Planet Labs PBC (PL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la observación de la Tierra, Planet Labs PBC emerge como una fuerza revolucionaria, transformando cómo entendemos e interactuamos con la superficie dinámica de nuestro planeta. Al desplegar una constelación de satélites pequeños y avanzados, el planeta ha sido pionero en capacidades diarias de imágenes globales que proporcionan ideas sin precedentes entre las industrias, desde la monitorización agrícola y ambiental hasta la planificación y defensa urbana. Su innovador modelo de negocio aprovecha la tecnología de vanguardia, las asociaciones estratégicas y la inteligencia basada en datos para ofrecer imágenes satelitales de alta resolución y cerca de tiempo real que capacitan a los tomadores de decisiones en todo el mundo.

Planet Labs PBC (PL) - Modelo de negocio: asociaciones clave

NASA y agencias espaciales gubernamentales asociaciones

Planet Labs tiene acuerdos de colaboración activos con la NASA a través de múltiples contratos, que incluyen:

• Contrato de la División de Ciencias de la Tierra de la NASA valorado en $ 8.4 millones en 2023
• Programa comercial de adquisición de datos de Smallsat con la Oficina de Tecnología de Ciencias de la Tierra de la NASA

Agencia	Valor de contrato	Año
NASA	$ 8.4 millones	2023
Servicio Geológico de EE. UU.	$ 3.2 millones	2023

Socios de imágenes satelitales comerciales

Planet Labs colabora con múltiples proveedores de datos geoespaciales:

• Maxar Technologies
• Defensa y espacio de Airbus
• Spire Global

Asociaciones de computación en la nube

Las asociaciones clave de infraestructura en la nube incluyen:

Proveedor de nubes	Tipo de servicio	Detalles del contrato
Servicios web de Amazon (AWS)	Almacenamiento/procesamiento de datos	Acuerdo empresarial de varios años
Plataforma en la nube de Google	Recursos computacionales	Procesamiento de imágenes satelitales

Fabricantes de equipos aeroespaciales

• SpaceX - Servicios de lanzamiento
• Rocket Lab - Despliegue de satélite
• Northrop Grumman - Componentes satelitales

Instituciones de investigación colaboraciones

Institución	Enfoque de investigación	Tipo de colaboración
Universidad de Stanford	Tecnologías de observación de la tierra	Asociación de investigación
MIT	Diseño satelital	Desarrollo tecnológico

Planet Labs PBC (PL) - Modelo de negocio: actividades clave

Diseño satelital, fabricación y lanzamiento

Planet Labs opera una flota de aproximadamente 200 pequeños satélites llamados 'palomas' a partir de 2024. Capacidad de producción de satélite anual: 100-150 unidades.

Especificación por satélite	Detalle técnico
Tamaño satelital	10x10x30 cm (3U Cubesat)
Peso	5-6 kg por satélite
Costo de fabricación	$ 250,000- $ 500,000 por satélite

Desarrollo de la tecnología de observación de la tierra y imágenes

Capacidades de resolución: distancia de muestreo de tierra de 3.7 metros para imágenes estándar. Bandas espectrales: multiespectral (4-8 bandas).

• Cobertura diaria de imágenes globales de aproximadamente 8 millones de kilómetros cuadrados
• Frecuencia de captura de imágenes: varias veces al día para la mayoría de las regiones
• Tasa de recopilación de datos: más de 20 terabytes de imágenes por día

Recopilación y análisis de datos geoespaciales

Volumen anual de recopilación de datos: aproximadamente 7 petabytes de imágenes geoespaciales. Cobertura global en más de 300 millones de kilómetros cuadrados.

Métricas de recopilación de datos	Detalles cuantitativos
Resolución de imágenes	Distancia de muestreo de tierra de 3.7 metros
Volumen de imágenes anuales	7 petabytes
Cobertura global	300+ millones de kilómetros cuadrados

Desarrollo de la plataforma de software para la visualización de datos

Planet Platform ofrece herramientas de análisis y análisis de datos geoespaciales en tiempo real. La plataforma admite la integración con los principales sistemas SIG.

Aprendizaje automático y procesamiento de imágenes impulsado por la IA

Las capacidades de procesamiento de IA incluyen detección automatizada de cambios, clasificación de uso del suelo y análisis predictivo.

