Wait until you see the returns from a certain growth-focused investment trust though. Believe it or not, this trust’s delivered around 16 times the return of the blue-chip index.

This investment trust’s in another galaxy

I’m referring to Seraphim Space Investment Trust (LSE: SSIT). It invests in early and growth stage space technology companies that are providing solutions in areas such as communications, climate change, mobility, and global security.

This year, its share price is up about 64%. So it’s left the FTSE 100 behind on the launchpad.

One driver of the outsized gains here has been excitement around SpaceX’s upcoming Initial Public Offering (IPO), which is looking like it will be the largest of all time. This has helped investors become more aware of space’s investment potential (analysts at McKinsey believe that it could be a $1.8trn market by 2035).

Another is the growing link between the defence industry (which is very much in focus right now given the conflict in the Middle East) and the space industry. Today, space is considered a critical defence domain as it can play a major role in intelligence, surveillance, navigation, and communications.

Additionally, monthly newsletters from the trust have revealed some positive developments. For example, the March newsletter, posted on 9 April, revealed that the trust’s largest holding, ICEYE, enjoyed €250m in 2025 revenue and had a backlog of €1.5bn at the end of the year.

So overall, there have been a number of share price drivers. Combined, they’ve put a rocket under the stock.

Is there an investment opportunity here?

Is this trust worth considering for a Stocks and Shares ISA or Self-Invested Personal Pension (SIPP) portfolio today? Potentially.

It’s not a product I’d take a massive position in because it’s quite risky. Not only is space a nascent industry today but the trust invests in early stage, unlisted companies (which tend to be high up on the risk spectrum).

On top of this, there’s some portfolio concentration risk. That holding I mentioned above, ICEYE, represented almost 40% of the portfolio at the end of 2025, so that’s an issue.

But it could potentially be an interesting non-core holding. Given its niche focus, it could complement core holdings such as index trackers and blue-chip stocks.

There are certainly some interesting companies in the trust’s portfolio. Examples here include ALL.SPACE, which specialises in satellite connectivity for defence and government, and D-Orbit, a leader in the fast-growing space logistics market.

All things considered, I believe it’s worth a look as a speculative holding. I’d keep the position small though and manage risk carefully.

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Showing this figure isn’t just science fiction, we had two developments last week. First, there was NASA’s successful Artemis II rocket launch that sent humans towards the Moon for the first time in over 50 years. Second, industry juggernaut SpaceX has reportedly filed to go public at a potential valuation of $1.75trn.

Here are three stocks to consider buying for exposure to the booming space economy.

SpaceTech fund

Let’s start with Seraphim Space Investment Trust (LSE:SSIT). This £365m trust invests in earlier-stage growth companies involved with space technology (SpaceTech).

The stock’s had an amazing run, going from 51p to above 150p in just 12 months.

However, this hasn’t been driven by mere hype, but actual tangible progress made by its portfolio companies. In March, it announced a 20% jump in its net asset value (NAV), or an increase of £56.4m.  

For example, Finnish microsatellite firm ICEYE secured a massive €1.7bn space reconnaissance contract from the German government alongside its partner, defence giant Rheinmetall. ALL.SPACE, HawkEye 360, and D-Orbit also received meaningful valuation uplifts.

It’s worth noting that seven of the trust’s top 10 holdings expect to report EBITDA profitability in 2026. So these are far from starry-eyed start-ups in garages.

The biggest risk would be Europe turning off the funding tap. However, while this can’t be ruled out, I think President Trump threatening to leave NATO makes it even more likely that Europe spends hundreds of billions building out its own space and defence capabilities.

If so, then many of the key holdings here should benefit massively. As I write, the trust’s trading at a 5% premium to NAV, suggesting that its valuation is far from bonkers.

European blue chip

Next, we have Airbus (ENXT:AIR), whose share price is down roughly 22% since January.

While primarily a maker of passenger jets, Airbus also has a Defence and Space division. Last year, revenue here increased 11% year on year to €13.4bn, while order intake surged to a record €17.7bn.

Airbus built the European Service Module for NASA’s Artemis programme, providing power and life support for the Orion spacecraft heading to the Moon.  

