Planet Labs PBC, known as Planet, is an American Earth imaging company that operates a large fleet of satellites, including the Dove and SkySat constellations. They provide daily, high-resolution satellite imagery and geospatial solutions used for various applications like climate monitoring, agriculture, and disaster response. Planet's major partners and customers include governments, Google, and organizations in agriculture, forestry, and intelligence. The company's mission is to image the entire Earth every day to monitor changes and make the data accessible.
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In the first half of 2021, researchers using Planet imagery via NASA CSDA mapped snow-covered areas using machine learning.
In the first half of 2021, researchers using Planet imagery via NASA CSDA evaluated corn and soybean yields at the sub-field scale.
Planet expanded its contract with the NASA Commercial SmallSat Data Acquisition (CSDA) Program to provide access to PlanetScope imagery for scientific research use for all U.S. Federal Civilian researchers and National Science Foundation funded researchers, including their contractors and grantees.
The acquisition expands Woven Planet’s footprint beyond its Tokyo headquarters by adding New York and Seattle offices to its planned offices in Silicon Valley and London.
Planet largely operates a subscription-based business model in which customers purchase proprietary data feeds.
Satellogic announced a SPAC deal that will raise $271,000,000 one day before Planet announced its SPAC deal.
Planet will merge with dMY Technology Group, Inc. IV, a SPAC that raised $345,000,000 in a public offering in March.
dMY IV holds $345,000,000 in cash in its trust account assuming no redemptions, and the balance after transaction expenses and paydown of Planet’s existing debt together with approximately $200,000,000 in PIPE proceeds will be used to fund operations and support growth initiatives.
Planet’s management team led by Will Marshall (CEO, Co-Founder and Chair), Robbie Schingler (Chief Strategy Officer, Co-Founder and Director), Ashley Johnson (CFO/COO), and Kevin Weil (President, Product and Business Strategy) will continue to lead the public company following the transaction.
The SPAC transaction values Planet at a post-transaction equity value of nearly $2,800,000,000.
Planet currently operates more than 150 Dove cubesats that provide daily medium-resolution imaging of the planet.
Planet currently operates 21 SkySat high-resolution satellites capable of selected imaging at resolutions as sharp as 0.5 m.
The Planet–dMY Technology Group IV merger agreement includes an additional $200,000,000 in a private investment in public equity (PIPE) concurrent round.
Planet’s revenues grew from $43,000,000 in 2016 to $113,000,000 in the fiscal year that ended 2021-01-31 of the latest reported year.
Planet projects revenues will reach $693,000,000 in fiscal year 2026.
Planet expects to reach breakeven in fiscal year 2025 and to have $140,000,000 in free cash flow in fiscal year 2026.
After paying expenses and debt, the SPAC transaction will provide Planet with $434,000,000 in cash.
The transaction has been unanimously approved by dMY IV’s Board of Directors and Planet’s Board of Directors and is expected to close later 2021 subject to approval by dMY IV’s and Planet’s stockholders and other customary closing conditions.
Planet operates largely on a subscription-based business model in which customers purchase proprietary data feeds.
Satellogic expects to have 60 satellites operating in orbit by the beginning of 2023, enabling weekly remaps at 70-centimeter resolution of any point on the planet.