• Modelos de aprendizaje automático entrenados en más de 50 millones de imágenes de satélite etiquetadas
• Velocidad de procesamiento de IA: más de 100,000 imágenes por día
• Tasas de precisión: 85-95% para la clasificación automatizada de imágenes

Planet Labs PBC (PL) - Modelo de negocio: recursos clave

Constelación satélite pequeña avanzada (planeta Satélites de paloma)

A partir de 2024, Planet Labs opera una constelación de aproximadamente 200 pequeños satélites. Especificaciones satelitales:

Tipo de satélite	Presupuesto	Cantidad
Satélites de paloma	15 cm x 10 cm x 10 cm	180
Satélites de Skysat	Imágenes de mayor resolución	21

Tecnologías de imágenes y procesamiento de datos patentados

Capacidades técnicas:

• Resolución diaria de imágenes globales: 3.7 metros por píxel
• Velocidad de procesamiento de datos: 1.5 millones de km cuadrados por día
• Archivo de imagen: más de 7 petabytes de datos geoespaciales

Equipos calificados de ingeniería y ciencia de datos

Composición de la fuerza laboral:

Departamento	Número de empleados
Ingeniería	186
Ciencia de datos	72
Personal técnico total	258

Red de la estación terrestre global

Infraestructura de la estación terrestre:

• Número de estaciones terrestres: 8
• Ubicaciones geográficas: América del Norte, Europa, Asia
• Capacidad de transmisión de datos: 2.5 terabytes por día

Archivo extenso de imágenes satelitales y datos geoespaciales

Detalles del repositorio de datos:

Métrico de datos	Cantidad
Archivo de imágenes totales	7.2 petabytes
Captura de imágenes diarias	300,000 km2
Cobertura de imagen histórica	5+ años

Planet Labs PBC (PL) - Modelo de negocio: propuestas de valor

Capacidades diarias de imágenes de la tierra global

Planet Labs opera una constelación de aproximadamente 200 satélites de observación de la Tierra, capaces de capturar imágenes globales diarias a una resolución de 3-5 metros.

Tipo de satélite	Número de satélites	Capacidad de imagen diaria
Satélites de superdobo	180	Más de 7 millones de kilómetros cuadrados por día
Satélites de alta resolución de Skysat	21	Imágenes de resolución de hasta 1 metro

Imágenes satelitales de alta resolución, cerca de tiempo real

Planet Labs proporciona imágenes con las siguientes especificaciones técnicas:

• Resolución espacial: 3-5 metros por píxel
• Visitan la frecuencia: cobertura global diaria
• Tiempo de recopilación de datos: transmisión casi en tiempo real
• Bandas espectrales: multiespectral (4-8 bandas)

Monitoreo ambiental y geográfico integral

Sector de monitoreo	Área de cobertura	Frecuencia de monitoreo
Agricultura	Tierras de cultivo globales	Imágenes diarias
Deforestación	Regiones tropicales	Monitoreo semanal
Desarrollo urbano	Principales áreas metropolitanas	Actualizaciones diarias

Soluciones de inteligencia geoespaciales rentables

Modelo de precios de Planet Labs a partir de 2024:

• Suscripción de imágenes básicas: $ 5,000- $ 10,000 por mes
• Paquete de inteligencia geoespacial empresarial: $ 25,000- $ 50,000 anualmente
• Integración de datos personalizado: precios variables basados ​​en requisitos

Ideas procesables para sectores de la industria múltiples

Sector industrial	Aplicaciones clave	Penetración estimada del mercado
Agricultura	Monitoreo de la salud de los cultivos	35% de participación en el mercado global
Defensa/inteligencia	Análisis geoespacial	25% del mercado gubernamental
Investigación climática	Rastreo ambiental	Mercado de investigación científica del 40%

Planet Labs PBC (PL) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

Planet Labs proporciona una plataforma basada en la web que permite a los clientes acceder directamente y descargar imágenes satelitales y datos geoespaciales. A partir del cuarto trimestre de 2023, la plataforma alberga más de 500 petabytes de datos de observación de tierra global.

Métrica de plataforma	Valor
Almacenamiento de datos total	500+ petabytes
Captura de imágenes diarias	Aproximadamente 5 millones de kilómetros cuadrados
Tiempo promedio de acceso al usuario	Menos de 3 minutos

Equipos dedicados de éxito del cliente

Planet Labs mantiene equipos especializados de atención al cliente en múltiples sectores, incluidos agricultura, defensa, monitoreo climático y planificación urbana.

• Tamaño del equipo de atención al cliente empresarial: 42 profesionales
• Tiempo de respuesta promedio: 2.5 horas
• Calificación de satisfacción del cliente: 4.7/5

Soluciones de datos y análisis personalizados

Planet ofrece soluciones de análisis geoespaciales personalizadas con precios que van desde $ 5,000 a $ 250,000 anuales, dependiendo de la complejidad y el volumen de datos.

Nivel de solución	Costo anual	Volumen de datos
Basic	$5,000 - $25,000	Hasta 100 km2
Profesional	$50,000 - $125,000	500-2,500 km2
Empresa	$150,000 - $250,000	5,000+ km2

Soporte y documentación en línea

Planet proporciona recursos en línea completos que incluyen documentación de API, guías de desarrolladores y canales de soporte técnico.

