Daily whole-Earth imaging data subscriptions
Planet Labs
Planet Labs operates more than 200 satellites (PlanetScope, SkySat, Pelican, Tanager) that image the entire Earth daily, selling the data by subscription. FY2026 (January year-end) revenue was $307.7 million (up 26%) with $15.5 million of adjusted EBITDA, its first profitable year, and remaining performance obligations surged 106% to $852 million. Government provides 41% of revenue (defense and intelligence 18%, civil 23%), and the largest single deal is a $230 million contract with Japan's JSAT to build and operate ten Pelican satellites.
PL Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Planet Labs is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 19 companies within two hops; the links are backed by 11 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2026 revenue $307.7M (Jan year-end, +26%)
- Customer concentration · Commercial 59%, civil government 23%, defense & intel 18%; RPO $852M (+106%)
- Segments · PlanetScope daily whole-Earth imaging subscriptions · SkySat and Pelican high-res tasking · Tanager hyperspectral · Planet Insights Platform (analytics SaaS)
Revenue from
- SKY Perfect JSAT High confidence· Contract value $230M · multi-year (~7 years), launches from 2027 · Total value of multi-year commercial agreement to build/operate ten Pelican satellites
Planet's largest commercial agreement to date: a $230M multi-year deal with SKY Perfect JSAT's US subsidiary to build and operate ten LEO Pelican satellites, ~7-year service period, launches beginning 2027.Confirms EN SEC EDGAR Published Feb 27, 2025: Planet Reports Financial Results for Fourth Quarter and Full Fiscal Year 2025 (8-K Exhibit 99.1)Confirms EN SpaceNews Published Feb 5, 2025: SKY Perfect JSAT is the customer behind Planet's $230 million LEO orderConfirms EN SKY Perfect JSAT Published Feb 5, 2025: SKY Perfect JSAT and Planet Labs PBC Partner to Build a $230M Low-Earth Orbit Satellite Constellation - US NRO (NRO · EOCL) High confidence· Contract value $13M · through June 2026 (baseline renewal) · Value of renewed EOCL baseline contract for PlanetScope broad-area-monitoring data
The NRO renewed its baseline EOCL contract for Planet's PlanetScope broad-area-monitoring data ($13.2M through June 2026) and added a CLIN framework for ordering high-resolution Pelican imagery (~$21.1M annual run-rate). The original 2022 EOCL award ran up to 5 years with options up to 10.Mentions KO Korea Economic Daily Published Dec 18, 2025: Surging satellite demand: Planet Labs up 4xConfirms EN Nasdaq / Planet Labs Published Dec 10, 2025: Planet Reports Financial Results for Third Quarter of Fiscal Year 2026 - NASA (CSDA) Medium confidence· Contract value $14M · task order (FY2026) · CSDA task order for PlanetScope data provision
NASA issued a $13.5M task order under the Commercial Satellite Data Acquisition (CSDA) contract for PlanetScope data supporting Earth science, plus a $0.9M November task order for disaster-response tasked imagery.Confirms EN U.S. SEC (EDGAR) Published Dec 10, 2025: Planet Reports Financial Results for Third Quarter of Fiscal Year 2026 (8-K Exhibit 99.1)Confirms EN Nasdaq / Planet Labs Published Dec 10, 2025: Planet Reports Financial Results for Third Quarter of Fiscal Year 2026
Pays to
- SpaceX High confidence
Planet repeatedly launches its fleet on SpaceX Falcon 9 Transporter rideshare missions (Pelican-1 on T-9 2023, Tanager-1 on T-11 2024, Pelican-2 on T-12 2025, Pelican 5&6 on T-15 2025). Per-launch pricing not disclosed.Confirms EN Planet Labs Published Aug 16, 2024: Planet Launches First Tanager-1 Hyperspectral Satellite and 36 SuperDoves with SpaceX - Alphabet (Google) Medium confidence
Planet uses Google Cloud (BigQuery etc.) as data storage/processing infrastructure under a 2021 partnership (collaboration dates to Google's 2017 Terra Bella sale to Planet), and in 2026 announced Project Suncatcher orbital AI-datacenter work with Google. Amounts not disclosed.Mentions EN SpaceNews Published Jan 5, 2026: Planet bets on orbital data centers in partnership with GoogleConfirms EN Planet Labs Published Aug 18, 2021: Planet and Google Cloud Partner to Bring Planetary-Scale Satellite Data Analysis To Governments And Enterprises
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 |
|---|---|---|---|---|---|---|---|
| Planet Labs | node | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Alphabet (Google) | benef1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| TeraWulf | benef2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| Broadcom | benef2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| NextEra Energy | benef2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Berkshire Hathaway | benef2 | +29 | +3.3 | +15.5 | +27.1 | +10.9 | -1.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
Planet Labs's thesis is that it sells not satellite hardware but 'data that images the whole Earth daily' by subscription. Its 200+ satellites image the entire Earth daily to generate recurring revenue, and FY2026 revenue of $307.7M (+26%) with $15.5M of adjusted EBITDA marked its first profitable year, while remaining performance obligations (RPO) surged 106% to $852M, pre-committing future sales. Government provides 41% of revenue (defense and intelligence 18%, civil 23%) for stability, and its largest-ever commercial deal is a $230M contract with Japan's JSAT to build and operate ten Pelican satellites. It launches on SpaceX rideshare and relies on Google Cloud for data infrastructure, widening the partnership into orbital AI datacenters (Project Suncatcher). Re-rating triggers are sustained and expanding profitability, drawdown of government and commercial RPO, and monetizing new Pelican and Tanager data products.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $42 · Price $26.1 (07-11) · Upside +61%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Wedbush · Daniel Ives | Outperform | $50 | Jul 1, 2026 | Report ↗ |
| Goldman Sachs · Noah Poponak | Neutral | $22 | Jun 11, 2026 | Report ↗ |
| Needham · Ryan Koontz | Buy | $53 | Jun 5, 2026 | Report ↗ |
Buy ratings dominate on satellite-data demand and defense contract momentum, while Goldman Sachs stays neutral on valuation.