Well-known satellite imagery platform, Planet Labs, has reportedly revealed its plans of going public by merging with a SPAC (special-purpose acquisition company), in an attempt to get listed on the New York Stock Exchange (NYSE).
Apparently, the data specialist firm would be combining with dMY Technology Group IV, a SPAC which trades on the New York Stock Exchange under ticker DMYQ.
If reports are to be believed, the deal will provide the space company an equity valuation of USD 2.8 billion and is anticipated to close during the fourth quarter, followed by the listing of Planet Labs on the NYSE under ticker PL.
Sources also confirm that the deal will raise USD 434 million in total for Planet, inclusive of a $200 million PIPE (private investment in public equity) round led by BlackRock and subsequently joined by Google, Koch, as well as Marc Benioff’s TIME Ventures.
For the record, Planet had also previously secured over USD 380 million in capital from investors, which included Google, Lux Capital, DFJ, DCVC, Space Capital, Founders Fund, and a few others.
The CEO and Co-Founder of Planet Labs, Will Marshall, expressed his delight in collaborating with quality partners as the company heads towards an important milestone, and reportedly quoted that the firm had made this move for the long haul. He further hailed Planet as a data company and addressed it as a mature business powered with a massive new as well as unique data set of its 190 satellites, which accounts for the greatest Earth-imaging fleet till date.
For the unversed, Planet would now join a trend of space companies that are going public through SPAC deals. Apparently, Virgin Galactic was the first among the recent generation in 2019.
As per reports, Astra, a leading rocket builder and AST & Science, a satellite broadband focused platform have also each commenced trading with companies, namely Rocket Lab, BlackSky, Spire Global, Redwire, Satellogic, and Momentus, which is anticipated to follow in the forthcoming months.