• Páginas de documentación técnica: 347
• Guías de integración de API: 28
• Artículos de la base de conocimiento en línea: 512

Actualizaciones regulares de productos y servicios

Planet Labs lanza actualizaciones trimestrales de plataforma y ciclos de actualización de imágenes satelitales mensuales.

Tipo de actualización	Frecuencia	Cobertura
Características de la plataforma	Trimestral	Sistema completo
Imágenes satelitales	Mensual	Cobertura global
Mejoras de API	Bimensual	Herramientas para desarrolladores

Planet Labs PBC (PL) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Planet Labs mantiene un equipo de ventas directo de aproximadamente 87 profesionales de ventas dirigidos a clientes empresariales y gubernamentales.

Segmento de canales de ventas	Número de representantes de ventas	Mercado objetivo
Ventas empresariales	52	Empresas comerciales
Ventas gubernamentales	35	Agencias federales y estatales

Plataforma y mercado basados ​​en la web

Planet Labs opera una plataforma digital con 2.324 clientes empresariales registrados a diciembre de 2023.

• Usuarios activos mensuales de plataforma: 1,876
• Ingresos recurrentes anuales de la plataforma web: $ 42.3 millones
• Valor de transacción promedio: $ 18,500 por cliente

Integraciones de API

Planet Labs admite 47 puntos finales de integración de API distintos en múltiples industrias.

Segmento de la industria	Número de integraciones API
Agricultura	12
Investigación climática	9
Planificación urbana	8
Defensa/inteligencia	7
Otros sectores	11

Conferencias de la industria y ferias comerciales

Planet Labs participó en 23 principales conferencias de la industria en 2023, con un alcance estimado de 14,500 clientes empresariales potenciales.

Red de socios y programas de referencia

El ecosistema de socios incluye 64 tecnología estratégica y socios de revendedor a partir de enero de 2024.

• Socios tecnológicos: 37
• Reseller Partners: 27
• Ingresos generados por socios totales: $ 12.7 millones en 2023

Planet Labs PBC (PL) - Modelo de negocio: segmentos de clientes

Agencias gubernamentales y de defensa

Planet Labs atiende a múltiples segmentos gubernamentales con imágenes satelitales:

• Valor del contrato de la Agencia Nacional de Inteligencia Geoespacial (NGA) de EE. UU.: $ 26 millones en 2022
• Adquisición de imágenes satelitales del Departamento de Defensa: aproximadamente $ 15.2 millones anuales

Agencia gubernamental	Gasto de imágenes anuales	Tipo de contrato
NGA	$ 26 millones	Contrato de imágenes de varios años
Militar estadounidense	$ 15.2 millones	Inteligencia geoespacial

Organizaciones de monitoreo agrícola y ambiental

Planet Labs ofrece servicios críticos de monitoreo agrícola:

• Cobertura global de monitoreo agrícola: 350 millones de hectáreas
• Tamaño del mercado de la agricultura de precisión: $ 12.8 mil millones en 2023

Segmento agrícola	Valor comercial	Cobertura satelital
Monitoreo de cultivos	$ 5.6 mil millones	150 millones de hectáreas
Rastreo ambiental	$ 7.2 mil millones	200 millones de hectáreas

Desarrolladores de planificación urbana e infraestructura

Capacidades de monitoreo de infraestructura urbana:

• Cobertura global de mapeo urbano: más de 5,000 ciudades
• Mercado de monitoreo de infraestructura: $ 3.4 mil millones en 2023

Segmento urbano	Tamaño del mercado	Ciudades cubiertas
Planificación urbana	$ 1.8 mil millones	2.500 ciudades
Desarrollo de infraestructura	$ 1.6 mil millones	2.500 ciudades

Instituciones de investigación climática

Servicios de imágenes satelitales de investigación climática:

• Mercado de investigación climática: $ 2.7 mil millones en 2023
• Cobertura global de monitoreo climático: 100% de superficie terrestre

Área de investigación	Valor comercial	Alcance de monitoreo
Investigación del cambio climático	$ 1.5 mil millones	Cobertura terrestre global
Estudios ambientales	$ 1.2 mil millones	Seguimiento integral del ecosistema

Empresas comerciales que requieren inteligencia geoespacial

Segmentos comerciales del mercado de inteligencia geoespacial:

• Mercado geoespacial comercial total: $ 8.6 mil millones en 2023
• Usuarios de imágenes satelitales empresariales: más de 5,000 empresas

Segmento comercial	Valor comercial	Usuarios empresariales
Sector energético	$ 2.3 mil millones	1.200 empresas
Gestión de seguros/riesgos	$ 1.9 mil millones	1.500 empresas
Tecnología/logística	$ 4.4 mil millones	2.300 empresas

Planet Labs PBC (PL) - Modelo de negocio: Estructura de costos

Gastos de fabricación y lanzamiento de satélite

Los costos de fabricación satelital de Planet Labs oscilan entre $ 250,000 y $ 500,000 por satélite. Los gastos de lanzamiento promedian $ 1.2 millones por misión utilizando los cohetes SpaceX Falcon 9.