Rather than a pureplay space stock, Airbus is a stable, profitable giant with a massive backlog of 8,754 commercial aircraft. Supply chain shortages could result in production delays, but the forward price-to-earnings multiple of 22 looks reasonable to me.

AIM-listed stock

Returning to SpaceX, let’s end with Filtronic (LSE:FTC). This is a small-ish UK company with a £435m market-cap that designs and manufactures advanced radio frequency (RF) solutions for the space, aerospace and defence, and telecoms markets.

A deal signed with SpaceX to support SpaceX’s Starlink satellite constellation has been transformative. Revenue ballooned from £16.3m in 2023 to £56.3m last year.

The flip side to this is that SpaceX now makes up the vast bulk of revenue, which adds concentration risk. However, it’s worth noting that Filtronic is having success diversifying revenue streams.

For example, last week it was selected by a major European defence firm to provide it with components, building on an $8m contract won with the US army the week before.

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Still, a one-year return of 44% is not to be sniffed at — it’s more than double the Footsie’s total return of about 20%. And the five-year share price chart is still a thing of beauty.

Spacetech trust

But there’s an under-the-radar UK stock that has done much better over the past 12 months. Meet Seraphim Space Investment Trust (LSE:SSIT), which has rocketed from 55p to 137p in this time (a 149% gain).

As suggested by the name, this investment trust focuses on the space sector. Predominantly this is early and growth-stage firms in space technology, which is widely pegged as a multi-trillion-dollar market in the making. We’re talking rockets, satellite manufacturing and communications, earth observation, and so on.

Spacetech has both commercial and sovereign defence applications, including space-based reconnaissance. And the European defence boom has helped propel the trust in recent years (it’s up more than 400% since June 2023).

European governments, led by Germany, have moved decisively from policy intent to implementation as they seek to reduce longstanding reliance on the US for critical defence capabilities…This continues to produce good tailwinds for [our]portfolio.
Seraphim Space Investment Trust

Strong action

At the end of 2025, the portfolio contained 23 companies and one fund investment valued at £331.6m (up from £259.8m in June 2025). Meanwhile, net asset value (NAV) per share increased by 20.1% to 142.3p in the last six months of 2025.

It ended the year with £22.1m in cash and no debt. And a milestone was reached as the fair value of its private portfolio (after disposals) exceeded 200% of cost for the first time since launch in July 2021.

Inevitably, not all holdings in a fund like this will succeed. The aim is for a handful to really take off and become market leaders, driving the trust’s NAV higher for years to come.

For a successful example of this, look at 3i Group from the FTSE 100. Its stock has more than doubled in five years due to the extraordinary rise of Action, the Dutch discount retailer in which it has a majority stake.

Seraphim Space Investment Trust’s version of Action appears to be ICEYE, a Finnish microsatellite company that uses radar to see through clouds, smoke, and even total darkness.

Needless to say, that’s pretty handy technology for military purposes, leading German defence giant Rheinmetall to join forces with ICEYE. This joint venture secured a massive €1.7bn contract with the German armed forces last year, and is currently helping Ukraine.

However, much like 3i Group with Action, a chunky 39% stake in ICEYE risks becoming a concentration problem. For example, it could fall out with Rheinmetall, leading to a dissolution of the venture.

Massive booming market

Looking ahead, the planned blockbuster SpaceX IPO later this year is likely to whet venture capitalists’ appetite for the next SpaceX-style start-ups. So the trust’s portfolio holdings should remain well-funded.

Weighing things up, I think the trust is worth considering, at least as a smallish holding in a diversified portfolio. At 137p, it’s trading slightly below the latest NAV per share calculation.

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However, its shares trade at a 20% discount to the fund’s net asset value. Is this a buying opportunity to consider, or is it a sign that investors remain to be convinced? Let’s see.

The first of its kind

The Seraphim Space Investment Trust (LSE:SSIT) describes itself as the “most prolific” SpaceTech investor globally. At 30 September 2025, it valued its portfolio at £284m. However, things are moving fast. During the last quarter of 2025, it reported that its top four holdings had increased in value by £69m.

But therein lies a problem. It’s difficult valuing companies whose shares are not publicly traded.

Most of the trust’s holdings are in private businesses, all of which are viewed as having the potential to “dominate globally and are category leaders with first mover advantages in areas such as global security, cybersecurity, food security, climate change and sustainability”.

