Planet Labs PBC announced a significant $230 million multi-year commercial agreement with a long-standing Asia-Pacific partner to expand its Pelican high-resolution satellite constellation. Under the agreement, Planet will build and deliver new Pelican satellites, reserving certain capacity for the partner while also serving its own government and commercial customers globally. This marks Planet’s largest contract to date and strengthens its financial position for fiscal years 2026 and beyond. The company expects to recognize the $230 million as revenue over approximately seven years, with the partnership expected to be cash flow accretive starting in FY’26.

The agreement highlights Planet’s strategy to leverage its advanced space systems technology and vertical integration capabilities to meet customer and partner demand. The Pelican satellites, which offer enhanced imaging quality, spectral bands, and reduced latency, are part of Planet’s next-generation fleet. The company recently launched Pelican-2, equipped with NVIDIA GPU processors for AI and satellite-to-satellite communications, enabling faster data delivery. This partnership builds on Planet’s previous collaborations, including the development of the Tanager hyperspectral satellite and NASA’s Communications Services Project.

Planet’s CEO, Will Marshall, emphasized the strategic importance of such partnerships in accelerating space programs and creating value for customers. The company reaffirmed its previously issued fourth-quarter financial guidance and plans to provide further details during its next earnings call. Planet’s geospatial data supports applications in agriculture, defense, sustainability, and more, helping customers monitor global events and manage resources effectively. The company continues to focus on its mission to image the Earth daily and make change visible and actionable.