Planet Labs in Three Words: Earth Satellite Imaging

Background

Founded in 2010 by three former NASA scientists, Planet Labs' mission is "to image the whole world every day and make global change visible, accessible, and actionable."

Who wants to keep an eye on things from above? While the company has 1,015 total customers, 47% of its revenue comes from the defense and intelligence industries. Planet signed a "new 7-figure contract with the US Department of Defense" and an "8-figure expansion with an international defense customer." Elsewhere, Brazil's police force hires them to monitor the Amazon rainforest, NASA works with them for data acquisition, and an "Asia-Pacific commercial partner" just signed a $230 million, seven-year agreement to support its operations. That contract was just signed last month and represents the largest in the company's 15-year history.

Planet's satellites are also capturing more than just images and video data. It's using AI and time-series analysis to detect changes that the human eye might not notice such as deforestation, as well as hyperspectral imaging to detect non-visual things like hydrocarbon emissions. Its satellites are tiny but numerous; with more than 200 smallsats actively in orbit and launching 30 to 40 more every year. Each of their satellites orbits the entire Earth every 90 minutes, providing 25 terabytes of real-time imaging every day that's always up-to-date. They fly lower than many other satellites, to obtain the best imaging possible but also to avoid collisions with other objects or debris.

The company makes money through subscriptions, charging customers based on their required resolution and additional analytics. Revenue grew 11% in the most third quarter 2025 and has grown at a 21% CAGR during the past five years. More than 90% of customers have signed multi-year contracts and 97% of revenue comes from these recurring annual contracts.

Planet is capturing a respectable 61% gross profit margin, which rose 900 basis points last year due to it signing larger deals and operational efficiency gains. After adjusting for stock-based compensation, it is expected to report its first quarter of positive EBITDA in the upcoming fiscal Q4 of 2025.

One key ingredient to Planet Labs' success is its brilliant co-founder and CEO Will Marshall, who brought the company public on the NYSE in 2021 as a public benefit corporation. Planet's priority is as much about accelerating humanity toward a more sustainable, and prosperous world by illuminating environmental and social change as it is about its fiduciary duty to stockholders.

Planet Labs initially joined the 7investing Watch List of New Ideas in February 2025.