Member Info for contend

There's an FT article published this morning saying Ledger is working with bankers on an IPO at a >$4bn valuation.

A separate article from the FT says that Revolut has scrapped plans to buy a US lender and will instead apply for an American banking licence.

Revolut is in talks to acquire Turkish digital bank FUPS to start offerings its services in the country, according to people familiar with the matter

A Bloomberg article from today references Isar Aerospace, Molten's 11th largest holding.

https://www.bloomberg.com/opinion/articles/2026-01-06/musk-spacex-rivals-are-ready-for-liftoff-in-europe?utm_source=website&utm_medium=share&utm_campaign=copy

@jonhas, Goodbody, Molten's house broker, have previously said they are carrying Molten at a c.$55bn valuation. https://share.google/GPo6IHzKIiu04aJXi

The same article points to a $2bn valuation for ICEYE. So both are being held at a >25% discount to recent funding rounds.

The stock is trading at a 33% discount to NAV, and its largest and 5th largest holding are being carried at a >25% discount to recent funding rounds.

ICEYE, the world leader in synthetic aperture radar (SAR) satellite systems has secured new financing, led by General Catalyst with broad pan-European participation. The funding will be used to accelerate the company’s delivery of sovereign satellite systems and data intelligence services.

ICEYE has secured EUR 150 million in new funding, as well as a EUR 50 million secondary placement, valuing the company at EUR 2.4 billion (USD 2.8 billion).

"No details on the value of the investment have been publicly announced. However, informed sources told the Business Post Manna has secured an “eight-figure sum” from the firm, which is led by Cathie Wood."

https://www.businesspost.ie/tech/exclusive-manna-secures-multimillion-dollar-investment-from-openai-tesla-backer/

Today's announcement points to Molten holding Revolut at a c.$55bn valuation as at 30 September 2025.

Https://businesscloud.co.uk/news/form3-eyes-profitability-as-nationwide-blackrock-invest/

Iceye is exploring raising new funding at a valuation of about $2.5bn after receiving unsolicited requests to invest.

https://on.ft.com/3VS1Jdh

Molten's sixth largest positon and biggest single drag on NAV in the last financial year.

https://www.cityam.com/thought-machine-lands-45m-funding-round-after-losses-widen/

Duel, the leading Brand Advocacy platform helping leading retail brands including Lush, ELEMIS, Victoria’s Secret and Abercrombie & Fitch grow through their own fan and creator communities instead of traditional advertising, has raised $16 million in a Series A round. The funding was co-led by Molten Ventures and Bright Pixel, alongside existing investor Peter Bauer, founder of Mimecast.

"Is Revolut really worth $75bn?" Sifted published an article this morning on Revolut's valuation.

"Industry watchers say it will have to justify the price tag by pulling off ambitious expansion plans and securing a full UK banking licence."

https://sifted.eu/articles/revolut-valuation-75bn

Nvidia announced yesterday that it plans to invest £2bn into the UK's AI industry. Nvidia CEO Jensen Huang said he plans to invest in Revolut, amongst others.

Italian defence giant Leonardo is considering additional investments in Finland. "Leonardo is interested in investing in Finland and expanding its presence in Finland," Leonardo's co-director of strategy and innovation Simone Ungaro said on Friday. Ungaro says they don't talk about ongoing negotiations. However, when asked about two Finnish satellite companies, Reorbit and Iceye, he said “We are very interested in them.”

Steph. Good timing, the FT has just reported that staff can sell shares at a $75bn valuation. Molten shares up 4%.

https://on.ft.com/4p9hmuf

Revolut has been exploring hiring investment bankers as it weighs the possibility of buying a lender in the US to catapult its growth in the country, according to Bloomberg.

Poland acquired a stake in privately-held Iceye Oy, the Finnish maker of advanced Earth-observation satellites.

Vinci SA, an investment vehicle of the country’s state development bank Bank Gospodarstwa Krajowego, invested over 40 million zloty ($11 million) in Iceye, the Finnish company said in a statement on Monday, without specifying the size of the stake. Vinci is ready to increase its holding in the future, it added.

Porsche SE (the holding company not the carmaker) this morning said it intended to launch an investment platform in cooperation with other investors and partners, targeting emerging companies in the defence space. In the same section of the H1 press release, the company specifically called out its investment in Isar Aerospace. "Porsche SE is already active in the field of dual-use technologies with its successful investments in Isar Aerospace and Quantum Systems, among others."

Molten announces that, upon completion of its £15m share repurchase programme announced on 12 February 2025, it will commence an additional share repurchase programme of up to £10m.

Thursday's surge was likely driven by Chrysalis' strong trading update in which they reported a 13.7% increase in NAV since March, driven by increases in valuations for Starling and Klarna.