Planet Labs soars with record revenue and next-gen Pelican satellites

Planet Labs has reported a strong financial quarter with record revenue and a rising backlog. The company also announced plans to deploy its next-generation Pelican satellites. These updates come as cheaper launch costs make Earth observation more accessible for firms in the sector. Planet Labs revealed quarterly revenue of about $94 million, a 42% increase from the same period last year. Its backlog now exceeds $906 million, while cash and short-term investments have grown by 223% to roughly $731 million. Based on this performance, the company raised its full-year revenue guidance to between $425 and $441 million.

The firm, which trades on the NYSE under the ticker PL, specialises in daily Earth imagery and analytics. It is now rolling out higher-resolution Pelican satellites to enhance its capabilities. Meanwhile, other players in the industry, such as Satellogic and BlackSky Technology, continue to expand their own geospatial intelligence services.

In related news, Starfighters Space, Inc. was added to the Russell 3000 Index, effective 29 June 2026. The broader trend of falling launch costs is helping Earth-observation companies reach orbit more easily. Planet Labs’ financial growth and satellite upgrades reflect its expanding role in Earth observation. The company’s increased backlog and cash reserves suggest strong demand for its services. Lower launch costs are also supporting wider industry progress.