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Investing.com -- Planet Labs (NYSE:PL) stock soared 18% after the Earth imaging company announced a €240 million multi-year agreement with the German government to provide dedicated satellite services for European peace and security.
The contract, which will begin generating revenue in January 2026, includes dedicated capacity on Planet’s Pelican satellites, direct downlink services over specific European regions, and access to PlanetScope and SkySat data. The deal also incorporates AI-enabled solutions for enhanced situational awareness and maritime domain awareness.
In a separate announcement, Planet Labs revealed it has secured four major contracts with defense and intelligence customers, further boosting investor confidence. These wins include the German deal, an expanded contract with the U.S. Defense Innovation Unit to support Indo-Pacific Command, a seven-figure expansion with the U.S. Navy for Maritime Domain Awareness, and a previously announced seven-figure contract with NATO.
"As shared on our recent earnings call, the changing geopolitical landscape and modernization of security capabilities are driving unprecedented interest in our solutions," said Will Marshall, Planet’s CEO and Co-Founder, highlighting "strong demand for AI-enabled solutions and our data, demonstrated by the multiple contracts with an eight-figure annual contract value."
The company’s satellite network scans approximately 150 million square kilometers of land and 20 million square kilometers of ocean daily, creating a dataset particularly suited for AI applications in defense and security.
Planet Labs is maintaining its financial guidance for the current fiscal year as provided on June 4, 2025, as the German contract revenue will not begin until 2026.
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