Planet Labs
Overview
Planet Labs PBC (fiscal year ends January 31) operates the world's largest commercial Earth observation satellite fleet — ~200 SuperDoves providing daily global imaging, 21 SkySat high-resolution tasking satellites, and a growing Pelican fleet (50 cm; second-gen targeting 30 cm). Revenue is predominantly subscription-based (annual contracts for data access) plus defense task orders. Defense and intelligence is the fastest-growing segment. Planet Platform adds AI analytics on top of raw imagery.
Moat: Planet holds three overlapping moats: the world's most comprehensive EO data archive (daily global coverage since 2017 — no other commercial operator has this temporal depth); the lowest per-image cost at scale via CubeSat manufacturing; and deep integration into hundreds of government and commercial analytics workflows that create high switching costs. The $230M customer-funded Pelican contract and the $900M+ backlog reflect the durable, contract-based nature of the business.
Business
Primary customers
- Defense: NRO (Electro-Optical Commercial Layer)
- Defense: U.S. DoD / NGA
- Defense: German Government / NATO
- Government: USAID
- Government: ESA (European Space Agency)
- Commercial: Commercial agriculture, energy, financial
Sectors
Earth Observation · Geospatial Analytics · Defense & Intelligence Imagery · AI-Powered Remote Sensing
Key Products
- SuperDove (Dove / PlanetScope)operational
~200 CubeSat-class satellites providing daily 3.7 m resolution global imaging across 8 spectral bands. Foundation of Planet data subscription business and NRO Electro-Optical Commercial Layer contracts.
First flight: 2013-01-01
- SkySatoperational
21 high-resolution (~50 cm) tasking satellites for sub-meter commercial imagery. Used for time-sensitive defense, infrastructure monitoring, and analytics applications.
First flight: 2013-11-21
- Pelicanoperational
Next-generation high-resolution constellation (50 cm currently; second-gen targeting 30 cm in 2026). 12 first-gen Pelicans in orbit as of May 2026, carrying Nvidia Jetson AI for onboard processing. Funded by $230M customer contract.
First flight: 2024-11-01
- Planet Platform & Planetary Variablesoperational
Cloud analytics with AI tools for land-use change detection, carbon monitoring, crop forecasting, and defense intelligence. Planetary Variables are satellite-derived environmental metrics sold as SaaS on top of imagery.
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| NRO / Electro-Optical Commercial Layer (EOCL) | Commercial broad-area PlanetScope monitoring data under EOCL baseline contract | $13.2M baseline (through June 2026; supplemental task orders additional) | 2024 | |
| Undisclosed defense/intelligence customer | Pelican satellite fleet — customer-funded production and imagery contract | $230M | 2025 | |
| German Government / NATO | PlanetScope and SkySat imagery for sovereign defense and intelligence | ~€240M multi-year (reported by Planet FY2026 earnings commentary) | 2025 |
Near-term Catalysts
- 2026-Q4
Second-generation 30 cm Pelican satellites launch and first imagery delivery
30 cm Pelicans directly compete with Maxar WorldView Legion and BlackSky Gen-3 in the premium intelligence market. New high-resolution defense contracts at this tier would represent a step-change in per-image contract value and further accelerate Net Dollar Retention.
- 2026-Q2
NRO EOCL contract renewal and expansion beyond June 2026
The NRO baseline EOCL contract expires in June 2026; renewal and expansion is critical for revenue visibility. Given 116% Net Dollar Retention and the German government deal precedent, an expanded multi-year NRO contract would be a material catalyst.
Top Risks
- GAAP profitability: Planet achieved adjusted EBITDA profitability in FY2026 but remains GAAP net-loss negative; achieving GAAP positive is the key institutional re-rating threshold.
- Defense contract concentration: NRO/NGA contracts drive growing revenue but expose Planet to U.S. government budget cycles, classification decisions, and competitive rebidding.
- Constellation obsolescence: Maxar WorldView Legion (30 cm) and Airbus Pleiades Neo (30 cm) provide high-resolution competition; Planet must continuously invest in Pelican upgrades to maintain relevance in the premium imagery market.
Recent Milestones
- 2026-03-19
FY2026 (ended Jan 31, 2026): revenue $307.7M (+26% YoY), backlog $900M+ (+79% YoY), first full-year adjusted EBITDA positive ($15.5M), NDR 116%
- 2026-05-06
Launched 3 additional Pelican satellites — fleet now 12 spacecraft; second-gen 30 cm Pelicans planned for later 2026
- 2025-11-28
Launched Pelican-5, Pelican-6 and 36 SuperDoves — Pelican fleet expanded; SuperDove constellation refreshed
- 2025-01-29
$230M contract signed for Pelican satellite fleet — customer-funded production; largest single customer contract in Planet history
- 2025-02
Headcount reduced 17% (second restructuring in 11 months) — ~970 employees; cost restructuring achieved, adjusted EBITDA profitability reached in FY2026
- 2025-12-10
Q3 FY2026 revenue $73.1M — third consecutive quarter of accelerating growth driven by defense and intelligence expansion
Recent News
- Planet Labs FY2026: $307.7M revenue (+26%), $900M+ backlog, first full-year adjusted EBITDA positiveBusinessWire2026-03-19
- Planet launches 3 additional Pelican high-resolution satellites — fleet grows to 12StockTitan / Planet PR2026-05-06
- Planet launches Pelican-5, Pelican-6, and 36 SuperDoves — high-resolution constellation expandsBusinessWire2025-11-28
- 2025-01-29
- Planet Q3 FY2026: $73.1M revenue, NDR 116%, defense/intel contracts drive profitability pathBusinessWire2025-12-10
What investors should know
Q1What does Planet Labs do?⌄
Q2How does Planet Labs generate revenue?⌄
Q3Who are Planet Labs' primary customers?⌄
Q4What is Planet Labs' competitive moat?⌄
Q5What are the top risks for Planet Labs investors?⌄
Q6What near-term catalysts could move Planet Labs stock?⌄
Q7How does Planet Labs compare to its closest peer BlackSky Technology?⌄
Peers
Compare side-by-side →Sources & References
Investor Relations
Press Release
- Planet Labs FY2026 Earnings (fiscal year ended Jan 31, 2026) · 2026-03-19
- Planet Labs Q3 FY2026 Earnings · 2025-12-10
- Planet Pelican-5/6 + 36 SuperDove Launch · 2025-11-28
Trade Press
- CNBC — Planet $230M Pelican Contract · 2025-01-29(archived)