Categoría de costos	Gasto anual
Fabricación satélite	$ 15.6 millones
Costos de lanzamiento de satélite	$ 24.0 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para Planet Labs en 2023 totalizaron $ 47.3 millones, lo que representa el 38% de los gastos operativos totales.

• I + D de hardware: $ 22.1 millones
• Desarrollo de software: $ 15.2 millones
• IA e Investigación de aprendizaje automático: $ 10.0 millones

Infraestructura de almacenamiento de datos y computación en la nube

La infraestructura en la nube anual y el almacenamiento de datos cuestan aproximadamente $ 18.5 millones, utilizando servicios web de Amazon y la plataforma de Google Cloud.

Componente de infraestructura	Costo anual
Computación en la nube	$ 12.3 millones
Almacenamiento de datos	$ 6.2 millones

Costos de adquisición de personal y talento

Los gastos totales de personal para 2023 alcanzaron los $ 63.7 millones, con un salario promedio de ingeniería de $ 145,000.

• Total de empleados: 582
• Compensación promedio: $ 109,000
• Gastos de reclutamiento: $ 2.4 millones

Operaciones de marketing y ventas

Los gastos de marketing y ventas para 2023 fueron de $ 22.1 millones, centrándose en el alcance empresarial y del sector gubernamental.

Categoría de gastos de marketing	Presupuesto anual
Marketing digital	$ 8.7 millones
Ferias y conferencias	$ 4.2 millones
Operaciones del equipo de ventas	$ 9.2 millones

Planet Labs PBC (PL) - Modelo de negocios: flujos de ingresos

Acceso a datos basado en suscripción

Planet Labs ofrece modelos de suscripción escalonados para acceso a imágenes satelitales:

Nivel de suscripción	Rango de precios anual	Resolución de datos
Basic	$5,000 - $15,000	Resolución de 3-5 metros
Profesional	$25,000 - $75,000	Resolución de 1-3 metros
Empresa	$100,000 - $500,000	Resolución de subméter

Servicios de análisis y análisis personalizados

Ingresos generados a partir de servicios especializados de análisis geoespacial:

• Servicios de monitoreo agrícola: $ 50,000 - $ 250,000 por proyecto
• Evaluación de infraestructura: $ 75,000 - $ 350,000 por contrato
• Seguimiento del cambio ambiental: $ 40,000 - $ 200,000 por compromiso

Acuerdos de licencia empresarial

Ingresos anuales de licencias empresariales por sector:

Sector industrial	Tarifa de licencia anual promedio
Agricultura	$250,000 - $750,000
Energía	$500,000 - $1,500,000
Seguro	$300,000 - $900,000

Ingresos del gobierno y el contrato de investigación

Segmentos de contrato gubernamentales principales:

• Contratos de la NASA: $ 10-20 millones anuales
• Contratos del Departamento de Defensa: $ 15-30 millones anuales
• Subvenciones internacionales de investigación: $ 5-10 millones anuales

Tarifas de integración de API y datos

Estructura de precios de API:

Nivel de acceso a la API	Tarifa mensual	Llamadas de API/mes
Revelador	$299	10,000
Profesional	$999	50,000
Empresa	$2,999	Ilimitado

Planet Labs PBC (PL) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers pay Planet Labs PBC for its data and insights as of late 2025. It's not just about pretty pictures; it's about frequency, specificity, and integration into decision-making workflows. Honestly, the value proposition is built on a foundation of data volume that few can match.

Daily, Global Coverage: Imaging the entire Earth every day for persistent monitoring

The fundamental value is the persistent monitoring capability. This means you get a consistent, unmissable view of change across the globe. This isn't a one-off look; it's a continuous record. As of the second quarter of fiscal year 2026, Planet Labs was delivering daily scans covering approximately 150 million square kilometers of land and 20 million square kilometers of critical ocean territory. This daily cadence, primarily delivered via the foundational PlanetScope (Dove) constellation, is what makes their dataset unique for tracking slow-moving trends or catching sudden events.

High-Resolution and Hyperspectral Data: Offering up to 40 cm resolution (Pelican) and over 300 spectral bands (Tanager)

Planet Labs PBC layers different sensor capabilities on top of that daily global baseline. You get higher detail when you need it, and entirely new spectral information for material identification. The next-generation Pelican constellation, with satellites like Pelican-3 and -4 recently launched and undergoing commissioning, delivers imagery sampled at 50 centimeters per pixel when orthorectified. This is a significant upgrade in spatial detail for high-resolution needs. Then there is the hyperspectral layer from the Tanager constellation. Tanager-1, which celebrated its one-year anniversary since launch, provides data with up to 420 spectral channels, capturing wavelengths between 400-2500 nm simultaneously. This allows for the detection of chemical signatures invisible to the naked eye. The Tanager satellites are designed to offer this data at a 30-meter resolution. The data from Tanager-1 alone has already been used to detect more than 5,500 methane and CO2 plumes.

