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Seraphim Space Investment Fund (LSE:SSIT) is not a well-known UK stock today. But according to data from AG BellThis was the most purchased share in FTSE 250 index Investment platform last week.
Obviously, the fact that it is up 809% since July 2023 is not stopping these investors. For the record, this is better than Nvidia (430%) and Rolls Royce (670%) during this time frame.
There aren’t many UK stocks – big or small – that can hold a candle to this kind of performance. Let’s take a closer look at this rising stock to see what has investors excited.
Do you own any shares in SpaceX?
As may be obvious, this is a venture fund focused on the space sector. It becomes the world’s first listed SpaceTech fund when it goes public in 2021.
The Seraphim Space Investment Fund targets early-stage and growth-stage SpaceTech companies that have the potential to dominate globally and help address humanity’s most pressing challenges such as climate change, communications, mobility and global security..
Seraphim space.
Now, with the way this £891m fund has been performing, you would be forgiven for thinking it has a stake in SpaceX. Rocket pioneer Elon Musk is preparing to make his stock market debut in a few weeks.
However, it does not own any SpaceX. Instead, it has significant stakes in ICEYE (a satellite radar company specializing in Earth observation), ALL.SPACE (satellite communications terminals), D-Orbit (space logistics), and HawkEye 360 (satellite intelligence).
ICEYE, the largest holding company, is heavily integrated into the European defense and intelligence sector. Through a joint venture with the defense giant RheinmetallIt supplies the German armed forces with reconnaissance data.
But ICEYE also recently partnered with the Jane Goodall Institute to provide near real-time detection of illegal logging and mining in the Congo Basin and Tanzania.
Meanwhile, ALL.SPACE was acquired by York Space Systems For $355 million. Since this company represents 15.9% of Seraphim’s net asset value (NAV), the trust should get a nice little cash boost soon.
Finally, HawkEye 360 is preparing for an IPO valued at approximately $2.84 billion.
Is this rising stock still worth watching?
As we see next, the portfolio performed well. The stock could do better in the coming months as SpaceX’s IPO approaches.
Successful [SpaceX] The listing could serve as a bellwether for large technology and space-related IPOs, increasing broader investor appetite for the sector..
Seraphim space.
I’ve been bullish on this trust for a long time now (I first highlighted it when the stock was worth 29p in July 2023). But net asset value only rose from £222m at the end of 2022 to £337.5m in December 2025. Or from 92.74p to 142.3p.
But the current share price is 238p, which means a 63% premium to the last official NAV calculation. In other words, the stock may have gotten ahead of itself after essentially doubling year-to-date.
Therefore, I think investors should consider avoiding this for now (or at least hold it as a smaller speculative position). It may continue to rise as excitement builds for SpaceX, but there is a significant premium to NAV to consider.
If SpaceX’s IPO fails, or there is a sharp market downturn, Seraphim Space could quickly lose its rally.
Ben McBoland holds positions at Nvidia and Rolls-Royce. Magpie XII He recommended AJ Bell, Nvidia, and Rolls-Royce. The opinions expressed on companies mentioned in this article are those of the author and therefore may differ from the official recommendations we provide in our subscription services such as Share Advisor and HiddenWinners.
