UK space company to take advantage of thriving market by raising £350mil
A UK-based space technology company has pledged to raise up to £350million in an attempt to take advantage of the booming market.
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Seraphim Space, which focuses on commercial space technology, said the fundraising was to capitalise on the "critical inflection point".
The organisation, based in London, will attempt to raise one of the largest ever by a UK‑listed investment trust amid a growing interest in the sector.
The company said: "Recent developments have caused a significant cost reduction in access to space, with lower satellite and launch costs — there are few parts of the global economy that will be unaffected by space.
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"SpaceTech’s accelerating growth is being driven by global security concerns, desire for climate sustainability and the search for the next generation of infrastructure for telecoms and artificial intelligence."
The company has invested in 45 space technology companies since its creation, nine of which are worth more than $1 billion, while five other companies have been listed on the London Stock Exchange.
The Times reports that the fundraising will be conducted by the issuance of C shares, which is a separate class of shares that allows a company to raise money without hurting the performance of people who already own the stock.
The C shares, valued at £1 a share, will convert into ordinary shares at periodic intervals.
Earlier this month, the crew of NASA's Artemis II mission splashed down off the west coast of America following the first manned Moon mission in more than 50 years.
The Artemis II travelled 252,756 miles (406,771 kilometres) from Earth, smashing the distance milestone of 248,655 miles (400,171 kilometres) previously held by the Apollo 13 crew for 56 years.
The voyage took them around the far side of the Moon, normally hidden to the human eye, which included a 40-minute communication blackout when they were cut off entirely from their home planet.