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26 Mar 2026 12:31
SERAPHIM SPACE INVESTMENT TRUST PLC (the "Company" or "SSIT")
Valuation Update - Xona Space Systems
Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment company, provides an update on its portfolio holding in Xona Space Systems, Inc. ("Xona"). Xona has completed an oversubscribed US$170m Series C funding round, which has delivered a 167% increase in the fair value of SSIT's holding.
The updated valuation derived from the funding round has resulted in an increase in the Company's net asset value ("NAV") of approximately £17.5m (or c.7.37 pence per share), which will be reflected in SSIT's NAV update for the quarter ending 31 March 2026.
Xona Fair Value (FV)
| Amount (£m) |
FV as at 31 December 2025 | 10.5 |
Updated FV as at 24 March 2026 | 28.0 |
Increase in FV as at 24 March 2026 | 17.5 |
About Xona
Xona is aiming to deliver the next generation of satellite navigation, through the development of the world's first commercial GPS constellation in low-earth orbit. Its system is designed to provide a critical layer of resilience to existing GPS infrastructure, which is currently operated by nation states and, therefore, is of increasing importance for national security and defence applications.
Xona's technology enables centimetre-level positioning accuracy, approximately 50-100x improvement over traditional GPS, through a simple software upgrade to existing devices. This step-change in precision and reliability is expected to unlock a wide range of high-value applications, including autonomous vehicles, drones, robotics and advanced air mobility solutions as well as supporting next-generation industrial and logistics use cases. Satellite navigation already underpins trillions of dollars of global economic activity, supporting critical infrastructure across transportation, telecommunications, financial systems and supply chains. By enhancing both the accuracy and resilience of positioning, navigation and timing ("PNT") services, Xona is positioning itself at the forefront of the next evolution of global GPS infrastructure.
James Bruegger, Chief Investment Officer of Seraphim Space Manager LLP, said: "Xona is a perfect example of Seraphim's approach: backing winners and helping them become category leaders. We first met the founder while he was still at business school, supported the business through our accelerator, and led its early funding rounds, with SSIT then doubling down with conviction. We believe Xona holds the potential to become one of the defining companies to emerge from the New Space ecosystem in recent years. One only has to look at how pervasive GPS is today to get a sense of the scale of the opportunity Xona is addressing with its next-generation, highly accurate, highly secure commercial GPS constellation. "
- Ends -
Media Enquiries
Seraphim Space Manager LLP (via SEC Newgate) | |
Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough, GP |
|
SEC Newgate (Communications advisers) | seraphim@secnewgate.co.uk |
Clotilde Gros / George Esmond / Harry Handyside | +44 (0) 20 3757 6767 |
Deutsche Numis |
|
Nathan Brown / Vicki Paine | +44 (0) 20 7545 8000 |
J.P. Morgan Cazenove |
|
William Simmonds / Rupert Budge | +44 (0) 20 7742 4000 |
Ocorian Administration (UK) Limited | seraphimteam@ocorian.com |
Lorna Zimny | +44 (0) 28 9078 5880 |
Notes to Editors
About Seraphim Space Investment Trust plc
Seraphim Space Investment Trust plc (the "Company") is the world's first listed fund focused on SpaceTech. The Company seeks exposure predominantly to early and growth stage private financed SpaceTech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.
The Company is listed on the Main Market of the London Stock Exchange.
Further information is available at: https://investors.seraphim.vc.
About Seraphim Space Manager LLP
Seraphim Space Manager LLP ("Seraphim Space" or the "Manager") is based in the UK and manages Seraphim Space Investment Trust plc and Seraphim Space Ventures II LP.
Further information is available at www.seraphim.vc.
About Seraphim Space Accelerator Ltd
Seraphim Space Accelerator Ltd, an affiliate of Seraphim Space Manager LLP based in the UK, established the Seraphim Space Accelerator in 2018 and has developed it to become the world-leading VC-led accelerator with a focus on SpaceTech. The accelerator programme brings in-depth industry expertise to get Seed and Pre-Series A SpaceTech companies 'investment ready' while facilitating relationships with some of the world's leading Space corporates and agencies.
Further information is available at www.seraphim.vc.
About Generation Space LLC
Generation Space LLC is the US subsidiary of Seraphim Space Manager LLP and is responsible for its US activities. Generation Space LLC is an affiliate of Seraphim Space Camp Accelerator Ltd and is responsible for delivery of the US Generation Space Accelerator.
Further information is available at www.generation.space.
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