We address cross-slice co-location risk in multi-slice low Earth orbit (LEO) satellite edge networks, where virtual network functions (VNFs) from different network slices sharing the same satellite instance create a cross-slice security exposure channel. We formulate a risk-aware service function chain (SFC) placement problem as a mixed-integer linear program (MILP) over a dynamically evolving LEO satellite constellation, jointly optimizing cross-slice co-location risk, CPU resource consumption, and VNF migration stability under satellite capacity, inter-satellite link (ISL) capacity, visibility, and end-to-end (E2E) delay constraints. The risk model employs a multiplicative co-location formulation, inspired by the risk assessment principles from ISO/NIST frameworks, with exact and coarse (slice-level)formulations that analytically establish bounds on the co-location exposure. To solve this problem, we propose a three-stage hybrid optimizer combining time epoch preprocessing, simulated annealing-based warm-start, and branch-and-bound refinement. Experimental evaluation demonstrates a 40% reduction in co-location risk and an 80% reduction in avoidable VNF migrations relative to the greedy baseline at negligible CPU overhead, and a 23x warm-start speedup from 256s cold-start to 11s per epoch, confirming real-time viability from the second epoch.

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