Sub-meter Earth observation · Imagery analytics & satellite sales
Satellogic
Satellogic vertically manufactures 50cm-class Earth-observation satellites in Uruguay. Q2 2026 revenue was $15.9M (+259%) and operating income $0.3M. It launched its first Merlin and three NewSats on October 1, then signed a three-year non-Earth-imaging agreement with HEO on October 29 carrying a seven-figure annual minimum through 2029. It sources telescopes from Officina Stellare and holds 4.7% of the supplier.
Business categories Earth Observation · Space Infrastructure · primary Satellite & Space Systems · Space Infrastructure
Other companies in the same category
- Earth Observation: BlackSky Technology · Planet Labs · MDA Space · Satrec Initiative
- Satellite & Space Systems: Sidus Space · Redwire · MDA Space · Satrec Initiative · Boeing
SATL Updated Nov 2, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Satellogic is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 6 companies within two hops; the links are backed by 21 dated sources, 2 of them primary filings (as of 2026-11-02).
Annual return · 2026-11-02'22-68.6%'23-42.6%'24+62.9%'25-34.4%YTD+75.7%
Money in ▸CEiiA (Portugal)●Contract value $18MInternational defense customer (undisclosed)●Contract value $18MSovereign defense customer (undisclosed)●Contract value $12MHEO (Australia)●annual minimum commitment lower bound $1MAlbanian government●NASA (CSDA)◐contract ceiling pooled $476M
SatellogicQ2 2026 revenue $15.9M
Financials & Segments
- Total revenue · Q2 2026 revenue $15.9M (+259%); operating income $0.3M
- Customer concentration · Data & Analytics $7.1M; Space Systems $8.8M; FY2025 top three customers ~54%; HEO three-year deal has a seven-figure annual minimum
- Segments · Data & Analytics (incl. Constellation-as-a-Service) · Space Systems (dedicated satellite sales)
Revenue from
- CEiiA (Portugal) High confidence· Contract value $18M · 2025-12 · Total value of the two-satellite supply-and-in-orbit-delivery contract
Space Systems (satellite-sale) customer. In Dec 2025 signed an US$18M agreement with CEiiA to supply and deliver two NewSat Mark V 50cm-class satellites (Portuguese share of the Atlantic Constellation); announced 2026-01-12 with ownership transfer in Q2 2026.Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN GlobeNewswire Published Jan 12, 2026: Satellogic Signs $18MM USD Agreement with Portugal to Deliver Two Mark V High-Resolution Satellites - International defense customer (undisclosed) High confidence· Contract value $18M · one year · One-year high-frequency EO imagery agreement valued above US$18M
A one-year contract for persistent, high-frequency Earth-observation imagery, expanded from an initial trial to full-scale deployment in under six months. The customer was not disclosed.Confirms EN Satellogic Investor Relations Published Aug 5, 2026: Satellogic Reports Second Quarter 2026 Financial Results - Sovereign defense customer (undisclosed) High confidence· Contract value $12M · 2026 · Transfer of ownership and operations of one in-orbit NewSat satellite
Agreement to transfer ownership and operations of one commissioned Aleph-1 satellite and support independent command and data-processing capabilities. The customer was not disclosed.Confirms EN Satellogic Investor Relations Published Aug 5, 2026: Satellogic Reports Second Quarter 2026 Financial Results - HEO (Australia) High confidence· annual minimum commitment lower bound $1M · three years through 2029 · Normalized lower bound of the seven-figure minimum commitment in each of three contract years; exact annual value undisclosed
Non-Earth-imaging customer. An October 2026 three-year agreement runs through 2029 with a seven-figure minimum commitment in each year. Captures exceeded 1,600 in the latest agreement year, with access covering NewSat Mark IV, V and VI spacecraft including newer inter-satellite-link-equipped satellites. Satellogic separately sold NewSat-34 to HEO in January 2026.Confirms EN Satellogic Investor Relations Published Oct 29, 2026: Satellogic and HEO Sign Three-Year Non-Earth Imaging AgreementConfirms EN HEO Published Oct 29, 2026: Satellogic and HEO Sign Three-Year Non-Earth Imaging Agreement, Extending the Existing Six-Year Working RelationshipConfirms KO Investing.com Korea Published Oct 29, 2026: Satellogic signs three-year agreement with HEO to image space objectsConfirms EN Satellogic and HEO Published Oct 13, 2026: Satellogic and HEO Release Images of Merlin.01 in OrbitMentions EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms ES Revista Mercado Published Feb 26, 2026: Satellogic sells an in-orbit satellite to HEO, enabling Australia's first sovereign sub-meter capability - Albanian government High confidence
Asset Monitoring / Data & Analytics customer. Followed the Sept-2022 three-year dedicated-constellation deal (satellites Albania-1/-2) with an 11-month extension on 2026-01-29, delivering country-wide 50cm imagery. Contract value not disclosed.Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN GlobeNewswire Published Jan 29, 2026: Satellogic Extends Country-Wide Monitoring Agreement with the Government of Albania - NASA (CSDA) Medium confidence· contract ceiling pooled $476M · through 2028-11-15 · Maximum cumulative contract ceiling across all eight awardees (Satellogic-specific value not disclosed)
U.S. government imagery revenue channel. Selected Sept 2024 as one of eight awardees under NASA's CSDA On-Ramp1 multiple-award IDIQ, effective through 2028-11-15. The US$476M ceiling is cumulative across all eight winners, not a Satellogic-specific allocation.Confirms EN GlobeNewswire Published Mar 24, 2025: Satellogic Reports 2024 Financial Results and Business UpdateMentions EN Satellogic (press release) Published Sep 6, 2024: Satellogic Selected for NASA's Commercial SmallSat Data Acquisition Program
