TIDMSSIT
Seraphim Space Investment Trust PLC
05 December 2023
SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")
SpaceTech Sector Newsletter - November 2023
Seraphim Space Investment Trust plc (LSE: SSIT), the world's
first listed SpaceTech investment company, publishes its monthly
RNS Reach newsletter to provide updates, based on publicly
available information, on the Company's portfolio investments, its
Manager (Seraphim Space Manager LLP (the "Manager" or "Seraphim
Space")) and the wider SpaceTech market. The following newsletter
covers November 2023.
SSIT Update
SSIT announced its first quarter results for the three-month
period ended 30 September 2023. Key updates during the period
included:
-- Further GBP4.1m deployed across two new investments and three follow-on investments.
-- Portfolio valuation up GBP 12m to GBP200m, driven by
additional investments, unrealised fair value net gains and an
unrealised FX gain.
-- The main driver of the underlying fair value increase was
D-Orbit, reflective of a transaction that reached a conditional
completion post period, pending regulatory approvals.
-- Cash balance of GBP30m (13% NAV) at 30 September 2023, with
top 10 companies (76% NAV) well capitalised with an average of 18
months cash runway.
SSIT Portfolio Update
D-Orbit announce first close of over EUR100m investment
round
Subject to regulatory approvals, Marubeni will take on the role
of lead investor in D-Orbit's Series C funding round. This round
will include other Italian, European and international investors
and is expected to exceed a total of EUR100m. The Series C funding
round will enable the company to strengthen its operations globally
with a focus on in-orbit servicing, space cloud computing and
orbital transportation. [Read more]
The US Government awarded HawkEye 360 a $12.5m phase II
contract
HawkEye 360, the world's leading defence technology company for
space-based radio frequency (RF) data and analytics, announced it
has been awarded a $12.25m contract by the United States Government
to share satellite RF data, analytics and training to improve
maritime domain awareness . This phase II contract reflects HawkEye
360's continued work with the Indo-Pacific Partnership for Maritime
Domain Awareness (IPMDA), which was endorsed
by leaders of the Quad nations-Australia, India, Japan and the United States. [Read more]
Voyager, Airbus and European Space Agency (ESA) sign
agreement
A joint venture between Voyager Space and Airbus, Starlab is
currently due to launch in 2028. According to the ESA, the new
agreement will ensure the ESA's continued access to low Earth orbit
(LEO) when the International Space Station (ISS) is de-orbited in
the early 2030s. Instead of replacing the ISS with another
government-run and funded station, NASA decided to seed the
development of privately-owned stations that it could utilise as an
anchor tenant. In December 2021, the ESA awarded over $400m in
total to three private station plans, including Voyager Space's
Starlab. This new trilateral agreement, signed at the ESA Space
Summit in Seville, also points to a potential ESA-developed
European transportation system for both cargo and crew. [Read
more]
SpaceX completes 9(th) rideshare launch
As is typically the case, SSIT portfolio companies took a
sizable proportion of the overall capacity of the 11 November
SpaceX launch. A blizzard of activity on the launch front as four
of SSIT's portfolio companies successfully deployed 33 of their
satellites as part of the latest SpaceX mission. ICEYE expanded its
SAR satellite constellation to 31, adding 4 new satellites. Spire
Global marked a milestone by deploying 11 satellites/payloads,
bringing its total to an impressive 160 satellites in orbit.
D-Orbit continued its market leadership by launching its 12(th)
space taxi, called the 'Cosmic Wander' which included a diverse
range of 18 satellite payloads for customers including AAC
Clydespace [ Read more ] . Additionally, Ubotica Technologies
played a pivotal role in an Open Cosmos satellite, utilising AI to
intelligently track biodiversity, desertification, emergencies
(wildfires, floods) and farming impacts for sustainable policy
development [ Read more ] .