Here's a quick look at how the data layers stack up:

Data Product / Sensor	Key Specification	Metric Value
Pelican (High-Resolution)	Orthorectified Spatial Resolution	50 centimeters per pixel
Tanager (Hyperspectral)	Spectral Bands / Channels	Over 400 / 420
Tanager (Hyperspectral)	Spatial Resolution	30 meters
Tanager (Hyperspectral)	Daily Coverage Volume (Example)	300,000 sq km/day

Actionable AI-Enabled Insights: Translating pixels into solutions like Forest Carbon Monitoring or Maritime Domain Awareness

The shift is clearly toward selling solutions, not just pixels. This is where AI translates raw data into immediate operational value, which is driving significant contract wins. For instance, the focus on Maritime Domain Awareness (MDA) has resulted in a seven-figure expansion with the U.S. Navy for monitoring over the Pacific Ocean region. Furthermore, Planet Labs secured a $12.8 million contract with the National Geospatial-Intelligence Agency for AI-powered maritime analytics. For environmental solutions, the partnership with the California Air Resources Board for methane detection is valued at $95 million. The demand for these AI-enabled solutions is strong, with several recent contracts in the Defense & Intelligence sector having an eight-figure annual contract value.

Software-as-a-Service (SaaS) Access: Subscription-based delivery via the Planet Insights Platform

The delivery mechanism is overwhelmingly subscription-based, which creates revenue visibility. The Percent of Recurring Annual Contract Value (ACV) stood at 98% for the second quarter of fiscal year 2026. This recurring revenue model is what Wall Street rewards. As of the first quarter of fiscal year 2026, the total backlog, which represents contracted but unearned revenue, soared to $527 million, a 140% year-over-year jump. More recently, the backlog reached $736.1 Million by the second quarter of fiscal year 2026. The Remaining Performance Obligations (RPOs) were $451.9 million in Q1 FY2025, with 45% of that expected to convert within the next 12 months. The company is focusing on scaling its self-serve Insights Platform enhancements to attract more customers, though management noted a shift away from smaller accounts in late 2025.

Common Operating Picture: Unclassified, shareable data for allied government entities (e.g., NATO)

A key value proposition for government and defense customers is providing unclassified, shareable intelligence that builds a common operating picture. This is translating into major, multi-year commitments. Planet Labs secured a pivotal €240 million multi-year satellite services contract in support of European peace and security, funded by the German government. Separately, NATO selected Planet for a landmark investment to deliver persistent space-based surveillance and enhanced indications and warnings capabilities, which included a seven-figure contract for MDA functions. These government segment sales are showing robust growth, with Defense and Intelligence revenue up over 30% year-over-year in Q2 FY2025.

Finance: review the Q3 FY2026 backlog conversion forecast against the $271.5 million cash balance reported at the end of Q2 FY2026.

Planet Labs PBC (PL) - Canvas Business Model: Customer Relationships

You're looking at how Planet Labs PBC keeps its customers locked in and growing their spend-it's all about high-touch service for the big players and scalable access for everyone else. This approach is clearly driving sticky revenue streams, which is what we analysts look for.

Dedicated Account Management: High-touch, direct sales for large government and enterprise contracts

Planet Labs PBC focuses significant sales energy on government and defense, which is where the big, complex, multi-year agreements live. This isn't a self-serve model for these clients; it requires dedicated teams to manage integration and ongoing requirements. The focus is paying off, as the Defence and Intelligence sector saw revenue growth of over 30% year-over-year in the second quarter of fiscal year 2025. This high-touch approach ensures mission-critical data access, like the assured tasking capabilities for Pelican and SkySat imagery provided to an international defense customer via an 8-figure contract renewal.

Multi-Year Contracts: Securing long-term, sticky revenue with agreements like the $230 million JSAT deal

Long-term commitments are the backbone of predictable revenue here. The largest contract to date is the multi-year $230 million agreement signed to build and deliver a constellation of new Pelican satellites for a long-standing Asia-Pacific commercial partner. Planet Labs PBC expects to recognize this commercial payment as revenue over the build and operational service period, estimated to be approximately seven years. To be fair, these large deals often come with upfront capital expenditure implications, but they secure capacity for years. Another major anchor is the pivotal €240 million multi-year satellite services contract secured in support of European peace and security. Overall, over 90% of the end of period Annual Contract Value (ACV) book of business consists of annual or multi-year contracts.

