Planet Labs is merging with dMY Technology Group IV, a special purpose acquisition company that trades on the NYSE under the ticker DMYQ.
FREMONT, CA: Planet Labs, a satellite imagery and data company, announced on Wednesday that it would merge with a SPAC to float on the New York Stock Exchange.
Planet Labs is merging with dMY Technology Group IV, a special purpose acquisition company that trades on the NYSE under the ticker DMYQ. The transaction values Planet at $2.8 billion in equity and is expected to finalize in the fourth quarter, resulting in Planet's listing on the NYSE under the symbol PL
"Planet is a data company … we're a mature business and have a massive new and unique data set of our 190 satellites, the largest Earth imaging fleet ever, and more than 10 times anyone else," Planet co-founder and CEO Will Marshall told CNBC.
The transaction is expected to garner Planet $434 million in total, including a $200 million PIPE financing led by BlackRock and backed by Google, Koch, and Marc Benioff's TIME Ventures. Planet has received about $380 million in funding from investors, including Google, DFJ, DCVC, Lux Capital, Founders Fund, Space Capital, and others.
"I'm really excited by having such quality partners as we go into this important milestone for planet," Marshall said. "We're doing this for the long haul."
Planet is the latest in a long line of space companies to go public via SPAC transactions, with Virgin Galactic being the first in 2019. Astra, a rocket constructor, and AST & Science, a satellite broadband-oriented company, have already begun trading with Rocket Lab, Spire Global, Redwire, BlackSky, Satellogic, and Momentus expected to follow in the following months.