Planet Labs to Go Public: $2.8B SPAC Merger

Planet to Become Publicly Traded via SPAC Merger

Planet, a company managing a network of approximately 200 satellites for Earth imaging and data analytics, is set to become a publicly listed entity. This will be achieved through a merger with dMY Technology Group IV, a special purpose acquisition company (SPAC).

Deal Details and Financials

The transaction is valued at $2.8 billion in post-merger equity. Planet will receive a substantial cash infusion of $545 million upon completion of the deal.

This funding includes a $345 million contribution from dMY IV, alongside a $200 million Private Investment in Public Equity (PIPE) round.

Investors participating in the PIPE include funds managed by BlackRock, Koch Strategic Platforms, TIME Ventures (led by Marc Benioff), and Google.

A Resurgence in Space-Related SPACs

This move marks the second significant private space company this week to opt for the SPAC route to enter public markets.

Both Planet and Satellogic, which announced its own SPAC merger earlier this week, are focused on Earth observation. However, Satellogic currently operates on a smaller scale.

Planet's History and Capabilities

Founded in 2010, Planet has secured around $374 million in funding to date.

The company currently operates the largest Earth imaging satellite constellation globally.

Planet’s core objective is to revolutionize the collection and delivery of Earth imaging data to commercial clients.

Its satellite network is capable of scanning the entire Earth’s landmass daily.

Data Access and Revenue

Planet provides access to this data through a subscription-based service, described by founder and CEO Will Marshall as a “Bloomberg-like terminal for Earth data.”

The company reported revenue exceeding $100 million during its most recent fiscal year, which concluded in January.

Use of Funds and Future Outlook

The capital obtained from the merger will be allocated towards debt reduction, operational funding, and the support of both current and future growth initiatives.

The merger is anticipated to be finalized later this year, after which the combined company will be listed on the NYSE under the ticker symbol “PL”.