Planet Secures $230 Million Deal for Next-Gen Satellites — A Game-Changer for the Space Industry

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Planet Lands Major $230 Million Deal for New Pelican Satellites

Planet, a leading satellite imagery and data analysis company, has signed its largest contract ever—worth a whopping $230 million—to develop and operate its next-generation Pelican satellites. This deal marks a huge milestone for the company and paves the way for its future growth in the satellite services business.

The Deal That Could Transform Planet’s Future

Planet’s CEO, Will Marshall, shared his excitement with CNBC, calling this agreement a “momentum-building event” for the company. The deal involves constructing Pelican satellites for a key customer in the Asia-Pacific region, which is expected to bring major benefits to Planet’s balance sheet by 2026.

Though the customer remains unnamed, Planet describes it as a long-term partner. The contract covers satellite construction over several years and a five-year operational period, offering the customer exclusive access to the satellites in their designated region. Planet will retain the rights to license the data from these satellites for global use.

Planet’s Satellite Plans: What’s Next?

With more than 200 satellites already in orbit, Planet has big plans to expand its satellite fleet. The Pelican series will eventually replace the older SkySat satellites acquired from Google in 2017. The goal? To launch up to 32 Pelican satellites. The first operational satellite, Pelican-2, was launched earlier this month and features Nvidia’s Jetson AI platform for enhanced data processing.

The $230 million deal significantly boosts Planet’s resources, accelerating its satellite development and scaling operations at a faster pace. CEO Will Marshall highlighted that the company now has the funding to build more Pelican satellites and scale its services much quicker than anticipated.

Financial Impact and Market Reaction

Despite not changing its financial guidance for fiscal 2025, Planet expects the benefits of this deal to start showing up in 2026. As the satellites are built and operational, payments will be recognized over a seven-year period, which will have a lasting impact on the company’s revenue.

On the stock market, Planet’s shares saw a surge of up to 14% following the announcement before closing the day with a modest gain of 1.65%.


Conclusion: Planet’s Growth Story Just Got Bigger

With this groundbreaking $230 million contract, Planet is positioning itself to dominate the satellite services industry. The Pelican satellites, combined with strategic partnerships and cutting-edge AI tech, set the company up for a major leap forward in the coming years.


By aparna

I am Aparna Sahu Investment Specialist and Financial Writer With 2 years of experience in the financial sector, Aparna  brings a wealth of knowledge and insight to Investor Welcome. As an accomplished author and investment specialist, Aparna  has a passion for demystifying complex financial concepts and empowering investors with actionable strategies. She has been featured in relevant publications, if any, and is dedicated to providing clear, evidence-based analysis that helps clients make informed investment decisions. Aparna  holds a relevant degree or certification and is committed to staying ahead of market trends to deliver the most up-to-date advice.

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