Data as of October 2, 2026. $PL traded at about $17.54 intraday on October 2 (up from a $16.20 prior close), a market value of roughly $6.4 billion on 363.85 million shares, inside a 52-week range of $10.52 to $51.76.
Disclosure: Shawarma Capital has no position in $PL, long or short. This is research, not a recommendation.
Planet Labs reported $116.1 million of revenue for the quarter ended July 31, 2026. It was the largest quarter the company has ever had, 58% above the same quarter a year earlier, and it beat the top of its own guidance. The stock still fell, and it has kept falling: from the June 4 print to October 2, $PL is down about 59%, against 44% for BlackSky and 27% for the UFO space ETF over the same window.
The obvious explanation is that the whole space trade cooled after the SpaceX listing in June. That is part of it. The other part is sitting in Planet's own 10-Q, and it is less obvious. The record quarter was assembled from contracts signed in earlier years, and the order book that is supposed to feed the year after next got thinner while it happened.
This piece walks through that arithmetic, then follows the money to the customers behind it, then counts what Planet actually has flying. It ends with the strongest bull case we can build, a dated list of tripwires, and our valuation model, clearly labelled as a model.
I. What the record quarter borrowed
Planet does not report bookings. It does report backlog, a non-GAAP measure that adds cancelable contract value to remaining performance obligations, and that is enough to back the number out.
Backlog was $906.1 million at April 30, 2026. It was $814.9 million at July 31, 2026. In between, Planet recognised $116.1 million of revenue. So net new contract value added in the quarter was about $25 million, a backlog book-to-bill of roughly 0.2×.
That is our calculation, not a company figure, and it is a net number: it includes any cancellations, scope changes and currency moves. Strip out roughly $8 million to $10 million of FX and it is closer to $33 million to $35 million, about 0.3×. Second quarters are seasonally soft for Planet, and the comparable figure a year earlier, excluding the big sovereign deals, was lower still. On a trailing-twelve-month basis with the three disclosed sovereign mega-deals removed, book-to-bill has slipped from about 1.05× a year ago to somewhere between 0.7× and 0.95× now, depending on the undisclosed size of the Swedish contract (about 0.9× if it is near $110 million).
The backlog decline itself is not a secret. Zacks wrote on September 23 that backlog "fell 10% sequentially", and at least two other outlets made the same point in early September. What has not been mapped is where in time the decline landed.
Planet's 10-Qs say what share of backlog it expects to recognise within 12 and 24 months. At April 30, 2026, those figures were approximately 40% and 69%. At July 31, 2026, they were approximately 50% and 70%. Multiply through and the slice due in the next 12 months rose to about $407 million. The slice due in months 13 to 24 fell from about $263 million to about $163 million, a drop of roughly 38% in one quarter. Because the company's percentages are rounded, the honest range is a fall of 33% to 43%. The direction does not depend on the rounding.
The fair reading needs to be stated before the bear reading. Using the rounded percentages, roughly $60 million to $80 million more moved into the near-term window than a straight-line roll would predict. Some of that is almost certainly lumpy satellite work, where a handover scheduled for mid-2027 crosses the 12-month line, and some may be accelerated milestones. The filings do not say. They also do not rule out reductions in later-year scope. What they do show is that the year-two book was not refilled. At the October 2025 Investor Day, management held up $177 million of committed year-two backlog as a proof point. The equivalent figure at July 31, 2026 is about $163 million.
One more piece of the quarter deserves a footnote. About $14.1 million of Q2 revenue was point-in-time hardware: the handover of a Pelican satellite to the Swedish Armed Forces. The company had guided that handover into Q3. The CFO said on the September call it was "shifting revenue between the 2 quarters without changing our full year outlook." Excluding it, Q2 revenue was roughly $102.9 million to $103.9 million against a guide of $102 million to $107 million. By our count it is the first quarter in six without an underlying beat.
The FY28 math
That year-two slice is where FY28 revenue (the year to January 2028) has to come from. As of October 2, 2026, sell-side consensus for FY28 is $570.6 million from 12 analysts, with a range of $539 million to $605 million. That implies about 31% growth on the midpoint of Planet's FY27 guide.
