Earth-observing satellite startup Planet is going public

INA - SOURCES

The San Francisco-based company, which operates the world's largest fleet of Earth-observing satellites, announced that it will merge with a special purpose acquisition company (SPAC) called dMY Technology Group, Inc. IV.

Planet's move is part of a SPAC wave sweeping across the space industry. 

Astra, Rocket Lab and Redwire have all announced SPAC mergers in recent months, for example, and Virgin Orbit is considering one as well.

The transaction values Planet at $2.8 billion and will take the company public. Planet will be traded on the New York Stock Exchange under the ticker name "PL," company representatives said.

Planet generates 25 terabytes of data every day from about 200 satellites, most of them shoebox-sized cubesatsknown as Doves (or, more recently, SuperDoves). The company sells this information to a variety of customers, from government agencies to farmers.

Planet also releases especially important photos and data free of charge — imagery that can help first responders deal with natural disasters such as wildfires and earthquakes, for example. And Planet data help scientists and resource managers monitor climate change, deforestation and other problems plaguing the globe, company representatives say. 

As the world shifts to a more sustainable economy and more companies and governments set their sustainability and ESG [environmental, social and governance] goals, the first step in achieving these objectives is measurement," Planet CEO and co-founder Will Marshall said in a statement.

"Planet's daily, global data is foundational to making that transition," he added, noting that the company images Earth's entire landmass every day. 

"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."