Seraphim Space Investment Trust - Update from QuotedData
5 December 2025
Dual-use SpaceTech: a strategic shift, not a short-term trend
Rising global defence spending, with many NATO countries now meeting or exceeding previous commitments, has made SpaceTech a higher priority for governments and major contractors. This shift in priorities is feeding directly into the commercial market. Investment in SpaceTech is also rebounding, with $10.4bn raised in the third quarter of 2025, close to the $10.9bn peak in the second quarter of 2021.
Seraphim Space Investment Trust (SSIT) is well positioned in dual-use SpaceTech and has seen strong NAV growth over the last year, helped by valuation uplifts across a number of core holdings. With several of SSIT's companies showing revenue growth, we believe there could be much more to come. This could help reduce SSIT's mid-30s discount to net asset value (NAV), which we see as far too wide.
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