Our backlog bridge, which assumes Planet adds new business at last year's pace, lands at roughly $465 million to $565 million, with a central case near $500 million to $530 million. A separate Monte Carlo that prices every renewal, option and pipeline item we could identify (200,000 draws) puts FY28 at a median of $497 million, with an 80% interval of $452 million to $554 million. In that model, consensus sits near the 95th percentile.
The reason is recognition speed. Planet's sovereign deals do not turn into revenue quickly. In the first full year after signing, the JSAT contract contributed about 7.6% of its $230 million value. The German-funded €240 million contract contributed roughly 9% to 18%. Sweden contributed 27% to 40%, but only because an already-built satellite was handed over. At a blended 17%, closing the gap to consensus needs roughly $560 million of new satellite-services contract value signed by January 31, 2027. In the last twelve months Planet signed about $140 million of that kind of work (Sweden plus Germany's civil BKG framework).
Management's answer is the pipeline. On the September call the CEO described "over $4 billion of identified opportunities for satellite services, over 25% of which is qualified as near-term pipeline," and the CFO said near term means "quarters, not years." That is the bull case in one sentence, and we return to it in section V.
II. Who actually pays: Ukraine, through Berlin
Planet's FY26 10-K contains a sentence we could not find quoted in any English-language market coverage: "EMEA includes revenue from Ukraine of $35.9 million for the fiscal year ended January 31, 2026." That is 11.7% of FY26 revenue of $307.7 million. Ukraine and Japan ($38.0 million) are the only two countries other than the US named above the 10% line.
Planet's own description of its largest European deal never mentions Ukraine. The July 1, 2025 release announced "a multi-year €240 million agreement, funded by the German government." GAU (deaidua.org) was the outlet that reported on June 9, 2026 that Ukraine is the end user of that contract. The primary document behind that report is a written answer from the German government to the Bundestag, Drucksache 21/4186, question 46, answered on February 19, 2026.
The answer is short and specific. No tender took place. There is no contractual relationship between Planet and the Federal Republic of Germany. The €240 million contract is between Ukraine and Planet, and Germany financed it from its Ukraine military-aid budget line (Einzelplan 60, Kapitel 6002, Titel 687 06) as an ex-gratia payment under §53 of the Federal Budget Code. The year-by-year breakdown the questioner asked for was not given.
This matters for three reasons.
Concentration. Defense and intelligence was 69.8% of Q2 FY27 revenue, and most of it is not the US government. Our estimate, from filed geography and concentration data, is that D&I was roughly 72% foreign in Q2. Three unnamed customers accounted for 17%, 11% and 10% of Q2 revenue. Planet does not name them, and the filings do not prove Ukraine is a single customer, so we do not call it one.
Backlog share. We estimate the Ukraine contract is roughly a fifth to 30% of Planet's $815 million backlog (about 21% to 31%), and the three sovereign satellite-services deals together (Ukraine via Germany, JSAT in Japan, and Sweden) roughly 60% to 75%. Planet does not disclose backlog by customer. These are estimates with wide error bars.
Tail risk. The budget line that pays for the contract is large and, for now, stable: €11.55 billion in 2026 and €11.61 billion in the 2027 draft. But the payment is discretionary by definition, and a ceasefire would change Kyiv's priorities and Berlin's. Our base case puts Ukraine-attributed revenue at roughly $41 million to $56 million over the next twelve months. A scenario in which a ceasefire cuts that by a quarter removes more revenue than Planet's entire FY27 adjusted EBITDA guide of $3 million to $10 million. We do not think that is the most likely path. It is a path the current valuation does not visibly price.
Planet's Berlin subsidiary, by its own accounts
Planet Labs Germany GmbH files audited accounts, and the most recent set is attached to its entry in the Bundestag lobby register. For the year to January 31, 2025, before the €240 million deal was announced, it booked €46.6 million of external revenue, all from Council-of-Europe states. It paid €38.2 million of licence fees to the US parent, about 82% of that external revenue. EBITDA was €3.0 million, a 4.8% margin on total revenue of €61.9 million. It carried €38.0 million of deferred revenue.
