The UK Government has secured a stake of more than 25% in SaxaVord Spaceport following the completion of a £60 million public-private investment agreement in late October.
According to a filing submitted to Companies House on 6 November, the Department for Science, Innovation and Technology (DSIT) became a “person” with significant control of Shetland Space Centre Limited, the commercial entity that owns and operates SaxaVord Spaceport, on 27 October. The filing confirms that the department now holds, directly or indirectly, “more than 25% but not more than 50% of the shares in the company.”
A separate filing submitted on the same day reveals that Wild Ventures, the investment company owned by Danish billionaire Anders Holch Povlsen that was previously SaxaVord’s majority shareholder, now also holds more than 25% but no more than 50% of the company. Wild Ventures first invested in SaxaVord in 2020, with Companies House filings showing that it had increased its holding to more than 50% but less than 75% by 31 December 2024.
The filings provide the first indication of the scale of the government’s ownership stake following the completion of an investment agreement announced in September.
On 8 September, the UK Government unveiled plans to invest £30 million in SaxaVord as part of its updated national space strategy. By late October, SaxaVord confirmed that the investment agreement had been finalised, with Wild Ventures committing to match the government’s £30 million contribution.
According to the company, the new funding will support the completion of infrastructure at the spaceport, including three launchpads, mission management facilities and a second integration hangar.
The latest Companies House filings also provide additional insight into the funding agreement. A Return of Allotment of Shares document submitted on 28 October shows that Shetland Space Centre Limited issued approximately 264.7 million new ordinary shares on 27 October, increasing its total issued share capital to approximately 438.4 million shares.
According to the document, the new shares were issued in three allotments at prices of £0.30, £0.24 and £0.21 per share. Together, the allotments had a value of approximately £66.24 million.
The documents made available through Companies House so far do not identify the recipients of the individual allotments. As a result, it’s currently not possible to determine the government’s precise ownership percentage or explain the difference between the value of the shares issued and the announced funding package.
The completion of the funding agreement also coincided with changes to the company’s governance. A separate filing confirmed that Deborah Strang, one of the company’s founders and its deputy chief executive, is no longer a director as of 27 October. According to a 29 October report from The Shetland Times, SaxaVord explained that her departure from the board was part of changes to its governance arrangements to reflect the next phase of the company’s development. Strang remains the company’s deputy chief executive.
