Planet Labs PBC (PL) Company Report

Planet Labs PBC leverages its unique daily scan of the Earth's landmass, performed for approximately eight years, to develop advanced analytics and subscription services, integrating AI through partnerships like the one with Anthropic to unlock further value from its extensive data archive.
The company is enhancing its satellite infrastructure with the Pelican fleet (30 cm resolution) and the upcoming Owl constellation (1-meter resolution daily scan), with a tech demo for Owl expected by end of 2026 or early 2027, alongside initiatives like onboard compute and optical links for faster data processing and delivery.
Planet is strategically expanding its market reach through "Constellations as a Service" deals, having recently secured agreements with Japan, Germany, and Sweden, and plans to build a satellite manufacturing facility in Germany to address growing European demand for local security and observation capabilities.
With approximately 700 Earth observation satellites launched, Planet employs a proliferated architecture to ensure operational resilience and rapid replacement capabilities for its network.

Feb 19, 2026, 4:20 PM

Transcript

Planet Labs PBC Discusses Strategic Growth in Analytics, Satellite Services, and AI Integration

New Projects/Investments

Revenue Acceleration/Inflection

Product Launch

Planet Labs leverages its unique daily Earth scan data and AI capabilities to deliver advanced analytics and alerting services, including Maritime Domain Awareness and Global Monitoring, to a growing customer base.
The company is expanding its offerings through Constellations as a Service, having secured deals with Japan (14 months ago), Germany (6 months ago), and Sweden (1 month ago) for dedicated satellite capacity, and plans to build a satellite factory in Germany to support this growth.
Key technological advancements include the development of the Owl constellation for higher-resolution daily scans (1-meter), integration of onboard compute (Edge Compute with NVIDIA), and exploration of in-space compute (Project SunCatcher with Google) to enhance data processing and delivery.
Planet has a significant operational scale, having launched approximately 700 Earth observation satellites and maintaining a resilient fleet of around 180 satellites in orbit.

Feb 19, 2026, 4:20 PM

Transcript

Planet Labs Discusses Business Model Evolution, AI, and New Satellite Programs

New Projects/Investments

Revenue Acceleration/Inflection

Product Launch

Planet Labs is expanding its business model beyond raw imagery to analytics and subscription services, and a new "Constellations as a Service" offering, with recent deals in Japan, Germany, and Sweden, and a pipeline of approximately 20 potential deals.
The company is actively integrating Artificial Intelligence and large language models, including a partnership with Anthropic, to enhance its data analysis capabilities and broaden user applications.
Current key service applications include Maritime Domain Awareness for the U.S. Navy in the South China Sea and a Global Monitoring Service pilot for the Indo-Pacific Command focused on China, as well as deforestation monitoring in Brazil.
Planet is developing next-generation satellite technology, including the Owl constellation for 1-meter daily scan resolution (with a tech demo expected by early 2027) and a hyperspectral sensor (Tanager).
Strategic initiatives include establishing a Pelican satellite manufacturing facility in Germany to meet European demand and exploring "compute in space" through Project SunCatcher in partnership with Google.

Feb 19, 2026, 4:20 PM

Transcript

Planet Labs PBC Announces Partnership with AXA for Disaster Management

New Projects/Investments

Planet Labs GmbH, a part of Planet Labs PBC, has entered into a strategic partnership with AXA Digital Commercial Platform (AXA DCP) to enhance disaster management and prevention.
AXA DCP will integrate Planet's high-frequency satellite imagery and Basemaps into its AI-powered platform to monitor, predict, and respond to natural disasters such as floods, wildfires, and hurricanes in near-real-time.
This collaboration aims to provide AXA's clients with "ground truth" environmental intelligence, facilitating preventative action against extreme weather events and enabling smarter claims monitoring.

Feb 12, 2026, 12:02 PM

Press Release

Planet Labs PBC Issues Earnout Shares and Vests Sponsor Securities

M&A

Executive Compensation

On February 3, 2026, Planet Labs PBC issued 5,171,222 shares of Class A Common Stock and 584,054 shares of Class B Common Stock to former qualifying securityholders of Legacy Planet.
This issuance completed the contingent consideration stipulated in the Merger Agreement, as the Class A Common Stock's closing price equaled or exceeded $21.00 for 20 out of 30 trading days.
Following this event, no further Contingent Consideration is due to Company stockholders.
The Company's outstanding shares now total 317,596,228 shares of Class A Common Stock and 23,493,796 shares of Class B Common Stock.
Additionally, all 862,500 Sponsor Earnout Shares and 2,966,667 Sponsor Earnout Warrants held by the Sponsor have fully vested, meeting the $21.00 Class A Common Stock price threshold.

