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SERAPHIM SPACE INVESTMENT TRUST PLC ( the " Company " or " SSIT " ) Full Year Results Seraphim Space Investment Trust plc ( LSE : SSIT ) , the world's first listed SpaceTech investment company , announces its results for the financial year ended 30 June 2026 . The Annual Report and Accounts will shortly be available at the National Storage Mechanism here and can be found here . A summary is set out below . Financial Summary 30 June 2026 30 June 2025 Change Total NAV Portfolio valuation Fair value vs. cost¹ Liquid resources Market capitalisation £ 704.4m £ 605.5m £ 281.1m 150.6 % £ 259.8m 133.0 % 359.6 % 131.9 % 22,770bps £ 152.9m £ 21.5m 610.6 % £ 553.3m £ 203.0m 172.5 % Ordinary shares NAV £ 570.4m £ 281.1m 102.9 % NAV per share¹ 240.49p 118.52p 102.9 % Liquid resources £ 19.0m £ 21.5m -11.5 % Market capitalisation £ 445.5m £ 203.0m 119.4 % Share price¹ 187.8p 85.6p 119.4 % -Discount / + premium¹ -21.9 % -27.8 % 590bps Ongoing charges¹ 1.36 % 1.77 % -41bps Number of shares in issue 237.2m 237.2m 0.0 % C shares NAV NAV per share¹ Liquid resources Market capitalisation Share price¹ -Discount / + premium¹ £ 133.9m 98.11p £ 133.8m £ 107.8m 79.0p -19.5 % 1.56 % Ongoing charges¹ Number of shares in issue 136.5m 1 Alternative performance measure - see Alternative Performance Measures below . Full Year Highlights The portfolio more than doubled in value , increasing by £ 374.3m ( 133.0 % ) to £ 605.5m at 30 June 2026 . Growth was driven predominantly by substantial fair value gains across the portfolio , underpinned by strengthening defence tailwinds and major funding rounds , particularly from the Company's largest holding , ICEYE , partially offset by realised losses on disposals . The NAV per ordinary share increased by 102.9 % to 240.49p , while the ordinary share price rose by 119.4 % to 187.8p and the discount narrowed from 27.8 % to 21.9 % . In May 2026 , the Company raised £ 136.5m through a C share issue , representing the largest fundraise by a UK - listed investment company since February 2023 , demonstrating strong investor demand for the Company's strategy and sector exposure . £ 4m was deployed in three existing portfolio companies , as we continued to selectively support existing portfolio companies ahead of the C share issue . The Company ended the year with £ 152.9m of cash and liquid resources and £ 42.2m in listed holdings , providing substantial firepower to accelerate investment activity across both existing holdings and new portfolio companies following the C share issue . The private portfolio , which represented 93.0 % of portfolio fair value and 80.0 % of NAV at 30 June 2026 , delivered exceptional performance , ending the year at 385.8 % of cost ( 381.7 % excluding FX gains ) . Excluding HawkEye 360 , which listed during the year , the aggregate fair value increased by 145.0 % during the year . The private companies in the top 10 holdings at the year end grew revenue by 237 % year - on - year on a fair value - weighted average basis . Portfolio liquidity remained strong , with 96 % of holdings by fair value at the year end benefiting from a robust cash runway . Of this , just under 90 % were fully funded . Management teams representing a majority of portfolio fair value are expected to reach EBITDA profitability by the end of 2026 , reflecting the increasing maturity and commercial scaling of the portfolio . Portfolio companies collectively raised more than $ 4.8bn during the year , marking the strongest financing period in the Company's history . Five private portfolio companies completed six financing rounds , each exceeding $ 100m , underscoring both investor confidence and the quality of the portfolio . The Company received £ 6.2m in disposal proceeds from the exits of Arqit and Spire Global . In addition , HawkEye 360 completed an IPO on the New York Stock Exchange in May 2026 , providing further validation of the broader maturation of the SpaceTech sector . Investments Completed During the Year Company Segment HQ Туре Cost £ m ALL.SPACE Downlink QuadSAT Taranis Total Downlink Analyse UK Denmark Israel Follow - on Follow - on Follow - on 3.6 0.3 0.1 4.0 Portfolio Company Developments During the Year Major Funding Rounds Portfolio companies attracted more than $ 4.8bn of new capital during the year , including multiple landmark rounds . The Company's largest holdings continued to attract substantial backing from leading global investors reinforcing both portfolio quality and the growing strategic importance of SpaceTech .