On June 19, 2026, commercial-register filings for the GmbH replaced the group's President and CFO as managing director and changed the company's registered purpose from geographic information services to include the manufacture and operation of satellites and ground stations. Three months later Planet opened a Berlin factory it says can scale to "up to 60 satellites per year."
Germany's own sovereign-constellation award to Planet, as opposed to the Ukraine contract it finances, is a five-year framework for the federal mapping agency BKG with a ceiling of €25.2 million net of VAT (€30 million gross), signed on August 4, 2026 after an open procedure with two bidders.
The JSAT relationship has its own cash fingerprint. SKY Perfect JSAT's annual securities report for the year to March 2026 shows ¥16.2 billion (about $104 million) already paid on its ¥37 billion Pelican programme, most of which is Planet's $230 million contract, before any JSAT satellite has launched. First launches are expected in 2027. That is a large part of why Planet's cash flow looks better than its income statement.
Planet reported positive FY26 free cash flow of $52.9 million. Deferred revenue, mostly customer prepayments, rose $151.1 million in the same year. Without that build, free cash flow would have been roughly negative $98 million, or about negative $68 million if the part of those billings not yet collected is netted out. On the same basis, free cash flow was negative in 13 of the last 14 quarters through July 2026. Current deferred revenue stood at $281.2 million at July 31, 2026, and the 10-Q now spells out that milestone invoices "generally require customer acceptance prior to payment," including "acceptance of commissioned in orbit satellites."
III. Europe is buying radar
The bull case leans on European defence budgets, and they are real. Germany has announced €35 billion for space defence through 2030. The question is which sensor the money buys.
We built a ledger of European government Earth-observation contracts with publicly disclosed values signed between September 2024 and September 2026. It totals about €3.5 billion. Radar (SAR) took about 88% of it. ICEYE, counting its Rheinmetall joint venture's €1.7 billion SPOCK-1 contract at gross value, accounted for about 61%. Airbus, building Spain's PAZ-2, took about 26%. Planet took about 10%, or about 4% if the Ukraine-signed, German-funded €240 million contract is excluded.
Treat that as our ledger of disclosed values, not a market share. It mixes satellite builds with data and capacity contracts, it uses an estimate for Planet's Swedish deal, and it leaves out several ICEYE awards (Netherlands, Sweden, Ukraine) whose values were never published, which means ICEYE is understated. Counting SPOCK-1 at ICEYE's 40% equity share instead of gross value, ICEYE falls to about 45% and Planet rises to about 15%.
The scale of the competitor is now public. ICEYE's Finnish statutory group accounts show 2024 revenue of €103.0 million and an operating loss of €49.2 million. The company says unaudited 2025 revenue more than doubled to over €250 million, with EBITDA above €100 million. It raised money in June 2026 at a valuation of about €10 billion. Planet's 10-K and 10-Qs do not name ICEYE, Capella or Umbra as competitors.
The US picture rhymes. When the NRO handed out commercial radar awards in August 2026, they went to Capella, ICEYE US and Umbra. BlackSky's 10-Q shows its US federal revenue down 16% year on year in the June quarter while its international government revenue rose 173%. And Planet's largest customer in FY23 to FY25, at 19% to 21% of revenue (roughly $36 million to $46 million a year), was almost certainly the NRO under its Electro-Optical Commercial Layer contract. Planet does not name it. In December 2025 the NRO renewed only its PlanetScope baseline, for $13.2 million through June 2026, a narrower scope than the 2024 renewal. We estimate the NRO book at roughly $20 million to $30 million annualised now. Planet has not said whether the contract continued after June 2026; "EOCL" and "NRO" appear zero times in the Q2 10-Q and press release.
The NASA line needs a calmer reading than it has been getting. NASA has not yet placed its next PlanetScope order under its commercial data programme. The current $13.5 million order, itself 32% below the prior year's, runs to November 24, 2026. That alone is not alarming. In 2024 NASA signed Planet's renewal on the day it started, NASA's own June 18, 2026 release lists Planet among continuing contract holders, and none of last year's tasking vendors has been renewed yet. The risk is appropriations under a continuing resolution that ends December 11, not lost share.
IV. What is actually in orbit
Investor pieces published this year describe Planet's PlanetScope fleet as "150+ active" or "250 operational" satellites. Planet's own October 1 release says it has built and delivered "718 satellites" on orbit, which is a cumulative figure. The public catalogue tells a narrower story.
