Bullish indicating open at $55-$60, IPO prices at $37
BOGOTA - Colombia’s Instituto Geográfico Agustín Codazzi (IGAC) has expanded its multi-year contract with Planet Labs PBC (NYSE:PL), incorporating new AI-powered analytics capabilities to enhance national land management efforts. According to InvestingPro data, Planet Labs has demonstrated strong market performance with a 172% return over the past year, though current analysis suggests the stock may be trading above its Fair Value.
The expanded agreement, announced Thursday in partnership with geospatial intelligence firm Procalculo, adds Planet’s Insights Platform and AI-powered change detection services for roads and buildings to IGAC’s existing access to satellite imagery.
IGAC, the Colombian government entity responsible for geographic and cartographic data, will use these tools to strengthen urban planning, infrastructure monitoring, and environmental management throughout the country.
The contract builds upon a 2023 agreement that provided IGAC with access to Planet’s SkySat tasking and daily PlanetScope monitoring capabilities for land-use planning and risk management.
"By leveraging our platform and AI-powered analytics, IGAC will continue advancing near-daily broad area land management at scale," said Ashley Johnson, Planet President and CFO, in a press release statement.
The expanded capabilities will help IGAC enforce regulations, identify risks such as floods and landslides, and support various organizations conducting change analysis and infrastructure monitoring through its government platform, the Observatorio de la Tierra y el Territorio.
Anderson Puentes Carvajal, Director at IGAC, noted that Planet’s satellite data and analytical capabilities provide decision-makers with up-to-date information about Colombia’s territory.
Planet Labs, founded by three NASA scientists in 2010, operates what it describes as the largest Earth observation fleet of imaging satellites. The company is publicly traded on the New York Stock Exchange.
Financial terms of the contract expansion were not disclosed in the announcement.
In other recent news, Planet Labs has secured a significant €240 million multi-year contract with the German government for satellite services, which is set to begin generating revenue in January 2026. This deal includes dedicated capacity on Planet’s Pelican satellites and incorporates AI-enabled solutions for enhanced situational awareness. Additionally, Planet Labs announced four major contracts with defense and intelligence customers, including an expanded agreement with the U.S. Defense Innovation Unit and a seven-figure contract with NATO. The company also signed a seven-figure expansion with the U.S. Navy for Maritime Domain Awareness. In a separate development, Planet Labs entered into a six-figure contract with Farmdar to provide satellite data for agricultural insights. Shareholders recently re-elected directors and approved executive pay at the company’s annual meeting. KPMG LLP was ratified as the independent registered public accounting firm for the fiscal year ending January 31, 2026. Needham reiterated a Buy rating for Planet Labs, citing confidence in the company’s growth potential and recent contract wins.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.