What Happened to Planet Labs PBC?
Ticker: PLSPAC Year: 2021Merger: 2021
Return
-65.0%
Current Price
$3.5
Peak Price
$13.32
Trust Size
$410M
Summary
Satellite imaging company with 200+ satellites â the largest Earth observation fleet. Down 73% from peak but still operating with $200M+ revenue. A real business struggling with valuation.
What Happened
Planet Labs merged with dMY Technology Group IV in December 2021. The company operates over 200 small satellites that photograph the entire Earths landmass daily. It serves government intelligence, agriculture, and insurance clients. Revenue grew from $131M to $220M+ but the company remained unprofitable. Stock fell from $13 to $3.50 as growth decelerated. One of the more legitimate space SPACs with a real product.
Key People
Timeline
2021-07
SPAC merger announced
2021-12
Merger completed
2022-12
Revenue hits $190M
2024-01
Revenue $220M but still unprofitable
2025-01
Stock at $3.50