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Satellite imagery company Planet begins trading on NYSE

An image from one of the company’s satellites shows Lower Manhattan in New York.

Planet

Satellite imagery and data specialist Planet began trading Wednesday on the New York Stock Exchange, making it the last space company to go public after the close of its deal with SPAC.

Planet is listed under the ticker PL, and the stock was previously listed under a special company to acquire dMY Technology Group IV. The company has about 190 satellites in orbit, and the company recently unveiled plans to create a new line of satellites called Pelican to further expand its fleet.

The shares rose 1% after opening at $ 11.25 per share.

The merger network closure brings Planet more than $ 590 million in gross capital revenues from dMY, as well as a round of PIPE – or private equity investments – led by BlackRock, joined by Google, Koch and TIME Ventures by Marc Benioff.

Planet and dMY closed the merger with a buyback ratio of 2%, which is the percentage of shares being bought back by investors before the acquisition is closed.

Co-founder and CEO Will Marshall

Planet

Planet has taken the additional step of registering as a Public Benefit Corporation (PBC), which requires a company to have a specific statement of how a for-profit organization benefits the public. Planet’s public goal is “to accelerate humanity’s transition to a more sustainable, safer and more prosperous world by highlighting environmental and social change,” the company said.

The company’s snapshots are fed into a data index that Planet says makes the Earth “searchable” for more than 600 clients. Planet’s customer contracts are subscription-based, with 90% of these recurring annual contracts. His existing clients are mostly split between four sectors – civil, agriculture, defense and intelligence, and mapping – and he generated $ 113 million in revenue last year.

Planet aims to achieve adjusted EBITDA profitability by early 2025 and increase its annual revenue to nearly $ 700 million by early 2026.

He joins the trend with space companies going public through deals with SPAC, with Virgin Galactic being the first last-generation company in 2019. Several have closed and started trading, including Astra, AST SpaceMobile, Rocket Lab, Spire Global, BlackSky, Momentus, and Redwire. – with other parties with valid merger agreements, including Virgin Orbit, Satellogic and Terran Orbital.


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