Satellite imagery provider Planet Labs makes its market debut today following a reverse merger with special purpose acquisition company (SPAC) dMY Technology Group IV (NYSE:DMYQ).
The public listing will raise $590 million of capital for Planet Labs, which plans to use the proceeds to expand its software offerings and hire more sales staff. The company will begin trading today on the New York Stock Exchange under the ticker symbol PL.
Here is what investors should know about Planet Labs as the company goes public.
10 Things to Know About Planet Labs Stock
- Three NASA scientists, Chris Boshuizen, Will Marshall and Robbie Schlinger, founded Planet Labs in 2010.
- Headquartered in San Francisco, Planet Labs aims to use a network of satellites to image the Earth each day and look for various trends.
- Planet Labs imaging can be used by governments and private companies to monitor climate patterns, predict crop yields for farmers, undertake urban planning in cities, and respond to disasters.
- Planet Labs designs and manufactures mini satellites called “Doves” that are equipped with a high-powered telescope, as well as a camera that captures images of Earth from outer space.
- Planet Labs currently has more than 200 satellites in orbit above the Earth that, combined, take 3 million images of our planet each day.
- The company posted $100 million in revenue for fiscal 2021. That money comes from its subscription business that supports more than 700 customers. These customers include governments, defense departments, agriculture companies and emergency response agencies.
- The SPAC deal that is bringing Planet Labs to the NYSE values the company at $2.6 billion.
- Planet Labs forecasts a compound annual growth rate (CAGR) of 44% over the next five years.
- The company has also forecast that it will turn profitable in late 2023 or early 2024.
- Planet Labs says it is constantly improving its satellite technology. Its Dove satellites are designed to last a maximum of three years.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
