Seraphim Continues to Make Solid Progress
Seraphim Space’s January 2026 update points to a sector characterised by accelerating commercial adoption, expanding defence demand and sustained capital formation across orbital infrastructure, sensing and in‑space services.
ICEYE, which accounts for 37.4% of Seraphim’s portfolio, continued to consolidate its position in European radar imaging through new government and commercial agreements. Defence ministries in Ukraine and Sweden contracted for sovereign access to high‑resolution SAR capabilities, while a major global insurer adopted the company’s data to enhance climate‑risk analytics. LeoLabs reported a sharp increase in US government work and more than $60m in annual contract value, alongside plans to extend its radar network to strengthen low‑Earth‑orbit traffic monitoring.
D‑Orbit raised $53m to scale manufacturing, pursue acquisitions and expand its in‑orbit logistics and computing platform, positioning the company for future servicing and debris‑removal markets. Voyager Technologies advanced its microgravity manufacturing and ISS‑based research activities, secured a new payload integration contract and attracted additional strategic commitment to its commercial station programme.
Xona accelerated deployment of its Pulsar precision‑navigation constellation with an order for eight satellites, supported by recent funding to build out global coverage. Tomorrow.io completed its first weather‑sensing constellation, achieving hourly global revisit rates, and outlined a more capable follow‑on network aimed at real‑time atmospheric and ocean monitoring. In India, Pixxel and partners agreed to develop the country’s first commercial Earth‑observation constellation, combining multiple sensing modalities.
Astroscale secured contracts in Japan and Europe to advance satellite‑capture and in‑orbit refurbishment technologies, reinforcing momentum behind on‑orbit servicing as a future market segment.
Broader sector developments included the announcement of a merger between SpaceX and xAI, creating a trillion‑dollar‑scale entity expected to accelerate investment in space‑based computing and orbital infrastructure for AI workloads. The latest Seraphim Space Index indicated that private investment in 2025 reached a record level, with strong momentum expected into 2026 driven by defence demand, increased launch capacity and AI‑enabled applications.
Following the announcement of the JV between ICEYE and Rheinmetall, Seraphim is now fairly valued, but the long term growth trajectory looks solid.
A video can be found here: The Seraphim SpaceTech VC Index Q4 2025 Explained | LinkedIn