Valuations are usually based on the latest funding round, which is standard practice in the industry.

The trust categorises its investments as either unicorns (valued over $1bn), soonicorns, minicorns, or seedcorns. Many of these are start-ups. And sometimes, there can be lots of hype surrounding these types of companies, which can lead to optimistic valuations and plenty of risk.

This probably explains why the trust’s shares are trading at a 20% discount (at 20 February) to its net asset value. I suspect investors are being a little cautious. But the gap’s starting to close. For a short while after its IPO in July 2021, the stock traded at a premium.

Huge growth

This could be a sign that the space business is becoming increasingly fashionable.

Indeed, McKinsey & Company forecasts that the global space economy will be worth $1.8trn by 2035, with ‘reach’ applications (those helping companies across a wide range of industries to generate more revenue) outperforming ‘backbone’ solutions (for example, satellites, launchers, and GPS).

Diversification’s key

Personally, I’m excited by the possibilities of space. And by taking a position in Seraphim Space Investment Trust, it’s possible to have exposure to a number of companies in different countries operating in a variety of sub-sectors, which helps spread risk.

For example, the trust’s top three holdings are based in Finland, Italy and the UK. And they comprise the owner of the world’s first and largest constellation of miniaturised satellites, the market leader in space logistics, and a developer of an antenna capable of connecting to any satellite in any constellation in any orbit.

Inevitably, with many companies in their infancy, not all will succeed. But it only takes a few to do well and the trust’s share price could take off.

I also like the fact that the trust’s most recently published balance sheet — at 30 June 2025 – shows no debt. And it had £21.5m of cash.

For these reasons, I think it’s a great stock to consider.

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Exposure to leading space companies

The stock I’m talking about is the Seraphim Space Investment Trust (LSE: SSIT). It invests in early and growth stage space technology (spacetech) companies that are trying to solve challenges associated with communications (eg, satellite broadband), climate change, mobility, and global security.

At present, the investment trust trades for £1.44 a share. That means that a £1,000 investment buys roughly 694 shares (ignoring trading commissions).

What’s behind the share price surge?

Why has this investment trust done so well recently? A few reasons.

One is that the space industry is really coming into focus as a result of the potential initial public offering (IPO) of Elon Musk’s space company SpaceX later this year. This event has got investors looking at other ways to play the theme.

I suspect this IPO has also increased awareness of how large the space industry could potentially be in the future. According to analysts at Morgan Stanley, it could be generating annual revenues of more than $1trn by 2040, up from around $350bn in 2020.

Another reason is that defence stocks have surged amid the high level of geopolitical instability. Looking ahead, space technology is likely to play a major role in defence.

Additionally, there has been some interesting portfolio activity recently. For example, in December, its largest portfolio holding, ICEYE – a satellite company that offers persistent, real-time Earth observation for 24/7 tactical decision-making in any condition/weather – signed a €1.7bn contract with German defence powerhouse Rheinmetall to provide space-based reconnaissance data.

That’s a major deal (and shows how space and defence are closely related). And it sent shares in the investment trust up around 20% at the time.

The trust’s share price also got a bump earlier this week after the company released its January 2026 newsletter. Here, it noted that private space funding hit a record $12.4bn in 2025, up 48% on 2024.

It also said that global investment in space technology is set to accelerate in 2026. This acceleration is set to be fuelled by defence-linked satellites, expanded launch capacity, and AI applications in orbit.

An investment opportunity to consider?

Is this investment trust worth considering as a growth play for an ISA or SIPP today? I think so, assuming an investor has a high tolerance for risk and a long-term investment horizon.

It’s not a product I’d load up on. That’s because this industry is still in its infancy and many of the companies it has invested in are quite speculative from an investment perspective.

There’s also some portfolio concentration risk. At present, ICEYE represents nearly 40% of the portfolio so if this company experiences some kind of setback, the investment trust could be impacted significantly.

All things considered, however, I think it has a lot of potential.

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A 109% surge puts Seraphim’s year-to-date performance ahead of both Rolls-Royce (102%) and Nvidia (40%). So it has proven to be a hidden gem for eagle-eyed investors.

