Seraphim Space Investment Trust (LON: SSIT) investee company ICEYE along with its joint venture partner Rheinmetall has secured a €1.7bn contract for space-based reconnaissance capabilities for the German Armed Forces.
This involves a dedicated synthetic aperture radar (SAR) satellite constellation with AI driven image evaluation. The contract starts at the end of 2025 and lasts for five years.
ICEYE is by far the largest investment at just over one-third of the portfolio. ICEYE recently raised €150m in a financing round, which valued the company at €2.4bn.
The latest contract indicates the maturity of the business and ICEYE could consider a listing in the future.
Seraphim Space IT shares reacted positively with a 5.2% gain to 100.15p, which makes them the highest riser in the FTSE All-Share index. This is the first time that the share price has gone above the 100p flotation price since April 2022. At the end of September 2025, the NAV was £283.6m, which is equivalent to 119.55p/share.