CelesTrak's satellite catalogue, pulled on October 2, 2026, shows 110 Dove-family satellites still in orbit, down from a peak of 357 in February 2022, a fall of 69%. That peak count includes every Dove generation, among them older Dove-Classic satellites that were no longer working. Of today's 110, CelesTrak flags 92 as operational or partly operational. Counting only the current SuperDove generation, satellites in orbit fell from 185 in January 2024 to 109 today, a drop of 41%.
Two caveats cut in Planet's favour. Planet launched 18 more SuperDoves on October 1, 2026. They are not yet catalogued and most were still on a carrier spacecraft as of October 2; if all of them commission, the working count goes to about 110. And Planet's own "operational" label means the satellite can be manoeuvred, not that it is imaging; the company says the status is "not meant to provide any indication with respect to the tasking capabilities."
Two caveats cut the other way. By our arithmetic, a gapless once-a-day pass over the equator needs about 80 SuperDoves, or about 95 with modest overlap. The 92 that CelesTrak flags as working cover about 1.15 times the equator per day. That is a geometric floor, not proof of coverage gaps, but it says Planet has been running close to the minimum, and the October 1 launch is needed to keep margin. Second, the satellites are not lasting as long. SuperDove cohorts launched in 2019 to 2021 stayed in orbit a median of about 3.6 years. Those launched in 2022 and 2023 lasted about 2.6 to 2.7 years, with the solar maximum a large part of the cause.
The annual reports moved with the fleet. Planet's first 10-K as a public company said it had "approximately 200 satellites" in orbit. The 10-Ks for FY23 to FY25 said "hundreds of satellites" in orbit. The FY26 10-K dropped "in orbit" and now says Planet has "built, launched, and operated hundreds." CelesTrak flags 117 Planet-built satellites of all types as operational or partly operational today.
Pelican: the promise and the spec sheet
In April 2022 Planet said Pelican, its high-resolution tasking satellite, would "begin launching early next year" and consist of "up to 32" satellites imaging at "up to 30 cm" and "up to 12 times per day." As of October 2, 2026, Planet says ten Pelican-family satellites are on orbit. Two are technology demonstrators. One, which Sweden calls EDDA-1 and Planet's own documents identify as Pelican-7, was handed to the Swedish Armed Forces. That leaves seven Planet-owned production satellites.
Planet's May 2026 Pelican product specification gives the current satellites a native panchromatic resolution of 77 cm at a 440 km reference altitude, 54 cm after processing, resampled to 50 cm in delivered products. The fleet flies at 443 km to 489 km, which by simple scaling puts native resolution nearer 0.77 to 0.86 metres. Planet's 10-K and 10-Q filings have never claimed better than "up to 50 centimeters after processing." The 30 cm figure appears only in press releases, including two earnings releases furnished to the SEC in June 2022 and June 2026, and there only as a design goal.
This would be a footnote if the next generation were not carrying so much contract value. Roughly $510 million of signed sovereign work, the $230 million JSAT contract and the €240 million German-funded contract, is tied to Gen-2 Pelicans, which Planet says are "designed to provide up to 30 cm class imagery." That capability has not yet been shown in orbit. Pelican-12, the second Gen-2 satellite, is manifested on SpaceX's Bandwagon-5 rideshare, no earlier than late October.
Behind Pelican sits Owl, Planet's planned successor to the SuperDove, described in releases as "near-daily, 1 meter class" imagery. Owl is never named in Planet's 10-K or 10-Qs. It appears in two press releases furnished to the SEC. The periodic reports refer only to "medium resolution satellites" under construction and warn that next-generation satellites "may not be completed on time or at all." In September, Planet raised its FY27 capex guide to $100 million to $115 million, which the CFO described as "investments in Pelican and Owl."
On the March 2025 call, management called FY26 "the peak of the growth CapEx investment cycle." FY26 capex came in at $81.5 million, 26.5% of revenue. The FY27 guide is 23% to 27% of revenue, against a long-term target of 5% to 8%. The SuperDove successor is being paid for before its first demonstration has flown, and Planet's launch path for small satellites depends on SpaceX rideshares that, according to trade press reports SpaceX has not confirmed, are not taking new commercial bookings beyond late 2028.