Let’s take a look at this under-the-radar trust to see whether it might be set up for further gains in 2026.

Surging space sector

Seraphim is a unique investment trust that targets early and growth-stage space technology companies. These have “the potential to dominate globally and help tackle humanity’s most pressing challenges like climate change, communications, mobility and global security“.

As rocket companies like SpaceX dramatically lower the cost of accessing space, more satellites are being deployed. This is creating various commercial opportunities. Indeed, the trust says it filters through around 70 opportunities per month!

Another massive trend playing out is rising global defence spending, particularly among NATO members. And space tech is becoming a priority for many governments and defence contractors.

According to research provider QuotedData, $10.4bn was raised by the sector in the third quarter of 2025 (a near record).

The portfolio

Seraphim’s portfolio contains around 26 companies, with many having dual-use technologies that can serve both commercial and defence markets.

The top five holdings in June were ICEYE (Earth observation), D-Orbit (in-orbit services), ALL.SPACE (ground terminals), HawkEye 360 (Earth observation), and LeoLabs (data platform).

LeoLabs operates a network of ground-based radars that track satellites and space activity in low Earth orbit. Given the rising number of satellites in orbit, firms that help prevent space debris from colliding are increasingly relevant. 

However, the standout performer in the portfolio has been ICEYE. This Finnish firm operates a constellation of specialised satellites that provide high-resolution images of the Earth’s surface. Unlike traditional camera satellites, the firm’s technology can see through clouds, smoke, and total darkness to track activities in real time.

Just before Christmas, ICEYE and defence giant Rheinmetall signed a €1.7bn contract with the German army to provide space-based reconnaissance data. The deal is expected to run for five years, with an option to be extended.

It should result in a significant uplift in ICEYE’s valuation, which was already €2.4bn at its last financing round in September. The news sent Seraphim stock surging above 100p for the first time since April 2022.

What about 2026?

The flip side to ICEYE’s ballooning valuation is that it now makes up over a third of the portfolio. So if anything went wrong at the satellite maker, it would have an outsized negative impact on Seraphim’s net asset value (NAV).

Speaking of which, the previous chunky NAV discount has narrowed to 4.6%. So it now seems far less of a bargain than in mid-2023 when the discount was near 70%.

Nevertheless, I still think the stock deserves closer attention. In 2026, SpaceX is expected to go public at some mammoth valuation, potentially tempting some of Seraphim’s private holdings to also list (including ICEYE). This could see it crystalise gains, as happened in 2025 with AST SpaceMobile.

As such, I remain optimistic about the stock in 2026, and it’s on my radar.

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Now, as I write, it’s up at 85p, demonstrating real momentum.

But is it still worthy of attention at this higher price? Let’s take a closer look at this under-the-radar trust.

Unique trust

For those unfamiliar, this is a niche investment trust with stakes in space-related start-ups. These span Earth observation (satellites that take images of the planet), space data and analytics, satellite communications, launch and orbital logistics, and defence applications. 

The global space industry has been in the news recently, with reports that rocket and satellite juggernaut SpaceX is planning a big IPO next year. Apparently the firm could command a $1trn+ valuation, showing that massive businesses can emerge from this burgeoning industry.

Indeed, a handful of firms have gone public from Seraphim’s portfolio. These include AST SpaceMobile, which is building a space-based cellular broadband network for smartphones, and Voyager Technologies, which raised $382.8m in June 2025.

AST SpaceMobile stock is up 279% year to date. In the first quarter of 2025, the trust sold 95% of its holding in AST for net proceeds of about $10.5m (£7.9m), at 187% of the original cost.

In June, the trust held 25 investments valued at £259.8m, a healthy uptick from £201.5m a year earlier. The top holding is ICEYE, which has doubled in value over the last year on the back of a string of major commercial successes.

ICEYE builds radar imaging satellites that can take pictures through clouds, smoke, darkness and storm. It has signed multiple contracts with nation states, including a €200m deal with the Polish Ministry of Defence. ICEYE has also launched a joint venture with German defence giant Rheinmetall.

Another holding making great progress is Skylo, which has launched Europe’s first satellite SMS service with Orange.

Defence exposure

Now, one risk here is that the portfolio is heavily concentrated, with ICEYE representing 37.4% in total. If its valuation took a tumble, then it would have an outsized negative impact on the trust’s net asset value (NAV).

