The British Business Bank and the government\u2019s defence venture capital fund have backed a $100 million fundraising by the world\u2019s largest space technology investor, capitalising on the buzz around the sector created by the \u201cSpaceX effect\u201d.<\/p>\n
The fund is the third to be closed by Seraphim Space since the London-based investment firm started a decade ago.<\/p>\n
The private fund has invested in 17 early-stage European and American space tech companies since its initial close in 2024, including Privateer Space, an American space company co-founded by Steve Wozniak, one of the founders of Apple.<\/p>\n
It has more than $550 million in assets in its private and public funds, which include Seraphim Space Investment Trus<\/a>t. Shares in the \u00a3345 million trust have more than doubled over the past 12 months, making it one of the rare funds to trade at a premium to its net assets.<\/p>\n The National Security Strategic Investment Fund and the British Business Bank have joined investors including Eutelsat, the Paris-based satellite communications provider, and SKY Perfect JSAT, Asia\u2019s largest satellite and pay-TV provider.<\/p>\n A potential blockbuster IPO of SpaceX, Elon Musk\u2019s space exploration company, this year at a potential $1.5 trillion valuation has ignited interest in the space sector among investors.<\/p>\n This month SpaceX said that it had acquired xAI, his artificial intelligence startup, combining the rocket-and-satellite company with the maker of the Grok chatbot in a move aimed at unifying Musk\u2019s AI and space ambitions.<\/p>\n \u2022 Elon Musk: I\u2019ll build a self-growing city on the moon in 10 years<\/a><\/p>\n The merger illustrated the billionaire magnate\u2019s efforts to fuse his fast-growing AI efforts with his aerospace and satellite-internet empire, betting that shared computing, data and engineering talent can accelerate both AI development and potentially support longer-term ambitions for space-based data centres.<\/p>\n Mark Boggett, chief executive of Seraphim Space<\/a>, said the recent SpaceX\u2013xAI merger was \u201ca clear validation of Seraphim\u2019s long-held view: space tech is fast becoming the foundational enabler for artificial intelligence and digital systems that will power the global economy\u201d.<\/p>\n