The world’s first space investment trust said the deal will be reflected in its net asset value (NAV) at 30 September 2026, once it completes its usual quarter-end valuation check.

It comes after the firm’s previous announcement that the new valuation adds about £202m to the value of SSIT’s stake in ICEYE, a 102% increase, and will lift NAV per share by roughly 73p compared with the last published figure, at 31 March 2026.

That September NAV will also be used to calculate the first partial conversion of C Shares into Ordinary Shares. The conversion is expected after the results are published in November, with further details on timing and ratio to follow.

James Bruegger, chief investment officer of Seraphim Space Manager, said: “ICEYE’s emergence as one of Europe’s most valuable private space companies is a defining moment for the European space sector and for SSIT.

“We have seen it pioneer an entirely new model for sovereign intelligence from space and grow into a global leader operating at exceptional scale. Beyond defence and intelligence, its systems are also supporting critical applications including disaster response, environmental monitoring and insurance. As governments increasingly recognise space-based intelligence as essential national infrastructure, we believe ICEYE is uniquely positioned to shape this new era and become one of the world’s most important SpaceTech companies.”