Feb 5, 2026, 1:14 AM

8-K

Planet Labs PBC issues earnout shares and vests sponsor securities

Planet Labs PBC issued 5,133,294 shares of Class A Common Stock and 584,052 shares of Class B Common Stock on January 21, 2026, as earnout shares.
This issuance was triggered because the closing price of Class A Common Stock equaled or exceeded $19.00 for 20 out of 30 trading days.
Following this event, the company reported 312,231,396 shares of Class A Common Stock and 22,909,742 shares of Class B Common Stock outstanding.
Additionally, 75% of the Sponsor Earnout Shares and Sponsor Earnout Warrants vested, as the Class A Common Stock price exceeded $15.00, $17.00, and $19.00 for 20 out of 30 trading days.

Jan 23, 2026, 4:20 PM

8-K

Planet Labs PBC reports issuance of earnout shares and vesting of sponsor securities

M&A

On January 13, 2026, Planet Labs PBC issued 10,286,172 shares of Class A Common Stock and 1,168,104 shares of Class B Common Stock as contingent consideration from its Merger Agreement.
This issuance occurred because the closing price of the Class A Common Stock equaled or exceeded $15.00 and $17.00 for 20 out of 30 trading days.
Following this event, Planet Labs PBC has 306,262,586 shares of Class A Common Stock and 22,325,690 shares of Class B Common Stock outstanding.
Additionally, 50% of the Sponsor Earnout Shares and 50% of the Sponsor Earnout Warrants held by dMY Sponsor IV, LLC vested due to the same stock price performance conditions.

Jan 15, 2026, 11:54 PM

8-K

Planet Secures New Sovereign Government Contract and Strengthens Financial Position

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

Planet announced a new low nine-figure deal with the Swedish Air Force for sovereign satellites, daily scan access, data services, and analytics, expected over five to seven years. This represents the third major sovereign government win, following deals with Germany and JSAT.
These sovereign deals contribute to Planet's financial strength by enabling access to larger government hardware budgets and aligning cash inflows with constellation building, which helped the company achieve free cash flow positive a year earlier than anticipated. The company's backlog grew close to 300% year over year as of the last quarter.
Planet successfully issued a convertible note, raising $460 million at a 50 basis points interest rate, with an effective strike price of $18.04, enhancing its balance sheet and providing strategic flexibility.
The company is developing next-generation constellations, including OWL for one-meter class imagery, and is involved in Google's Project Sun Catcher for data centers in space, indicating future technological advancements and market expansion.

Jan 14, 2026, 5:45 PM

Transcript

Planet Announces Major Swedish Air Force Deal and Strategic Growth Initiatives

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

Planet secured a new partnership with the Swedish Air Force, a low nine-figure deal expected over five to seven years, following previous major deals with Germany and JSAT in 2025.
The company achieved free cash flow positive a year earlier than anticipated and reported backlog growth close to 300% year-over-year as of the last quarter, largely due to its successful strategic focus on defense and intelligence.
Planet raised $460 million through a convertible note at a 50 basis points interest rate, with an effective strike price of $18.04, strengthening its balance sheet and competitive position.
Future growth initiatives include the development of the OWL constellation for one-meter class imagery and plans to double manufacturing capacity with a new German facility by the second half of this calendar year.

Jan 14, 2026, 5:45 PM

Transcript

Planet Secures Major Swedish Air Force Deal and Discusses Financial Strength, Strategic Focus, and Future Growth

New Projects/Investments

Debt Issuance

Revenue Acceleration/Inflection

Planet announced a low nine-figure deal with the Swedish Air Force for sovereign satellites, data services, and analytics, expected over five to seven years, marking its third major sovereign government win.
These sovereign deals have significantly contributed to Planet achieving free cash flow positive a year earlier than anticipated and growing its backlog by close to 300% year-over-year as of the last quarter.
The company strengthened its balance sheet by raising $460 million through a convertible debt offering at a 50 basis points interest rate, providing strategic flexibility.
Planet is developing next-generation constellations, including Owl for one-meter class imagery and a hyperspectral fleet, and aims to double its manufacturing capacity with a new German facility by the second half of calendar year 2026.