Platform Self-Service: Providing API and web access for commercial developers and smaller users

For the broader commercial market, the strategy shifts to accessibility. Planet Labs PBC makes its data available via a cloud-based platform, focusing on making the data actionable through APIs and software solutions. This is supported by the launch of the Planet Insights Platform, designed to empower customers and partners to build new solutions directly with their data. This allows smaller users or developers to integrate Earth data into their own applications without needing a dedicated, high-touch account team for every query.

Partner-Led Solutions: Supporting resellers and integrators to deliver tailored solutions

Planet Labs PBC actively uses partnerships to expand its product appeal and reach into specialized markets, which is a smart way to scale without ballooning internal sales costs. This strategy is key for capturing market share where tailored integration is necessary. For instance, they have a partnership with Quantum Systems to develop AI-enabled 'Tip & Cue' intelligence solutions for European defense customers. Also, in the past, they signed a three-year contract with a Brazilian utilities company that leveraged data and alert systems from their partner SCCON.

Customer Success Programs: Focused on increasing Net Dollar Retention Rate, which was 106% in FY2025

The health of the existing customer base is measured by how much more they spend year-over-year. The company is focused on increasing its Net Dollar Retention Rate (NDRR). For the fiscal year 2025, the NDRR stood at 106% (or 107% including win-backs). This indicates that, on average, existing customers increased their spending, offsetting any churn. The company ended the full fiscal year 2025 with 976 customers. The stickiness of the revenue is also reflected in the recurring ACV, which was 98% in the second quarter of fiscal year 2026.

Here's a quick look at the key customer relationship metrics we're tracking:

Metric	Value (Latest Available/FY2025 Context)	Source Context
Largest Contract Value	$230 million	Multi-year agreement for Pelican satellites
German Government Contract Value	€240 million	Multi-year satellite services contract
Net Dollar Retention Rate (NDRR)	106%	Reported for FY2025 period
Total Customers (EoP FY2025)	976	End of Fiscal Year 2025 count
Recurring ACV Percentage	98%	Second Quarter Fiscal Year 2026
Estimated JSAT Deal Revenue Recognition Period	Approx. seven years	Build and operational service period

The high percentage of recurring revenue, sitting at 96% in Q2 FY2025, shows that the relationship is primarily subscription-based, which is what you want to see for valuation stability. Finance: calculate the implied average contract length based on the $230 million deal over seven years for a baseline comparison by Monday.

Planet Labs PBC (PL) - Canvas Business Model: Channels

You're looking at how Planet Labs PBC gets its Earth intelligence data and services into the hands of customers as of late 2025. The channels are a mix of direct enterprise sales, a self-service digital platform, and strategic capacity deals.

Direct Sales Force: Primary channel for large government and defense contracts

The direct sales force targets the largest, most complex deals, especially within government and defense. This channel is clearly driving significant revenue acceleration. For the second quarter of fiscal year 2026, which ended July 31, 2025, the defense and intelligence sector was the largest contributor, bringing in $41.9 million in revenue. This represented a year-over-year growth of approximately 41% in that sector for the quarter. Planet Labs PBC also announced an 8-figure contract renewal with a longstanding international defense and intelligence customer in November 2025, adding to the stream of high-value direct sales.

Key government and defense contract wins announced earlier in 2025 that flow through this channel include:

• Secured a pivotal multi-year satellite services contract with the German government valued at €240 million.
• Selected for a landmark investment by NATO's Allied Command Transformation.
• Exercised a seven-figure option under its Hybrid Space Architecture (HSA) pilot with the U.S. Department of Defense's Defense Innovation Unit (DIU).

Planet Insights Platform: Web-based platform and API for data access and integration

The Planet Insights Platform is key for scaling access, particularly for commercial customers and smaller government users who need self-service capabilities. The company has been focusing on enhancing this platform to speed customer time to value and increase adoption. This digital channel supports the overall revenue base, which for the full fiscal year 2025 (ending January 31, 2025) reached a record $244.4 million. The platform facilitates access to data for various use cases, including the self-service purchasing offering for small customers.

Global Partner Network: Resellers and value-added solution providers (VITO, Quantum Systems)

Planet Labs PBC uses a partner-first model to scale its reach globally and integrate its data into specialized solutions. This channel often involves reselling data or integrating it with other technologies. For instance, Planet Labs GmbH announced a strategic partnership in November 2025 with Quantum Systems, a German-based leader in Unmanned Systems, to jointly solicit customer interest in AI-enabled 'Tip & Cue' intelligence solutions. This collaboration brings together Planet's wide-area satellite change detection with drone capabilities.

The company's overall strategy is focused on enabling partners to self-serve and build solutions on top of their data, making it easier for them to test and use the data via a sandbox environment.