V. The Google line items
The rally on October 2 coincided with Planet's October 1 launch of a prototype satellite for Google's Project Suncatcher, the space-based compute experiment. The accounting is worth knowing before treating it as a revenue story.
Under an October 2025 R&D agreement with Google to test "a payload integrated on prototype satellites," which we believe is Suncatcher (the word appears in no SEC filing), Google's payments reduce Planet's R&D expense rather than count as revenue. Through July 31, 2026, Planet had recognised $5.2 million of that offset against $9.5 million of cash received.
Google is also Planet's cloud landlord. Planet's discounted Google Cloud terms run to January 31, 2028. Absent a new deal, the contract defaults to Google's then-current list prices; $48.0 million of minimum commitments remained at July 31, 2026. A December 2024 amendment was never filed as an exhibit, so we cannot rule out that it changed the term. Our estimate of the list-price step, if nothing is renegotiated, is $6 million to $18 million a year of extra cost, set against a FY27 adjusted EBITDA guide of $3 million to $10 million.
Google was once a customer too. Its content-licence revenue to Planet, mostly the run-off of a 2017 prepayment, fell from $11.9 million in FY23 to $0.3 million in FY25 after the licence ended in November 2024. Google holds about 35.25 million Planet shares, roughly 10.6%, and has launched imagery-embedding products of its own.
VI. The bull case, built as strongly as we can
A balanced piece owes the other side its best argument, so here it is.
The sovereign model works, and it is fast. Planet signed three satellite-services contracts in twelve months (January 2025 with JSAT, July 2025 with Ukraine via Germany, January 2026 with Sweden), worth over half a billion dollars together. Sweden signed on January 12, 2026, its first satellite launched on May 3 and was handed over in the July quarter. The CEO says Planet delivered first satellites "within 2 and 4 months of the contract award." No listed peer has shown that speed. Two of the three prior deals were announced in late January, which is the next seasonal window.
The pipeline and the hiring point the same way. Management cites $4 billion of identified opportunities, about $1 billion of it near term. On September 29, 2026, two new ground-system stacks appeared in Planet's certificate logs under its on-premises "Direct Access Service" domain; one is a full ground node whose customer, if there is one, is not public. Planet had 121 open roles on October 2, the most since November 2022, including NATO pre-sales roles in the Netherlands and Belgium, Korea and Stockholm deployment roles, two UAE roles and two "Constellation Services" marketing roles.
The balance sheet can carry the wait. Cash and short-term investments were $865.4 million at July 31, 2026, about $405 million net of the $460 million 2030 convertible notes. Interest income ran at $6.4 million in Q2, roughly $25.6 million a year, more than the whole FY27 adjusted EBITDA guide. Planet sold $122.4 million of stock through its at-the-market program at about $32 a share and has not reported sales below that level.
The industrial base is coming online. Berlin opened on September 22. Isar Aerospace's Spectrum reached orbit on September 5, which removes the "unflown rocket" objection to the Berlin-built Pelican planned on Isar in early 2027. Pelican-12 is the fifth Pelican launch of 2026, against five in 2025.
Adoption is still compounding where it is measurable. Academic works mentioning PlanetScope rose from 212 in 2019 to 1,689 in 2025, and the ratio to Sentinel-2 works roughly doubled to about 10%, flat in 2026 rather than falling.
Our probabilities on the bull case: a new satellite-services contract of $100 million or more announced by January 31, 2027, about 40%; by January 31, 2028, about 70%. On the bull lane's own assumptions, the chance FY28 revenue reaches consensus is about 30%. Our Monte Carlo, which prices each line separately, puts it at 5.7%, and plausibly 4% to 10% once correlated US budget outcomes are allowed for. The gap between those two numbers is the trade. The bull case is credible and funded. It is also an event bet on converting a self-reported near-term pipeline that has not produced a nine-figure contract in the 8.7 months since January 12.
VII. What to watch, with dates
Each item below is a dated event that moves our numbers. We will update the model against each one.
Through October 30: the convertible-note trigger window. Immaterial: the notes settle principal in cash and a capped call covers dilution up to $18.04.
