Planet Labs introduces three additional Pelican satellites, buoyed by a $900 million backlog and defense contracts that contribute to its first year of profitability.

      TL;DR: On May 3, Planet Labs launched three additional Pelican high-resolution satellites, increasing its fleet to nine. The company aims to expand to a total of 32 satellites, providing imaging capabilities for any location on Earth up to 30 times daily at a resolution of 30 centimeters. As the first profitable New Space company, Planet has a $900 million backlog, largely driven by defense contracts, including a €240 million deal with the German government and agreements with NRO, NGA, and NATO.

      At 2:59 a.m. Eastern Time on May 3, a SpaceX Falcon 9 rocket launched from Vandenberg Space Force Base, carrying 45 satellites, three of which were Pelicans. Pelicans 7, 8, and 9 are the most recent entrants to Planet’s fleet of next-generation high-resolution Earth observation satellites, increasing the Pelican count to nine. Each satellite captures images at 50 centimeters resolution across six multispectral bands and features Nvidia’s Jetson AI platform for on-board data processing, allowing for preliminary analysis before results are sent to ground stations. Planet intends to launch its second-generation Pelican satellites later in 2026, improving resolution to 30 centimeters. Once complete, the constellation will feature 32 satellites capable of revisiting any location on Earth up to ten times a day globally and up to 30 times in mid-latitudes.

      While the launch itself is significant, the more important narrative revolves around what Planet is developing with these satellites and the value of that capability to governments, military organizations, and businesses needing near-real-time monitoring of global changes.

      The business

      Planet Labs achieved profitability as the first New Space company on both an annual EBITDA and free cash flow basis by late 2025. In its fiscal third quarter of 2026, the company reported revenue of $81.3 million, a 33 percent increase from the previous year, surpassing analyst expectations. For fiscal year 2027, revenue guidance is projected between $415 million and $440 million, approximately 39 percent higher than fiscal 2026. By March 2026, total contract backlog had reached $900 million, with over 90 percent of revenue derived from recurring subscriptions. Gross margins improved to 58 percent.

      The financial outlook indicates a structural change in the consumption of Earth observation data. Planet does not sell individual satellite images; instead, it offers subscriptions to a continuously updated data feed covering the entire planet. The Earth observation market is evolving due to AI companies needing vast data infrastructures, and Planet’s constellation of over 200 PlanetScope Dove satellites provides daily coverage of the Earth’s landmass at a resolution of 3.7 meters. The Pelican satellites add a high-resolution component, allowing for targeted imaging at 50 centimeters, with AI processing the data in orbit before it reaches clients.

      The defense and intelligence sectors are the main drivers of Planet’s revenue growth. In 2025, the company secured a €240 million multi-year contract with the German government for dedicated satellite capacity, alongside PlanetScope and SkySat data and AI analytics tools. The US National Reconnaissance Office renewed its baseline contract for PlanetScope data under the Electro-Optical Commercial Layer program, allowing for high-resolution Pelican imagery orders. Additionally, the National Geospatial-Intelligence Agency awarded an AI-enabled maritime awareness contract worth $12.8 million, and NATO selected Planet for a large surveillance contract.

      AI-driven satellite surveillance is becoming crucial for European maritime security, extending beyond traditional defense uses. Insurers utilize Planet’s data for evaluating crop damage and property risks, while commodity traders employ it to gauge agricultural outputs and port activities. Environmental agencies rely on it to track deforestation, unlawful mining, and methane emissions. The unifying factor is the demand for consistent, reliable global coverage, and Planet’s constellation architecture is strategically designed to meet this need at a cost per image unmatched by traditional satellite providers.

      The competition

      In 2025, the Earth observation satellite market was valued at about $7 billion, with forecasts suggesting it will expand to $14.5 billion by 2034, growing at roughly 8 percent annually. In 2024, Vantor, previously known as Maxar Intelligence, held the largest market share at 21.3 percent, followed by Airbus Defence and Space. Planet, BlackSky, ICEYE, and Capella Space compete at various resolution levels, revisit frequencies, and imaging methods. Vantor and Airbus specialize in high-resolution optical imagery, while ICEYE and Capella focus on synthetic aperture radar, capable of imaging in both cloudy and nighttime conditions. Planet’s strength lies in its broad coverage and revisit rate rather than in resolution alone.

      The Pelican constellation aims to close the resolution gap with Vantor and Airbus while maintaining Planet’s existing advantage in frequency. A fleet of 32 satellites providing 30-centimeter imagery with up to 30 daily revisits could be unprecedented for commercial