Conversely, if ICEYE went public, it could net Seraphim quite a windfall. The Finnish company has strong commercial growth, particularly in the defence sector, so I wouldn’t rule out an IPO in 2026 (especially if SpaceX lists).

From what I can gather, around three-quarters of the portfolio has defence applications. And with military spending set to skyrocket across Europe, many of these holdings could see tremendous revenue growth in future.

As ‘Pax Americana’ dwindles, we are witnessing potentially the most significant geopolitical shift since World War II…Record defence budgets are driving huge demand for cutting-edge SpaceTech capabilities. [The] portfolio has significantly benefited from this evolving landscape. Will Whitehorn, Chair of Seraphim Space Investment Trust.

Blast off?

Even after jumping 55% year to date, the trust is trading at a whopping 31% discount to NAV. So investors can grab a slice of the portfolio for less than its perceived underlying value.

For readers wanting to invest in space and defence, I reckon the stock is well worth considering at 85p. As its portfolio matures over the next few years, Seraphim could be set for blast-off.

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Seraphim is an investment trust with a £146m market cap that focuses on early and growth-stage private businesses involved in space technology. It therefore offers investors exposure to the booming space industry. 

But should I invest in it? Let’s explore.

Good progress

Seraphim has about 22 holdings spread across areas like satellite communications, Earth observatory technology and space-related data analytics. As most of these are small private companies, they aren’t well-known.

Top 5 holdings (December 2024)

The share price jump last week came after the trust’s results for the six months to 31 December. The fair value of the portfolio grew 7.3% to £216.3m, helping drive the net asset value (NAV) by 5.1% to £239.7m.

This was mainly due to an increase in the fair value of ICEYE and a new funding round for Skylo, which raised $158m. In the period, the trust invested £5.1m into four existing positions.

Half of the portfolio representing 71% of fair value had over 12 months of cash left. And one holding called Voyager Technologies is planning a US IPO, which could boost the trust’s valuation. 

Meanwhile, holding Skylo has partnered with telecoms giant Verizon to launch satellite-based mobile messaging in the US.

Seraphim finished the year with £23.6m in cash and £14.1m in potential liquidity through some listed holdings. So it has capital to make further investments.

Space trends

Will Whitehorn, Chair of the trust, highlighted two big space trends that are playing out. The first is the US administration’s push for innovative solutions for “manned missions to Mars and greater efficiency in defence spending“.

At the same time, Europe is bolstering its own defence capabilities. Whitehorn commented: “The prospect of Europe potentially no longer being able to rely on the US’s intelligence and communications capabilities for its security plays directly to the pressing need for Europe to develop more sovereign space capabilities as quickly as possible.”

As a result, its three largest holdings should benefit. The trust says they’re European companies with “world-leading capabilities” that are already being procured by departments of defence in both Europe and the US.

Wide discount

Now, some portfolio companies only have a few months of funding left. This means follow-on funding rounds will be necessary, increasing bankruptcy risks if access to capital evaporates.

Also, the global space market is very competitive, with established names as well as many upstarts. So there’s no guarantee the trust’s holdings will succeed, even if the overall space economy expands.

Currently at 61p, the shares are trading at a massive 40% discount to the underlying NAV per share (101p). While this gap could indicate a bargain, it also highlights how investors are potentially cautious of the prospects here.

Risky play

Morgan Stanley estimates that the global space industry could surge to over $1trn by 2040, up from $350bn 2020. So this is an area I’d like to invest in.

However, I think this space trust is a little too speculative for me. I’d prefer to see more evidence of commercial progress at the top holdings before I consider investing.

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Addressing the world’s biggest challenges

First up is Agronomics (LSE: ANIC), which is currently trading for just under 10p.

This is a £96m-market-cap investment company that is focused on opportunities in the cellular agriculture space. This is a form of biotechnology that produces animal-based products such as beef and chicken directly from their cells, eliminating the need for slaughtering animals.

In the years ahead, I think we are likely to hear a lot more about cellular agriculture. That’s because it has the potential to address many of the world’s biggest challenges, including future food shortages (the global population is set for huge growth over the next few decades), animal cruelty, and greenhouse gas emissions.