No earlier than late October: Pelican-12 (Gen-2) on Bandwagon-5. The test is the first-light resolution claim and whether it says native or resampled.
About November 5: BlackSky Q3. Its US federal revenue line is the only public quarterly read on NRO and NGA commercial imagery spend.
Early to mid November: JSAT's Japan Ministry of Defense optical-data follow-on (last year's was announced November 4). Absence by late November would be a real signal.
November 12 and November 27: the Bundestag budget committee's final session and the final vote on Germany's 2027 budget. Check the Ukraine-aid title, Einzelplan 60, Kapitel 6002, Titel 687 06.
About November 16 to 18: Planet announces its Q3 date.
November 24: NASA's current PlanetScope orders ($13.5 million plus $0.9 million) end. Watch whether peers' renewals appear before Planet's.
October to December: NATO's SINBAD Step 2 analytic-alert award, where Planet is the incumbent from Step 1.
About December 8 to 10: Q3 FY27. The numbers that matter: backlog (at or above $815 million means book-to-bill of 1× or better), Q3 revenue at or above about $107.6 million (which keeps the $430 million low end easy), the point-in-time revenue line, satellite inventory, APJ revenue as a read on the JSAT build, and current deferred revenue.
December 11: the US continuing resolution expires.
Late January 2027: the historical window for satellite-services announcements.
February 1, 2027: the evergreen equity-plan increase, about 22 million shares at the full 6%.
No earlier than February 2027: Transporter-19, the likely ride for further Swedish Pelicans.
About March 18 to 26, 2027: Q4 FY27 and the first FY28 guide. A first guide in the low $500 millions would read as a large miss against $571 million.
About May 24, 2027: the NRO EOCL five-year base period ends.
What would change our mind: a nine-figure satellite-services contract signed before January 31, 2027 that recognises revenue quickly (an in-orbit handover structure rather than a multi-year build), a Q3 book-to-bill at or above 1×, or Gen-2 imagery that is natively near 30 cm.
VIII. Valuation, as model output
Everything in this section is the output of our model, not a forecast or a price target.
At about $17.6 on October 2, 2026, $PL trades at 13.8 times enterprise value to the FY27 revenue guide, 10.5 times FY28 consensus and 7.4 times backlog. BlackSky, growing at a similar rate and already guiding to positive adjusted EBITDA of $12 million to $24 million, trades at 6.3 times forward sales and 2.3 times its RPO. Fitting a line through the listed Earth-observation peers (BlackSky, Spire, Satellogic, MDA), Planet carries about a 2.1× premium to where its growth would place it. The one comparable that supports the current price is ICEYE's private round, at roughly 40 times trailing sales for a radar company with an EBITDA margin of about 40%.
Our scenario model (200,000 draws, 12% cost of equity) gives these 12-month values:
Stress (7%): no new mega-deal plus a Ukraine, budget or US-restriction shock. About $6.28.
Bear (25%): no new mega-deal and one of those shocks. About $6.66.
Base (46%): FY28 revenue near $508 million, multiple compresses as growth slows. About $11.13.
Bull (22%): a new sovereign deal lands, Gen-2 works and Ukraine continues. About $16.24.
The probability-weighted 12-month value is $10.84, or $9.68 in today's money, against a price near $17.6. The model gives about an 8% chance that present value exceeds the current price. A sum-of-the-parts cross-check lands at $5.49 to $12.02 a share.
Two conditional results matter more than the headline. If a new sovereign deal of $150 million or more lands by January 31, 2027, the mean present value is about $13.10. If not, it is about $7.41. And if FY28 lands exactly at consensus with FY29 growth of 25% and today's premium held, the model gives $16.83, still below the current price. In other words, the stock is priced for consensus plus a sustained premium, and consensus itself needs bookings Planet has not yet signed.
Share count is the quiet input. Class A and Class B shares outstanding rose 18% in the twelve months to August 27, 2026, from 307.9 million to 363.85 million, mostly from warrant exercises, an earnout tranche and the at-the-market program. $1.378 billion of at-the-market capacity remains.
