaceTech sector continues to evolve rapidly as space-based technologies become embedded within critical national infrastructure and commercial systems. Structural drivers such as reduced launch costs, advances in satellite capability, and rising demand for resilient communications and intelligence systems continue to support sector growth across both government and commercial markets.
Today, more than 70% of SSIT’s portfolio has a primary focus on defence-related applications, while the portfolio’s leading holdings continue to demonstrate operational progress across revenue growth, commercial adoption and strategic relevance.
Portfolio Momentum
Recent developments across the portfolio have further highlighted the continued maturation of the SpaceTech ecosystem.
In recent weeks, portfolio company HawkEye 360 announced its $416m listing on the New York Stock Exchange, while Xona Space Systems completed a $170 million Series C funding round. These developments follow a broader period of activity across the portfolio, as companies continue to scale commercially and expand internationally.
The completion of the C Share raise provides additional capital to support opportunities emerging across this next phase of SpaceTech development.
Market Context and Retail Participation
The retail element of the Issue represented approximately £45 million of total proceeds.
Based on publicly available data, this appears to be one of the largest UK retail offers in recent years and among the largest UK retail offers since 2000. It also appears to be the largest UK follow-on retail offer over this period, based on available comparators.
The structure of the transaction also reflects recent changes to UK capital markets regulation, including the introduction of the Prospectus Regulation and Admissions to Trading on a Regulated Market (POATR) regime in January 2026.
Under the updated framework:
- The previous €8 million cap on retail allocations in undocumented offers has been removed, enabling broader participation by retail investors in larger transactions.
- The previous 20% threshold for share issuance without a prospectus for investment companies has been revised, increasing flexibility for follow-on issuance structures.
The SSIT C Share issue illustrates how these reforms are being applied in practice within UK listed markets.
Looking Ahead
The newly issued C Shares are expected to convert into Ordinary Shares periodically based on quarterly NAVs following the deployment phase.
As the SpaceTech market continues to mature and commercialise, SSIT remains focused on investing in category-leading companies developing the next generation of critical space infrastructure.
This article is provided for information purposes only and does not constitute investment advice.
