Planet
Planet is a satellite imagery and analytics company founded in 2010 by three NASA scientists—Will Marshall, Chris Boshuizen, and Robbie Schingler—who started the company at NASA Ames Research Center before launching their first Dove cubesats in 2013.
Profile
Planet operates a satellite constellation that captures daily global Earth imagery and sells access via subscription to government, defense, and commercial customers.
Planet is a satellite imagery and analytics company founded in 2010 by three NASA scientists—Will Marshall, Chris Boshuizen, and Robbie Schingler—who started the company at NASA Ames Research Center before launching their first Dove cubesats in 2013. The company operates multiple constellations of small, mass-produced satellites (Dove, SuperDove, SkySat, Pelican, and Owl) to capture daily global Earth imagery and deliver it via subscription to over 700 customers across government, defense, agriculture, insurance, energy, and finance. Planet went public in December 2021 via SPAC merger with dMY Technology Group and trades on the NYSE under ticker PL.
The company laid off 17% of its workforce (180 employees) in June 2024 as part of a cost restructuring following rapid post-IPO growth, but has since returned to health: in fiscal year 2026 (ending January 2026), Planet reported $244 million in revenue, and crucially, achieved profitability for the first time, delivering four consecutive quarters of adjusted EBITDA profit and three consecutive quarters of positive free cash flow as of Q3 FY26 (October 31, 2025). Planet's business model centers on recurring subscription revenue, which comprises over 90% of total sales. In Q3 FY26, revenue reached $81.3 million—up 33% year-over-year—with a backlog of $734 million by the quarter's end (up 216% from the prior year).
The company's defense and government segment has surged, driven by major contracts: a €240 million multi-year deal with the German government (July 2025), a $12.8 million National Geospatial-Intelligence Agency contract for maritime domain awareness (October 2025), and various NATO engagements. In February 2025, Planet signed its largest deal ever with Japan's SKY Perfect JSAT for $230 million to build and operate Pelican satellites over Asia-Pacific. In November 2025, Planet acquired Bedrock Research, an AI-focused geospatial analytics company, to deepen its capabilities in AI-driven monitoring.
The company is also expanding manufacturing capacity: a new Berlin facility announced in September 2025 is expected to add up to 70 employees and double Pelican production capacity, while San Francisco operations continue to scale. Planet's stock surged approximately 419% in 2025, reflecting investor confidence in the company's path to sustained profitability and the growing government appetite for commercial satellite intelligence.
Who buys this
- U.S. government agencies (Department of Defense, National Geospatial-Intelligence Agency, NOAA, NASA, Bureau of Reclamation)
- International governments and defense ministries (Germany, NATO, allied nations)
- Agricultural monitoring and compliance firms tracking crop health and farmer declarations
- Commercial insurance, forestry, and energy companies monitoring infrastructure and assets
- Intelligence contractors and maritime domain awareness firms
Publicly disclosed clients
- U.S. National Geospatial-Intelligence Agency
- U.S. Department of Defense
- German Federal Government
- NATO
- SKY Perfect JSAT
- SynMax Intelligence
Strengths and what to watch
Strengths
- Daily global coverage at 3–5 meter resolution with 25+ terabytes of daily data; Pelican constellation promises 30cm resolution with up to 30 daily revisits when fully deployed
- Subscription-based recurring revenue model (91% of revenue in Q3 FY26) reduces customer churn and provides revenue predictability; gross margins at 57–58%
- Government contract backlog of $734 million as of Q3 FY26 and achieved profitability in late 2025 after years of losses, validating the business model
Watch for
- Satellite constellation execution and launch cadence risk: Pelican full deployment of 32 satellites and Owl constellation development depend on manufacturing scale-up in Berlin and San Francisco
- Government revenue concentration: defense and government contracts comprise ~61% of revenue; international political shifts or budget cuts could pressure growth
- Bedrock Research integration execution and whether AI capabilities actually drive margin expansion and upsell as planned
Recent moves
- 7mo ago Planet reports Q3 FY26 revenue of $81.3 million (33% YoY growth), $734 million backlog, and fourth consecutive quarter of adjusted EBITDA profitability
- 7mo ago Planet completes acquisition of Bedrock Research, an AI-focused geospatial analytics company, to accelerate AI-driven global monitoring solutions
- 9mo ago Planet awarded $12.8 million National Geospatial-Intelligence Agency contract for AI-enabled maritime domain awareness across Asia-Pacific region
- 10mo ago Planet announces new satellite manufacturing facility in Berlin expected to double Pelican production capacity and add up to 70 employees
- 1y ago Planet secures €240 million multi-year satellite services contract with German government for European security and maritime situational awareness
Key Information
- Industry
- Data Sources & APIs
- Founded
- 2010
- Headquarters
- United States
Frequently Asked Questions
What is Planet?
Planet is a satellite imagery company founded in 2010 by NASA scientists that operates multiple small-satellite constellations capturing daily global Earth imagery. The company sells subscription access to governments, defense agencies, and commercial customers across agriculture, insurance, energy, and finance sectors.
How does Planet make money?
Planet's business model centers on subscription-based recurring revenue, which comprises over 90% of total sales. The company delivers daily satellite imagery via subscription to government and commercial customers across agriculture, defense, energy, and insurance sectors, ensuring revenue predictability with 57–58% gross margins.
What satellite constellations does Planet operate?
Planet operates five satellite constellations: Dove captures 3–5 meter resolution daily global coverage, SuperDove offers improved imaging, SkySat provides higher-resolution video, Pelican promises 30cm resolution with up to 30 daily revisits when fully deployed, and Owl constellation is in development.
Who are Planet's customers?