Bottom line
Planet is a real business with a real sovereign product, a strong balance sheet and a management team that has shown it can ship satellites to a government customer in months. None of that is in dispute. What the July quarter shows is that the record revenue was delivered out of a year-two order book that was not refilled, that roughly 70% of revenue now comes from defence and intelligence buyers who are mostly foreign governments, that one of the largest is Ukraine with Germany paying, and that the fleet behind the data franchise is smaller and shorter-lived than most investor coverage assumes. The Q3 print in December will either show the bookings that consensus needs or confirm the gap. We have no position, and we would want to see that print before having one.
References
Planet Labs PBC Form 10-Q, quarter ended July 31, 2026: https://www.sec.gov/Archives/edgar/data/1836833/000119312526382016/pl-20260731.htm
Planet Labs PBC Form 10-Q, quarter ended April 30, 2026: https://www.sec.gov/Archives/edgar/data/1836833/000119312526258304/pl-20260430.htm
Planet Labs PBC Form 10-K, fiscal year ended January 31, 2026: https://www.sec.gov/Archives/edgar/data/1836833/000119312526119957/pl-20260131.htm
Q2 FY27 earnings release, Exhibit 99.1 (September 3, 2026): https://www.sec.gov/Archives/edgar/data/1836833/000119312526381874/pl-ex99_1.htm
Q1 FY27 earnings release, Exhibit 99.1 (June 4, 2026): https://www.sec.gov/Archives/edgar/data/1836833/000119312526257401/pl-ex99_1.htm
Q1 FY23 earnings release, Exhibit 99.1 (June 14, 2022): https://www.sec.gov/Archives/edgar/data/1836833/000183683322000034/ex991.htm
Germany €240M agreement release, Exhibit 99.1 (July 1, 2025): https://www.sec.gov/Archives/edgar/data/1836833/000183683325000075/exhibit991projectchronospr.htm
Swedish Armed Forces agreement release, Exhibit 99.1 (January 12, 2026): https://www.sec.gov/Archives/edgar/data/1836833/000119312526009922/pl-ex99_1.htm
Q3 FY26 earnings release, Exhibit 99.1 (December 10, 2025): https://www.sec.gov/Archives/edgar/data/1836833/000119312525314160/pl-ex99_1.htm
Google Cloud agreement exhibits 10.18 and 10.20: https://www.sec.gov/Archives/edgar/data/1836833/000119312521297137/
Deutscher Bundestag, Drucksache 21/4186, question 46 (answered February 19, 2026): https://dserver.bundestag.de/btd/21/041/2104186.pdf
GAU, "Germany funds €240 million satellite deal for Ukraine" (June 9, 2026): https://deaidua.org/news/2026/06/09/germany-funds-240-million-satellite-deal-ukraine/
Planet Labs Germany GmbH annual accounts, year to January 31, 2025 (Bundestag lobby register R007542): https://www.lobbyregister.bundestag.de/media/82/71/850484/Planet-Labs-Germany-GmbH_JAP_31-01-25_Offenlegung-1.pdf
Commercial register mirror, Planet Labs Germany GmbH, HRB 175210 B: https://www.northdata.com/Planet+Labs+Germany+GmbH,+Berlin/Amtsgericht+Charlottenburg+(Berlin)+HRB+175210+B
TED notice 576400-2026, BKG sovereign satellite constellation award: https://ted.europa.eu/en/notice/576400-2026/xml
Bundestag 2027 budget timetable: https://www.bundestag.de/dokumente/textarchiv/2026/kw34-haushalt-2027-ablauf-1187766
SKY Perfect JSAT annual securities report, fiscal year to March 31, 2026 (EDINET S100YBNS): http://www.kabupro.jp/edp/20260616/S100YBNS.pdf
Swedish Government release, January 12, 2026: https://www.regeringen.se/pressmeddelanden/2026/01/over-53-miljarder-kronor-till-bred-dronar--och-rymdformaga/
Swedish Armed Forces release, January 12, 2026: https://www.mynewsdesk.com/se/forsvarsmakten/pressreleases/foersvarsmakten-satsar-paa-rymdfoermaagor-3424270
Rheinmetall and ICEYE SPOCK contract release (December 18, 2025): https://www.rheinmetall.com/en/media/news-watch/news/2025/12/2025-12-18-rheinmetall-and-iceye-win-billion-euro-contract-for-space-reconnaissance
