NYSE · Earth-observation satellites · high-revisit EO & AI analytics
BlackSky Technology
BlackSky sells intelligence combining high-revisit Earth-observation satellites with its Spectra AI analytics platform, and is deploying its 35cm-class Gen-3 constellation. FY2025 revenue hit a record $106.6 million with a $70.3 million net loss, while backlog grew 32% to $345 million. The NRO's EOCL contract (up to $1.021 billion over 10 years) and NGA's Luno A/B awards (up to $490 million combined) anchor the government business; wholly owned LeoStella builds the satellites and Rocket Lab launches them (17 cumulative Electron missions).
BKSY Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, BlackSky Technology is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 4 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $106.6M (record)
- Customer concentration · Government-led (US and international); backlog $345M (+32%)
- Segments · Space-based Intelligence & AI Services · Mission Solutions · Advanced Technology Programs
Revenue from
- US NRO (NRO · EOCL) High confidence· Contract value $1B · 2022~2032 (10년 최대) · Maximum 10-year EOCL contract value (5-yr base + options)
NRO Electro-Optical Commercial Layer (EOCL) contract awarded May 2022 (5-yr base + five 1-yr options, 10-yr total), worth up to $1.021B; extended one year in Jan 2025 through mid-2026. BlackSky's largest government anchor contract.Confirms EN BlackSky (IR) Published Jan 14, 2025: BlackSky wins Electro-Optical Commercial Layer extension contract with the NRO for Gen-2 servicesConfirms EN BlackSky (IR) Published May 25, 2022: BlackSky awarded 10-year Electro Optical Commercial Layer (EOCL) contract with U.S. Government - US NGA (Luno A/B) High confidence· Contract value $290M · 2024-2029 · Luno A 5-year IDIQ ceiling (Luno B separately up to $200M)
NGA Luno commercial analytics/data IDIQ awards: Luno A up to $290M over 5 years (Oct 2024, AI change-detection analytics) and Luno B up to $200M over 5 years (Jan 2025, GEOINT data). Combined ceiling up to $490M.Mentions EN U.S. SEC (EDGAR) Published Feb 26, 2026: BlackSky Q4/FY2025 Results (Form 8-K Exhibit 99.1)Confirms EN BlackSky (IR) Published Oct 3, 2024: BlackSky wins five-year NGA Luno A contract valued up to $290 million
Pays to
- Rocket Lab High confidence· cumulative dedicated launches 17 launches · 2019-2026 · Cumulative dedicated Electron launches for BlackSky since 2019 (incl. 4 new in Feb 2026); contract values are confirmed_no_disclosed_value
Primary launch supplier for Gen-3 deployment. Signed a 5-launch Gen-3 contract in Aug 2023 and 4 more dedicated Electron missions in Feb 2026, bringing cumulative launches since 2019 to 17 (BlackSky's most prolific launch provider). Contract dollar values undisclosed.Confirms EN Satellite Evolution Published Feb 27, 2026: Rocket Lab secures latest multi-launch contract with BlackSky for 4x dedicated Electron MissionsConfirms KO Sankyung Today Published Feb 19, 2025: Rocket Lab successfully launches Electron carrying BlackSky's Gen-3 satellite - LeoStella (satellite manufacturing subsidiary) High confidence
Washington-based manufacturer LeoStella builds BlackSky's satellites (incl. Gen-3). Originally a 50-50 JV between BlackSky and Thales Alenia Space; in Nov 2024 BlackSky bought out Thales's remaining 50% to optimize the Gen-3 supply chain, making it a wholly owned subsidiary. Deal terms undisclosed.Confirms EN SpaceNews Published Nov 8, 2024: BlackSky buys Thales Alenia's stake in LeoStella joint ventureConfirms EN Via Satellite Published Nov 7, 2024: BlackSky Acquires Full Stake in LeoStella Ahead of Gen-3 Constellation - SpaceX (Falcon 9 rideshare launch) Medium confidence
BlackSky put its early Global (Gen-2) satellites into orbit via SpaceX Falcon 9 rideshare (alongside Starlink and on Transporter) — where Rocket Lab's dedicated launches control revisit timing and orbit, SpaceX rideshare is the complementary path that fills the fleet cheaply by sharing the ride. A second axis for lowering launch cost in a small-satellite EO business.Confirms EN Via Satellite Published Dec 2, 2021: SpaceX launches Starlink batch with 2 rideshare BlackSky satellites
Investments
- Gen-3 constellation buildout (LeoStella in-sourcing, multi-year launch prebook) High confidence
A structure of front-loading growth capital into the 35cm-class Gen-3 constellation — in November 2024 it acquired Thales's remaining 50% of LeoStella to fully in-source satellite manufacturing, and it pre-books multi-year dedicated Rocket Lab launches (17 cumulative) to control deployment pace. The FY2025 net loss of $70.3M is the cost of that forward investment, with leverage as the completing constellation converts the $345M backlog into revenue.Confirms EN U.S. SEC (EDGAR) Published Feb 26, 2026: BlackSky Q4/FY2025 Results (Form 8-K Exhibit 99.1)Mentions EN SpaceNews Published Nov 8, 2024: BlackSky buys Thales Alenia's stake in LeoStella joint ventureConfirms EN Via Satellite Published Nov 7, 2024: BlackSky Acquires Full Stake in LeoStella Ahead of Gen-3 Constellation
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| BlackSky Technology | node | -57.1 | -65.7 | -9.1 | -3.7 | +73.8 | +33.4 |
| Rocket Lab | benef1 | +21.5 | -69.3 | +46.7 | +360.6 | +173.9 | +16.2 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| Redwire | benef2 | · | -70.7 | +43.9 | +477.5 | -53.8 | +33.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
BlackSky's thesis is that it sells not satellite hardware but an intelligence subscription — high-revisit imagery plus AI analytics. Deploying its 35cm-class Gen-3 constellation, it vertically controls manufacturing (wholly owned LeoStella) and launch (Rocket Lab, 17 cumulative), keeping revisit rate and cost in its own hands. Results are pre-committed by government anchors — the NRO EOCL (up to $1.021B over 10 years) and NGA Luno A/B (up to $490M combined) are the revenue base, and FY2025 revenue of $106.6M (a record) with a $345M backlog (+32%) gives forward visibility. But it is a growth-stage company still posting a $70.3M net loss, so the swing factors are revenue growth as Gen-3 deploys and the timing of breakeven. Re-rating triggers are completing the Gen-3 constellation, expanding government contracts (Luno drawdown), and the path to profitability.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $48 · Price $25.02 (07-10) · Upside +92%