London, UK, 13 September 2023

Seraphim Space Investment Trust (SSIT): High demand for space tech’s disruptive potential

Seraphim Space Investment Trust (SSIT) has released its Q423 trading update to end-June 2023, reporting that its top 10 holdings saw their revenues (weighted by portfolio fair value) increasing by 32% year-on-year in the 12 months to end-June 2023, while bookings went up by a strong 188% over that period. We believe this illustrates the high interest in the disruptive potential of the offering of these early-stage businesses across key secular themes, such as global security and climate change. SSIT’s shares currently trade at a c 48% discount to end-March 2023 NAV.

Across the broader market, the Seraphim Space Index indicated global venture capital/growth funding of US$4.5bn for the 12 months to end-June 2023 (US$1.2bn in Q223), which is significantly down from US$9.2bn in the 12 months to end-June 2022. However, the latter figure is distorted by large single transactions (eg SpaceX and Sierra Space), while the number of deals increased during the 12 months to end-June 2023. Moreover, deal value in US dollar terms rebounded by 57% during H123 compared to H222. Seraphim Space also notes the activity of private equity investors in the space tech industry, with Advent’s acquisition of Maxar and KKR’s takeover of OHB.

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