ICEYE group financial statements via PRH (Taloustutka): https://www.taloustutka.fi/konserni/2639822-1
ICEYE 2025 financials release: https://www.iceye.com/newsroom/press-releases/iceye-announces-2025-financials
ICEYE valuation, Via Satellite (June 9, 2026): https://www.satellitetoday.com/finance/2026/06/09/iceyes-valuation-soars-to-10-billion-euro-with-new-raise/
NRO commercial SAR awards, Via Satellite (August 5, 2026): https://www.satellitetoday.com/government-military/2026/08/05/capella-iceye-us-and-umbra-receive-nro-commercial-sar-contracts/
BlackSky Form 10-Q, quarter ended June 30, 2026: https://www.sec.gov/Archives/edgar/data/1753539/000175353926000124/bksy-20260630.htm
BlackSky Q2 2026 earnings release: https://www.sec.gov/Archives/edgar/data/1753539/000175353926000118/exhibit991-blackskyq22026e.htm
NASA contract release C26-007 (June 18, 2026), mirror: https://www.globalsecurity.org/space/library/news/2026/space-260618-nasa01.htm
USAspending.gov, NASA orders 80HQTR25FA066 and 80HQTR25FA012: https://www.usaspending.gov/
CelesTrak satellite catalogue (pulled October 2, 2026): https://celestrak.org/pub/satcat.csv
Planet operational status file: https://ephemerides.planet-labs.com/
Planet, "Next Generation Satellite: Pelican" (April 2022): https://www.planet.com/pulse/next-generation-satellite-pelican/
Planet Pelican Imagery Product Specifications (May 2026): https://planet.widen.net/s/kbt9m6p6sx/planet-userdocumentation-pelicanproductspec
Planet release, Pelican-12 arrives at launch site (September 25, 2026): https://www.stocktitan.net/news/PL/planet-s-pelican-12-satellite-arrives-at-launch-vquiqv1hjkdj.html
Planet release, Berlin manufacturing facility (September 22, 2026): https://www.stocktitan.net/news/PL/planet-opens-state-of-the-art-satellite-manufacturing-in-yygbdgvmac83.html
Planet release, Suncatcher, Tanager-2 and 18 SuperDoves launched (October 1, 2026): https://stockhouse.com/news/press-releases/2026/10/01/planet-launches-suncatcher-tanager-2-and-18-superdove-satellites
Isar Aerospace second flight release: https://isaraerospace.com/press/history-for-european-spaceflight-isar-aerospace-reaches-orbit-and-deploys-payloads-on-second-flight
Satnews on SpaceX rideshare bookings (July 20, 2026): https://satnews.com/2026/07/20/spacex-limits-future-commercial-rideshare-bookings-past-2028-amid-severe-manifest-saturation/
Zacks via Yahoo Finance on Planet backlog (September 23, 2026): https://finance.yahoo.com/markets/stocks/articles/planet-labs-turn-backlog-visibility-142700249.html
Yahoo Finance analyst estimates for PL (captured October 2, 2026): https://finance.yahoo.com/quote/PL/analysis/
Q2 FY27 earnings call transcript (September 2026): https://www.fool.com/earnings/call-transcripts/2026/09/09/planet-labs-pl-q2-2027-earnings-call-transcript/
Greenhouse job board API, Planet: https://boards-api.greenhouse.io/v1/boards/planetlabs/jobs
Certificate transparency log search: https://crt.sh/?q=%25.das.planet.com
OpenAlex works search, PlanetScope: https://api.openalex.org/works?search=%22PlanetScope%22&group_by=publication_year
Disclaimer. This publication is for informational and educational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Shawarma Capital holds no position in Planet Labs PBC ($PL) as of October 2, 2026. Figures described as our calculations, estimates or model outputs are derived from public filings and data and may be wrong; company filings are the authoritative source. Do your own research.
When counting European gov spending on Earth Observation, you seem to be missing - at least - the Polish two defence contacts (MikroGlob, MikroSAR) and some of the ESA-countries bilaterals (e.g. CAMILA, Iride extensions, Atlantic implementation)?