Published On: Wed, Jul 7th, 2021

Satellite user Planet to go open in $2.8B SPAC merger

Planet, that operates a network of around 200 satellites that provides Earth imaging, as good as analytics of a information subsequent from that observation, is going open in a partnership with special purpose partnership association (SPAC) dMY Technology Group IV. The understanding has a post-transaction equity value of $2.8 billion, and will yield Planet with $545 million in money change during close, including $345 million from dMY IV’s contribution, and a $200 million PIPE supposing by BlackRock-managed funds, Koch Strategic Platforms, Marc Benioff’s TIME Ventures and Google.

After a bit of a lull, Planet is now a second poignant private space association this week to take a SPAC track to open markets. Both are in a business of Earth observation, yet Satellogic, that announced a possess SPAC partnership on Tuesday, operates on a many smaller scale during a moment. Planet, founded in 2010, has lifted around $374 million to date, and operates a largest Earth imaging satellite constellation in operation.

The company’s goal has been to renovate a approach Earth imaging information is collected and supposing to blurb interests here on Earth. Planet’s network can yield a finish indicate of all of a Earth’s landmass on a daily basis, and it offers that to business “via a Bloomer-like depot for Earth data,” as Planet owner and CEO Wiill Marshall puts it. Access is supposing on a subscription basis, and Planet says it generated over $100 million in income during a many new mercantile year, that finished in January.

Planet intends to use a supports ensuing from a partnership in partial to compensate down a existent debt, and also to account a existent operations and “support new and existent expansion initiatives.” The aim to to finish a partnership someday after this year, during that indicate a total entity will trade underneath a ticker “PL” on a NYSE.

NASA and Planet enhance imagery partnership to all NASA-funded Earth scholarship research

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