Planet Labs to become publicly traded in merger

By on 12 July, 2021

A Planet Labs image of flooding in the Hawkesbury River region in NSW. Courtesy Planet Labs.

Planet Labs has announced that it will merge with dMY Technology Group, a special purpose acquisition company, and become a publicly-traded company.

The merger will value Planet at a post-transaction equity value of approximately US$2.8 billion.

Planet has a fleet of around 200 satellites which the company designs, builds, and operates in house.

That fleet captures more than 3 million images per day, covering over 300 million square kilometres and generating approximately 25 terabytes of data per day.

The company’s multi-year data archive contains, on average, 1500 images of every spot on Earth’s landmass.

“At Planet our goal is to use space to help life on Earth. We have this huge new dataset — an image of the entire Earth landmass every day — which we serve up via a Bloomberg-like terminal for Earth data, making it simple to consume and expanding reach to potentially millions of users across dozens of verticals,” said Planet CEO and Co-founder Will Marshall.

“As the world shifts to a more sustainable economy and more companies and governments set their sustainability and ESG goals, the first step in achieving these objectives is measurement. Planet’s daily, global data is foundational to making that transition.

“We’re excited to reach this important milestone of taking Planet public to significantly accelerate our mission, and to be doing so with dMY and other great investors.”

Planet generated more than US$100 million in revenue in its last fiscal year ended January 31, 2021, serving more than 600 customers in 65 countries.

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