Edison issues update on Seraphim Space Investment Trust (SSIT): Several key holdings funded to break-even
Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance.
- Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance.
- However, we note that fund-raising across the spacetech sector remained robust in CY23.
- Excluding the fully funded companies, the remaining portfolio has a fair value weighted average cash runway of 12 months, according to Seraphim Space.
- Once IPO activity rebounds, this could provide SSIT’s major holdings the opportunity to list (though this seems more likely in CY25 rather than this year).