Planet serves over 700 customers spanning U.S. government agencies (Department of Defense, National Geospatial-Intelligence Agency, NOAA, NASA), international governments and NATO, plus commercial sectors including agriculture, insurance, forestry, energy companies, and intelligence contractors for maritime domain awareness.
Is Planet profitable?
Planet achieved profitability for the first time in late 2025, delivering four consecutive quarters of adjusted EBITDA profit and three consecutive quarters of positive free cash flow as of Q3 FY26. Q3 revenue reached $81.3 million, up 33% year-over-year, with $734 million backlog.
What recent major contracts did Planet secure?
Planet signed a €240 million multi-year deal with Germany (July 2025), a $12.8 million National Geospatial-Intelligence Agency contract (October 2025), and $230 million with Japan's SKY Perfect JSAT for Pelican satellites (February 2025). It also acquired Bedrock Research in November 2025.
How Planet compares
Direct head-to-head against 3 competitors. Picked by 7wData.
Planet
- Positioning
- Planet operates a satellite constellation that captures daily global Earth imagery and sells access via subscription to government, defense, and commercial customers.
- Customer segments
- U.S. government agencies (Department of Defense, National Geospatial-Intelligence Agency, NOAA, NASA, Bureau of Reclamation)
- Strengths
- Daily global coverage at 3–5 meter resolution with 25+ terabytes of daily data; Pelican constellation promises 30cm resolution with up to 30 daily revisits when fully deployed
- Watch for
- Satellite constellation execution and launch cadence risk: Pelican full deployment of 32 satellites and Owl constellation development depend on manufacturing scale-up in Berlin and San Francisco
- Recent moves
- Planet secures €240 million multi-year satellite services contract with German government for European security and maritime situational awareness
Maxar Technologies
- Positioning
- Private since 2023, serves sovereign governments and defense agencies with 30cm direct-access imagery subscriptions.
- Customer segments
- Defense ministries, intelligence agencies, and sovereign governments in Middle East, Africa, Asia-Pacific, and United States.
- Strengths
- Direct Access Program lets vetted governments task 30cm WorldView Legion satellites from their own secure ground stations.
- Watch for
- Advent International private equity ownership since 2023 limits financial transparency and creates exit-event uncertainty for long-term customers.
- Recent moves
- July 2025, Maxar signed $205 million in multi-year contracts with undisclosed Middle East and Africa government customers.
BlackSky Technology
- Positioning
- Real-time geospatial intelligence subscriptions combining a Gen-3 small satellite constellation with the AI-driven Spectra analytics platform.
- Customer segments
- U.S. and international defense agencies, intelligence contractors, government buyers needing high-frequency automated site monitoring.
- Strengths
- Gen-3 satellites reached commercial operation in 21 days post-launch. Spectra AI automates vessel, vehicle, and aircraft detection.
- Watch for
- Still loss-making as of 2025 results. Small constellation relative to Planet limits revisit frequency for country-scale monitoring contracts.
- Recent moves
- February 2025, BlackSky won a Defense Innovation Unit Gen-3 TACGEO contract, part of $130 million-plus in Q1 bookings.
Satellogic
- Positioning
- Sub-meter resolution satellite manufacturer-operator pivoting to defense-first sovereign constellation licensing and persistent site monitoring.
- Customer segments
- Defense and intelligence agencies, international sovereign governments building in-country Earth observation capacity, U.S. DoD contractors.
- Strengths
- Produces sub-meter resolution satellites at roughly $1.3 million each, enabling low-cost sovereign constellation deployments without heavy capital.
- Watch for
- FY2025 revenue of $17.7 million remains small. Concentration in a handful of large defense contracts creates meaningful fragility.
- Recent moves
- May 2026, Satellogic secured an $18 million persistent Earth observation contract with an undisclosed international defense customer.
Sources
- www.planet.com — Company overview, satellite constellations, products (Planet Monitoring, SuperRes, Insights Platform), industry verticals, global offices
- thenextweb.com — Q3 FY26 revenue ($81.3M, 33% YoY), profitability milestone (first New Space company to turn profitable on EBITDA and FCF), $900M backlog, Bedrock Research acquisition, Berlin facility, subscription revenue model composition
- www.investing.com — Q3 FY26 detailed metrics: $81.3M revenue, $734M backlog, adjusted EBITDA $5.6M, backlog nearly tripled YoY, gross margins 58%, commercial customers 61% of revenue
- www.businesswire.com — German government €240 million multi-year satellite services contract (July 1, 2025) including Pelican capacity, PlanetScope, SkySat data, and AI-powered tools
- www.businesswire.com — Berlin manufacturing facility announcement (September 25, 2025), expected 8-figure capital investment, up to 70 employees when fully operational, Pelican production capacity doubling
- spacenews.com — National Geospatial-Intelligence Agency $12.8 million Luno B contract for AI-enabled maritime domain awareness in Asia-Pacific region (October 2025)
- www.planet.com — Bedrock Research acquisition (completed November 2025, joining full-time December 1, 2025), Bedrock's expertise in remote sensing, AI, and national security applications
- www.spacedaily.com — German government contract details, multi-year agreement for European security, revenue recognition beginning January 2026
- wikipedia.org — Founding year (2010), founders (Will Marshall, Chris Boshuizen, Robbie Schingler), origin at NASA Ames Research Center, PhoneSat inspiration, Dove cubesats, first launches April and November 2013
- spacenews.com — June 2024 layoff of 180 employees (17% of workforce), expected completion by January 31, 2025, CEO Will Marshall's statement on cost and complexity reduction
- www.glassdoor.com — Employee satisfaction ratings (3.5 out of 5 stars overall, 62% would recommend, concerns about layoffs and leadership clarity noted in reviews)
- www.spacedaily.com — Berlin facility expansion details, doubling Pelican manufacturing capacity, strategic decision to meet European market demand