The beauty of Agronomics is that it’s invested in over 20 different companies in the space, so it provides broad exposure to the field. And within its portfolio, there are some really innovative companies. One example is Meatable. It takes samples from unharmed cows and pigs and then replicates the natural process of fat and muscle growth to produce meat.

Now, cellular agriculture is a new technology and new technologies tend to be risky from an investment perspective.

However, with the stock down from 30p in late 2021 to under 10p today, and revenues and profits rising rapidly, the risk/reward proposition is now looking quite attractive. I’m tempted to have a nibble here.

A future $1trn industry

The second penny stock I want to highlight is the Seraphim Space Investment Trust (LSE: SSIT), which is currently trading for around 58p.

It’s a trust that invests in space technology (SpaceTech). It targets early- and growth-stage SpaceTech companies trying to solve challenges associated with communications (satellite broadband), climate change, mobility and global security, and have the potential to dominate globally.

The global space industry looks set for prolific growth over the next few decades. According to Morgan Stanley, it could be generating annual revenues of more than $1trn by 2040, up from around $350bn in 2020.

Given this growth, the industry is likely to create some lucrative opportunities for investors in the years ahead. This trust, which has investments in over 15 SpaceTech companies, offers a way to get exposure.

We believe the largest opportunity comes from providing internet access to under- and unserved parts of the world, but there also is going to be increased demand for bandwidth from autonomous cars, the Internet of things, artificial intelligence, virtual reality, and video.

Morgan Stanley technology analyst Adam Jonas on space revenues

Now, I want to stress that this is a higher-risk investment. The companies it has invested in are all very small.

For a diversified long-term growth portfolio however, I think it could be worth considering. It certainly has a lot of potential.

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One share that has caught my eye recently is Seraphim Space Investment Trust (LSE: SSIT). This is a venture fund focused on space technology that went public at 100p exactly two years ago.

At present, the trust has a market capitalisation of £71m and the shares trade for 29p each. So we’re looking at a 71% drop since the stock debuted on the market.

Here’s why I’d snap it up today.

A growing global space market

McKinsey estimates that the global space economy will grow from approximately $447bn today to $1trn by 2030.

Elon Musk’s SpaceX continues to dramatically lower the cost of launching satellites and accessing space. As a result, the number of active satellites could triple within the next decade.

Seraphim Space’s purpose is to benefit from this outsized growth by identifying and investing in early-stage space technology companies from inception to exit.

Since 2016, it has supported 100 companies that have collectively raised $2.2bn in equity funding with an aggregate enterprise value of more than $10bn. This, the firm says, makes it the world’s most prolific investor in space.

A massive discount

The total value of the portfolio is estimated to be £220m, yet, as mentioned, the trust’s market cap is just £71m. That means the shares are trading at a whopping 67% discount to the underlying net asset value (NAV).

Responding to this, the company has enlisted Morgan Stanley to repurchase up to 35,883,800 of its ordinary shares.

Buying back shares is widely used by investment trusts when trying to narrow the gap between share prices and asset values.

The portfolio

In a recent trading update, the fund noted a number of positive portfolio developments during the year to 30 June 2023:

• Eleven of its companies successfully closed investment rounds.
• Most rounds were led by new external investors, with the fund participating in two-thirds of them.
• It made six of its investments at higher valuations relative to previous rounds, versus only one at a lower valuation.

Reassuringly, it said that its existing £35m can support the fundraising requirements of its portfolio over the next 12 to 18 months.

It currently has 29 investments, most of which are firms focused on satellites in one way or another.

These are the top 10 holdings, as of 31 March:

I like this stock

Of course, some of the trust’s investments will undoubtedly fail, as is the way with venture capital funds. But I’d hope a handful of investments could become valuable over time. These would be the ones that drive portfolio — and hopefully shareholder — returns.

In terms of the massive 67% discount, I think it could offer a margin of safety for me. The recently announced share buyback programme could help narrow the gap, though that’s not guaranteed.

Plus, the company remains well capitalised and is able to continue supporting its young companies.

While I wouldn’t ever make a penny stock a top position, this trust would give my portfolio unique exposure to the global growth of the space economy. If I had spare cash to invest, I’d buy today.

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