Satellite Services: Dedicated capacity contracts for specific international partners (e.g., JSAT)

This channel represents a shift toward selling dedicated satellite capacity and services, which locks in large, long-term revenue streams. These deals often involve building or dedicating assets for a specific partner. The total backlog, which reflects future revenue visibility, stood at $736.1 million at the end of Q2 FY2026. The largest recent deal in this category is the JSAT agreement.

Here's a look at the major dedicated capacity and services contracts that define this channel:

Partner/Agreement Type	Value (USD/EUR)	Asset Focus	Reporting Period
SKY Perfect JSAT (Commercial Agreement)	$230 million	Build/operate 10 Pelican satellites	Signed Q4 FY2025
German Government (Satellite Services Contract)	€240 million	Dedicated Pelican capacity and downlink	Announced July 2025

The JSAT agreement is a multi-year commercial deal for the build and operation of a constellation of ten low-Earth-orbit Pelican satellites, with revenue recognition estimated over approximately seven years. The German government contract is also a multi-year agreement that includes dedicated capacity on Pelican satellites.

Planet Labs PBC (PL) - Canvas Business Model: Customer Segments

You're looking at the core of Planet Labs PBC's revenue engine, and right now, it's heavily weighted toward government and defense work. This isn't just about selling imagery; it's about securing multi-year, high-value capacity contracts, which is what drives that massive backlog number we see.

Defense and Intelligence Agencies

This is the anchor segment for Planet Labs PBC. You saw the news in November 2025 about the 8-figure contract renewal with an international defense and intelligence customer, securing access to Pelican and SkySat capabilities. That segment was the largest revenue contributor for the three months ended July 31, 2025, bringing in $41.9 million. This group relies on assured tasking for timely monitoring.

The customer roster here is top-tier:

• U.S. Department of Defense
• U.S. Navy
• NATO
• German government
• U.S. National Geospatial-Intelligence Agency (NGA)

The NGA specifically secured a $12.8 million award for AI-enabled maritime solutions. To be fair, the Defense and Intelligence sector showed revenue growth of over 30% year-over-year back in Q2 Fiscal Year 2025.

Civil Government

Agencies focused on environment, disaster response, and urban planning form the second-largest revenue block as of the second quarter of fiscal year 2026. This segment also shows strong momentum, posting over 20% growth year-over-year in Q2 Fiscal Year 2025. They use the daily data for broad area monitoring and rapid situational awareness.

Agriculture and Forestry

This falls under the broader commercial umbrella, which includes ag-tech companies and large farming enterprises. While the overall commercial sector is a focus, it has seen some pressure recently. For the fourth quarter of fiscal year 2025, revenue in the commercial sector, including agriculture, was down more than 10% year-over-year.

Energy and Finance

These customers use the data for infrastructure monitoring, supply chain visibility, and increasingly, Environmental, Social, and Governance (ESG) compliance checks. The company is actively selling AI-enabled solutions to this base. A massive $230 million multi-year commercial agreement was signed with SKY Perfect JSAT, which is a major win for their satellite services offering, though JSAT is based in Japan.

Mapping and GIS Companies

These partners license Planet Labs PBC data to build their foundational map products. This revenue stream is part of the overall data licensing subscriptions that contribute to the total backlog, which hit $736 million year-over-year as of the second quarter of fiscal year 2026. The company ended fiscal year 2025 with 976 customers across all segments.

Here's a look at the scale of the contracted business supporting these segments:

Metric	Value (as of late 2025)	Context
Total Backlog	$736 million	Up 245% year-over-year
Remaining Performance Obligations (RPOs)	$690 million	Up 516% year-over-year
Q2 FY2026 Revenue	$73.4 million	Represents 20% year-over-year growth
FY2025 Total Revenue	$244.4 million	Represents 11% year-over-year growth

The company is defintely seeing its future revenue visibility improve dramatically from these contracted bookings.

Planet Labs PBC (PL) - Canvas Business Model: Cost Structure

You're looking at the major drains on Planet Labs PBC's cash flow, which is key because even with strong revenue growth, the cost to build and run a global satellite data business is substantial. Here's the quick math on where the money goes, based on the latest available full-year 2025 data and near-term guidance.

Capital Expenditures (CapEx)

Planet Labs PBC continues to treat its satellite fleet as a core asset requiring heavy, upfront investment. The company is in a growth CapEx investment cycle to build out next-generation fleets to meet accelerating market demand. For the full fiscal year 2025, the reported figure for Capital Expenditures was $49.6 million. This is a significant outlay, reflecting the cost to build and launch new satellites like the Pelican and Tanager series. Looking ahead, the company planned for CapEx in the range of approximately $50 million and $65 million for the full fiscal year 2026, showing this capital-intensive path continues. What this estimate hides, though, is the timing risk associated with launch schedules.

