On 26 November, we welcomed investors, analysts, and stakeholders to our London HQ for the SSIT (Seraphim Space Investment Trust) Capital Markets Day 2025. The morning was designed to deliver clear insight into why space is rapidly becoming a foundation of both national defence and commercial enterprise.
The event began with networking on the 9th floor at One Fleet Place, framed by views of St Paul’s and The Old Bailey. The room filled quickly and the energy was immediate. Investors, operators, and policymakers had gathered with a shared purpose: to understand where the space sector is heading and why its strategic relevance has never been greater.
To help explore these themes, we were joined by two highly respected industry leaders: Major General Paul Tedman CBE, Commander, UK Space Command, and Steve Young, President, Satellite Missions, at ICEYE.
Major General Paul Tedman CBE leads UK Space Command, bringing deep operational and international experience to strengthening the UK’s defence space capabilities at a time when space is becoming critical to national security.
Steve Young oversees ICEYE’s satellite missions, delivering rapid, high-value SAR intelligence that supports defence, disaster response, and climate monitoring. ICEYE, now recognised as one of space’s latest unicorns, operates a 62-satellite SAR constellation and has become one of the most important dual-use companies shaping the future of global security and resilience.
The summaries below only capture highlights from the sessions. Watch the full videos within for more.
State of the Nation
🎥 Watch Mark Boggett’s opening address below
Mark Boggett, CEO of Seraphim, opened the formal proceedings by introducing Seraphim and outlining the broader trajectory of the space sector. He described the industry as reaching a critical inflection point, where the pace of change and level of opportunity are both accelerating rapidly.
His remarks focused on the growing convergence between national defence priorities and commercial innovation. This theme, the alignment of public and private space agendas, set the tone for the morning.
Mark also spoke about the scale of the opportunity ahead. Space is on track to become a multi-trillion-dollar industry, driven by increasing demand for satellite data, real-time intelligence, and resilient global infrastructure.
He highlighted how dual-use technologies are now defining the most investable areas of the sector. Traditional lines between civil and defence applications are disappearing. In their place, a new generation of agile, venture-backed companies is emerging, building capabilities that serve both markets simultaneously.
Mark also touched on the role of the Seraphim Space Investment Trust (SSIT), and the unique exposure it provides to this growth. By backing early and scaling companies across Earth observation, communications, in-orbit services, and more, SSIT is positioned to capture value across the full arc of the space economy.
Keynote: Major General Paul Tedman CBE
🎥 Watch the keynote from Major General Paul Tedman CBE below
We then welcomed Major General Paul Tedman CBE, Commander of UK Space Command, to deliver the keynote address.
General Tedman brought a sharp national security lens to the conversation. He described the current moment as an era of “astropolitics”, where space is no longer just a backdrop to global affairs, but the next critical frontier. Protecting national interests through space has become a top strategic priority as it is now recognised as an essential warfighting domain.
He drew a compelling parallel with military history. The high ground has always determined tactical advantage in conflict. Today, that high ground is in orbit.
General Tedman fielded the first audience questions of the day, including a direct exchange with Seraphim CEO Mark Boggett. Their discussion touched on Europe, and on major space-positive changes in UK procurement.
His closing message left no doubt. Space is not a future-facing ambition. It is a present-day battleground for strategic influence, national resilience, and operational readiness.
Fireside Chat with ICEYE’s Steve Young
🎥 Watch the fireside below
Following on, Seraphim CIO James Bruegger, hosted a fireside chat with Steve Young, President, Satellite Missions at ICEYE, offering an inside look into one of the hottest global SpaceTech companies and what has been a landmark year for the business.
Steve, who was the first person to achieve a sale at ICEYE, reflected on the company’s journey to becoming the global leader in SAR, or Synthetic Aperture Radar. SAR is a type of satellite imaging that uses radar signals to capture high-resolution images of the Earth’s surface, regardless of weather or lighting conditions. Unlike traditional optical satellites, SAR can see through cloud cover and operate in complete darkness.
Before ICEYE, accessing SAR data was expensive, limited, and slow, with satellites taking years to design, build, and launch. ICEYE transformed this by developing a rapid, in-house manufacturing approach and by launching and operating its own growing constellation of radar satellites.
Today ICEYE has a 62 satellite SAR constellation, the largest of its kind in the world. Steve explained how this scale underpins everything the company achieves, allowing ICEYE to deliver hourly image updates to customers in darkness, rain, or cloud. The constellation supports governments with critical defence and national security needs, while also serving commercial users such as insurers responding to wildfires and floods. It stands as one of the clearest examples of a true dual-use leader, delivering capabilities that meet both sovereign requirements and global industry demand.
Steve also outlined the differences between ICEYE’s defence and commercial work, from contrasting sales cycles to the way innovation flows between the two sides. Each informs the other and helps ICEYE expand its product offering to match rapidly evolving customer needs.
Among the audience questions, a highlight was hearing Steve pick a few of his favourite startups within the SSIT portfolio, including HawkEye 360, SatVu, and Pixxel.
His reflections set the stage perfectly for Mark’s closing remarks.
Closing
🎥 Watch the closing remarks below
Mark closed the morning by reflecting on the strength and maturity of the Seraphim portfolio. To date, Seraphim-backed companies have produced seven unicorns, along with five IPOs and only four failures. He highlighted that no one globally is better positioned to filter, support, and back the very best opportunities in SpaceTech, thanks to Seraphim’s integrated model spanning the accelerator, our private funds, and SSIT.
He also spoke to the scale of the opportunity ahead, particularly in Europe but increasingly worldwide, as space becomes central to defence strategies and nations move toward 5 percent GDP commitments across the continent. Mark noted that this shift, combined with surging commercial demand, is creating one of the most significant investment landscapes the world has ever seen.
Thank you to all who joined us, from investors and analysts to operators, founders and policymakers. Your questions, insights and conversations helped shape the day and created exactly the kind of dialogue the sector needs.
We are excited for what comes next. The momentum across SpaceTech is building, the opportunities are expanding and SSIT is committed to supporting the companies that are defining this next chapter.
To learn more about SSIT, including our portfolio, strategy and latest updates, please explore the information below.