Pays to
- SpaceX High confidence· purchase commitment $7M · through 2028 · Total remaining noncancelable third-party launch-service commitments; US$4.1M due in 2026, with no supplier-level split disclosed
Launch-services supplier under a 2022 capacity agreement for 68 satellites. On October 1, 2026, Transporter-18 launched Merlin.01 and three NewSats; SpaceX also lists their deployment. Satellogic’s $7.1M remaining third-party launch commitment at June 30 is not broken out by provider.Confirms EN Satellogic Published Oct 2, 2026: Satellogic Announces Successful Launch of First Merlin SatelliteMentions EN U.S. SEC EDGAR Published Aug 6, 2026: Satellogic Inc. Form 10-Q for the quarter ended June 30, 2026Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN Satellogic (press release) Published May 4, 2022: Satellogic Announces Multiple Launch Agreement with SpaceX for its Next 68 Sub-Meter Resolution Earth Observation Satellites - Officina Stellare High confidence· Purchases $200,000 · 2026 H1 · First-half purchases from Officina Stellare; US$0.6M was separately included in accounts payable at 2026-06-30
Supplier of satellite telescopes and opto-mechanical instruments. Satellogic purchased US$0.2M in the first half of 2026 and owed US$0.6M at June 30. It also held 4.7% of Officina Stellare, combining procurement and equity ties.Confirms EN U.S. SEC EDGAR Published Aug 6, 2026: Satellogic Inc. Form 10-Q for the quarter ended June 30, 2026Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN Satellogic (press release) Published Nov 8, 2022: Satellogic Completes Investment in Officina Stellare, a Leader in the Design and Production of Optomechanical InstrumentationConfirms EN Officina Stellare Published May 6, 2022: Officina Stellare and Satellogic Sign an Investment Agreement to Strengthen Their Strategic Alliance - Palantir Technologies High confidence
Foundry and Edge AI software vendor. Under a five-year strategic partnership, Satellogic uses Palantir Foundry for business processes, imagery delivery, AI-model training and data integration, and tested Palantir Edge AI aboard NewSat satellites. Contract value was not disclosed.Confirms KO Naver Premium Content, Investment Farmer Published Dec 16, 2024: The Future Found in Space: Satellite Data and the AI Prediction RevolutionConfirms EN Satellogic Investor Relations Published Feb 1, 2022: Satellogic Announces Strategic Partnership With Palantir Technologies
Investments
- Officina Stellare High confidence· equity stake 4.7 percent · 2026 · Interest reported in the Q2 2026 Form 10-Q; Officina Stellare reported 283,725 shares, or 4.69%, on 2025-10-28
Satellogic holds 4.7% of telescope supplier Officina Stellare. Officina reported 283,725 shares, or 4.69%, in October 2025, and Satellogic still reported a 4.7% interest in its Q2 2026 Form 10-Q. The latest disclosed stake remains near the initial purchase despite the original expansion option.Confirms EN U.S. SEC EDGAR Published Aug 6, 2026: Satellogic Inc. Form 10-Q for the quarter ended June 30, 2026Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms IT Officina Stellare Published Oct 28, 2025: Approval of the integration between Officina Stellare and Global Aerospace Technologies GroupConfirms EN Satellogic (press release) Published Nov 8, 2022: Satellogic Completes Investment in Officina Stellare, a Leader in the Design and Production of Optomechanical Instrumentation
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 |
|---|---|---|---|---|---|---|---|
| Satellogic | node | · | -68.6 | -42.6 | +62.9 | -34.4 | +75.7 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| Palantir Technologies | benef1 | -22.7 | -64.7 | +167.4 | +340.5 | +135 | -1.9 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +102.2 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.2 |
| EchoStar Corporation | benef2 | +24.4 | -36.7 | -0.7 | +38.2 | +374.7 | -17.4 |
| Oracle | benef2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -26.5 |
YTD as of 2026-11-02 · source: Yahoo Finance
Satellogic is up 75.7% through November 2, 2026 after falling 34.4% in 2025. Launching the first Merlin and three NewSats reduced schedule risk, but Merlin remains in commissioning and full service is targeted for H2 2027. On the demand side, $15.9M of Q2 revenue and HEO's new three-year agreement through 2029 improve recurring-revenue quality. The HEO contract carries a seven-figure minimum commitment in each year and follows more than 1,600 captures in the latest year, confirming usage growth after the earlier satellite sale. Upstream, $0.2M of H1 Officina Stellare purchases and a $0.6M payable verify procurement, while Officina's own disclosure says it has supplied telescopes since 2016. Yet the stock retraced from +104.8% on October 23 to +75.7%, and Officina does not disclose revenue attributable to Satellogic. Supplier-level customer revenue is still needed to confirm operating transmission.
Analysis generated from returns as of 2026-11-02Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $10 · Price $3.285 (11-02) · Upside +204%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Northland Securities · Michael Latimore | Outperform | $11 | Jun 16, 2026 | Report ↗ |
| Cantor Fitzgerald · Andres Sheppard | Overweight | $10 | May 13, 2026 | Report ↗ |
| Craig-Hallum · Jeff Van Rhee | Buy | $10 | May 13, 2026 | Report ↗ |
Unanimous bullish coverage: Northland, Craig-Hallum and Cantor Fitzgerald all rate Buy with targets converging around $10-11.
Analyses covering this node
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