Research and Development (R&D)

Costs here are high because Planet Labs PBC is focused on innovation, specifically in AI/ML integration and developing the next generation of its imaging assets. The company is defintely investing heavily to make its data more accessible and actionable. For the fourth quarter of fiscal year 2025, Planet Labs PBC demonstrated cost control by cutting R&D expenses by 19.1% compared to the prior year period. This suggests a shift in focus or timing of certain projects, even as they push for AI-enabled solutions.

• Focus areas include AI/ML for data processing.
• Development costs for next-gen satellite hardware.
• Software platform enhancements for data accessibility.

Satellite Operations

This covers the ongoing costs to keep the constellation running and the data flowing. It's a mix of launch services, maintaining the ground station network, and mission control expenses. While specific line items for operations aren't always broken out separately from Cost of Revenue or R&D, the launch cadence is a clear driver. For instance, the company launched over 70 satellites in the fiscal year 2025, including the first Tanager hyperspectral satellite and the second Pelican high-resolution satellite. The successful launch of Pelican-3 and -4 in August 2025 further adds to these operational costs.

Cloud Computing Costs

Storing and processing the massive daily data volume from the fleet is a non-trivial, recurring operational expense. The company noted that operational efficiency improvements in Q1 FY2025 were partly due to efficiencies in its cloud infrastructure. This suggests that while the volume of data grows, the cost per unit of storage and processing is being actively managed, which helped contribute to a Non-GAAP Gross Margin of 55% in Q1 FY2025.

Sales and Marketing (S&M)

Securing large, complex government contracts requires a dedicated and often expensive sales effort. Planet Labs PBC showed discipline here in Q4 FY2025, cutting Sales and Marketing costs by 22% year-over-year. This cost management is happening while the company is landing major deals, such as the pivotal €240 million multi-year satellite services contract with the German government and new agreements with NATO and the U.S. Navy. The table below summarizes key financial context around these costs.

Metric	Amount/Rate (FY2025 or Latest)	Context
Full Year FY2025 Revenue	$244.4 million	Base for cost-to-revenue comparison.
Q4 FY2025 S&M Cost Change	-22%	Year-over-year reduction in Q4 FY2025.
German Government Contract Value	€240 million	Multi-year contract driving S&M focus.
FY2025 CapEx (as stated)	$49.6 million	Significant investment in new satellite fleets.
FY2026 CapEx Guidance Range	$50 million to $65 million	Forward-looking investment plan.

Planet Labs PBC (PL) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Planet Labs PBC's business, which is all about locking in predictable revenue streams. This isn't just about selling a picture; it's about selling ongoing access and dedicated capability.

Subscription Services: Recurring revenue from access to PlanetScope and SkySat imagery data

The core of the revenue model is recurring access. You see this reflected in the Annual Contract Value (ACV) percentage. For the fourth quarter of fiscal year 2025, the percent of recurring ACV was a very solid 97%. That high stickiness is what analysts like to see. By the end of fiscal year 2025, the End of Period (EoP) Customer Count stood at 976 customers, all feeding into this recurring base for PlanetScope and SkySat data access.

Satellite Services: Dedicated capacity and data delivery contracts (e.g., JSAT Pelican deal)

This is where Planet Labs PBC moves beyond just selling a slice of their existing fleet; they are building and operating capacity for specific partners. The most concrete example of this shift into space-as-a-service is the deal signed with SKY Perfect JSAT. That was a $230 million multi-year commercial agreement to build and operate a dedicated Pelican satellite constellation. That kind of contract significantly bolsters the backlog, which at the end of FY2025 was approximately $498.5 million dollars.

AI-Enabled Solutions: Selling high-margin analytics and insights products

Planet Labs PBC is actively shifting its go-to-market structure to focus on selling these higher-margin analytics and insights products, leveraging Artificial Intelligence. This strategic focus aims to accelerate customer time to value, moving the revenue mix further up the value chain from raw data to actionable intelligence.

Here's a quick look at the key financial results grounding these revenue activities for the period ending January 31, 2025:

Metric	Full Fiscal Year 2025 Amount	Q4 FY2025 Amount
Revenue	$244.4 million	$61.6 million
Adjusted EBITDA	($10.6 million) loss	$2.4 million profit
Gross Margin	57%	62%

The financial performance shows the transition is taking hold. You can see the margin expansion alongside the first-ever positive Adjusted EBITDA quarter, which is a major operational milestone.

Other relevant operational metrics supporting the revenue base include:

• Percent of Recurring Annual Contract Value (ACV) for Q4 FY2025: 97%
• End of Period (EoP) Customer Count as of FY2025 close: 976 customers
• Estimated Backlog at FY2025 close: approximately $498.5 million
• Full Year FY2025 Gross Margin: 57%

Finance: draft 13-week cash view by Friday.