Seraphim Space’s share issue: all you need to know

“Space tech” fund Seraphim Space Investment Trust Ord (LSE:SSIT) is seeking to raise up to £350 million via a share issuance that is available to DIY investors.

The trust, which has enjoyed phenomenal returns in recent history thanks to both excitement about space exploration and higher defence spending, is issuing C shares to retail and institutional investors at £1 a go.

The offer opened this week and should close at 10am on Wednesday 6 May, although the fundraising is ultimately subject to shareholder approval at a meeting on the same date. DIY investors must make a minimum investment of £250. The offer is available through interactive investor, with more information detailed on our IPO page.

The shares may be issued through one or more placings, meaning the trust could in theory come to the market a handful of times rather than raising the full amount in one go.

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Why now?

Seraphim has argued that now is the time to invest more money, both in new holdings and existing ones, as the space tech market reaches a “critical inflection point”.

Satellite and launch costs have fallen, while global security concerns and climate worries have also driven interest in the sector. It’s notable that Seraphim Space holdings have been making big agreements with defence organisations in the last year or so.

The Seraphim portfolio at the end of 2025

Source: Seraphim Space.

The fund has enjoyed some very strong performance, with the shares making a total return of more than 300% over the last 12 months and recently trading on a roughly 45% premium.

Seraphim has been buoyed by a number of positive developments, most recently this week when holding HawkEye 360, which accounted for 10% of the portfolio at the end of 2025, filed for an initial public offering (IPO).

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Understanding C shares

C shares are a separate pool of money, commonly used as a way of avoiding “cash drag” on the main shares while the new money is deployed. Over time the C shares get rolled into the main shares.

One advantage of the C share is the price, with it being offered at £1 versus around £2.06 at which the main shares trade. But this can come with big risks: Seraphim invests in private companies that can take time to reach profitability, and there could well be bumps in the road.

How SSIT shares have performed over the years

Source: FE Analytics. 2026 figure as at 28/04/26. Past performance is not a guide to future performance.

Those who have been with Seraphim since the early days will know just how volatile it can be.

The shares soared on the back of their 2021 IPO but lost 64% in 2022 as higher interest rates kicked in. However, it wasn’t until 2025 that the shares returned to their IPO price.

Investing in IPOs and new issues carries a high degree of risk. You are not guaranteed to make a profit, the value of your investments can go down as well as up. You may not get back all the money you invest or lose your entire initial investment. Any notification of an Offer on our website is not an endorsement of the issue, nor is it solicitation for interest in the issue. Investment in the Company should not be regarded as short-term in nature. You should carefully consider all the information set out in the Offer documents, including the associated risk factors before you apply. If you are unsure of the suitability of an investment, please seek advice from an authorised financial advisor. You will not pay a purchase commission or stamp duty on this subscription. We will be paid a fee by the Company to cover our costs of advertising this offer. This fee will not exceed 0.5% of the value of shares allocated to customers and the fee will not affect the number of shares you receive. Further details are available upon request.