In brief : ICEYE, the Finnish Earth-observation satellite operator, raised €1bn in June 2026 at a valuation of more than €10bn, four times that of its previous round. For Molten Ventures and Seraphim Space, two London-listed investment companies, the revaluation is substantial. A real-world case to understand how a funding round feeds through to a trust’s NAV.

ICEYE operates a constellation of radar satellites that image the Earth day and night, through cloud cover. Its customers include governments, armed forces and insurers. The company passed €250m in revenue in 2025.

In June 2026, ICEYE announced a €1bn Series F round led by General Atlantic, comprising €450m of new money, with the remainder used to buy existing shares. Its valuation exceeds €10bn, compared with €2.4bn seven months earlier in its Series E.

Molten Ventures, a listed venture capital investor of around £986m, has held ICEYE since 2018. According to QuotedData, after selling £22m of shares, its holding rises from £79m to around £317m, which would add around 117 pence to NAV per share, from 760 to 877 pence. On 9 June 2026, its shares rose about 12%, to 605.7 pence. Seraphim Space, for which ICEYE accounted for 47% of assets, saw its estimated NAV rise by around 42%.

An unlisted company has no share price. The trusts that hold it revalue it mainly on observable events, above all a funding round in which new investors take part. When the price paid changes sharply, the carrying value follows, and NAV with it.

The revaluation does not appear immediately: it is reflected at the next valuation date. The market, however, reacts on the day of the announcement. Here, Molten’s share price rose, but it remained well below the estimated NAV: the discount did not close as a result.

The case also illustrates concentration. After Revolut, ICEYE becomes a very large holding in Molten’s portfolio, and at Seraphim almost half of the assets depend on a single company. A revaluation can work both ways: a future round at a lower price would reduce NAV in the same way.

Funding round :
Capital raised from investors. Each round has a letter (Series A, B… F) and sets a price per share.

Secondary :
The part of a round in which existing shareholders sell their shares, with no new money for the company.

Post-money valuation :
The company’s value after the round, derived from the price paid by the new investors.

Valuation date :
The date on which a trust formally revalues its holdings, often quarterly or half-yearly.

Sources : QuotedData, ICEYE, Molten and Seraphim, 9 June 2026

AVERTISSEMENT
This article is for educational purposes only. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Past performance is not a reliable indicator of future results.