An image from one of the company's satellites shows Lower Manhattan in New York City.Planet
Satellite imagery and data specialist Planet began trading Wednesday on the New York Stock Exchange, becoming the latest space company to go public after closing a SPAC deal.
Planet trades under the ticker PL, with shares previously listed under the special purpose acquisition company dMY Technology Group IV. The company has about 190 satellites in orbit, and recently unveiled plans for a new line of satellites called Pelican to further bolster its fleet.
The stock rose 1% after opening at $11.25 a share.
Closing its merger nets Planet more than $590 million in gross proceeds, with capital from dMY as well as a PIPE round – or private investment in public equity – led by BlackRock and joined by Google, Koch, and Marc Benioff's TIME Ventures.
Planet and dMY closed the merger with a 2% redemption ratio, which represents the percentage of shares that investors redeem prior to closing of an acquisition.
Cofounder and CEO Will MarshallPlanet
Planet took the additional step of registering as a Public Benefit Corporation, or PBC, which requires the company have a specific purpose statement on how the for-profit entity is benefiting the public. Planet's public benefit purpose is “to accelerate humanity to a more sustainable, secure and prosperous world by illuminating environmental and social change,” the company said.
The company's imagery feeds into a data index that Planet says makes the Earth “searchable” for its more than 600 customers. Planet's customer contracts are set up as subscriptions, with 90% of those recurring annual contracts. Its existing customers are largely split between four sectors — civil, agriculture, defense and intelligence, and mapping — and it generated $113 million in revenue last year.
Planet aims to be profitable on an adjusted EBITDA basis by early 2025, and grow its annual revenue to nearly $700 million by early 2026.
It joins a trend of space companies going public through SPAC deals, with Virgin Galactic the first of the recent generation in 2019. Several have closed and begun trading — including Astra, AST SpaceMobile, Rocket Lab, Spire Global, BlackSky, Momentus, and Redwire — with others having merger agreements in place – including Virgin Orbit , Satellogic, and Terran Orbital.Internet Explorer Channel Network