Space Earnings - Listed Companies
The Q3 reporting season is underway with a range of globally
listed space companies reporting strong revenue growth which
largely mirrors the experience of the private companies within the
SSIT portfolio. SSIT portfolio companies Spire Global grew its ARR
to $125m over the period whereas AST SpaceMobile does not yet have
revenues as its early in the process of launching its 'cell tower'
constellation to provide voice and connectivity directly to any
mobile phone. Some examples included below.
Revenue Year
2023(1) Revenue Q3
Revenue Year (% Growth (% Growth
Name of Company 2023(1) YoY) Revenue Q3 YoY)
------------------- ------------- ------------- ----------- -----------
Spire Global $100m 38% $27.3m 34%
AST SpaceMobile n/a n/a n/a n/a
Terran Orbital $136.2m 87% $43.9m 58%
Rocket Lab $236m 27% $67.7m 7%
Intuitive Machines $86.9m 8% $12.7m 23%
------------------- ------------- ------------- ----------- -----------
Note: (1) Revenue to Q3 2023
SpaceTech Sector News
Starship Historic Launch
In a groundbreaking event, SpaceX launched its second test of
the gigantic Starship rocket. With the potential to redefine the
future of space over the next few decades, Starship is poised to
revolutionise the economics of space, reducing launch costs by an
order of magnitude. While the mission faced a setback with the loss
of contact after eight minutes, the overall success underscores the
validation of its 30 engines, telemetry and booster separation. [
Read more ]
Media & Podcasts
-- SSIT AGM: The Company held its Annual General Meeting on 20
November 2023. The link to the video of the Manager's presentation
is available here .
-- SSIT portfolio CEOs profile their businesses: Tune into the
Seraphim Space podcast series to hear firsthand from the founders
of leading SpaceTech companies. Discover the background of these
businesses and receive up-to-date information on their expansion,
customer adoption and outlook for the SpaceTech sector. All top 10
SSIT portfolio companies are available in the series. [Listen
Here]
Conferences and Events
-- Tim Peake interview: Mark Boggett, Seraphim Space CEO, had
interviewed Tim Peake, the first British ESA astronaut to visit the
ISS, at a private event for investors hosted by a third party. Tim
spent six months on the ISS and became the first British astronaut
to do a spacewalk. One interesting fact to share is that many
satellites are actually launched from the ISS. Tim and the ISS crew
launched two satellites whilst he was onboard, using the NanoRacks
CubeSat Deployer (an SSIT portfolio company/part of Voyager Space),
and the two satellites were from the SSIT portfolio company Spire
Global. No recording is available.
-- SLUSH: James Bruegger, Seraphim Space CIO, was in Helsinki at
SLUSH on 30 November speaking on the HSBC Innovation stage.
[link]
-- GeoBiz Summit: Seraphim Space Investment VP Lewis Jones will
be speaking on 9 January 2024 in California. [link]
-- SpaceCom: Serphim Space CEO Mark Boggett will be speaking on
30 January in Florida. [link]
Find out where to meet and hear from Seraphim Space's team by
following its social media , LinkedIn / Twitter .
Sign up to receive Sertaphim Space's monthly newsletter directly
to your inbox. [link]
Neither the Company's website nor the content of any website
accessible from hyperlinks in it or in this newsletter (or any
other website) is (or is deemed to be) incorporated into, or forms
(or is deemed to form) part of, this newsletter.
- Ends -
Media Enquiries
Seraphim Space Manager LLP (via SEC Newgate)
Mark Boggett, CEO / James Bruegger, CIO
/ Rob Desborough
SEC Newgate (Communications advisers) seraphim@secnewgate.co.uk
Emma Kane / Clotilde Gros / George Esmond +44 (0) 20 3757 6767
Deutsche Numis
Mark Hankinson / Gavin Deane / Neil Coleman +44 (0) 20 7545 8000
J.P. Morgan Cazenove
William Simmonds / Jérémie
Birnbaum / 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 Premium Segment 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.
Further information is available at www.seraphim.vc .
About Seraphim Space Camp Accelerator Ltd
Seraphim Space Camp 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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