Planet Labs and BlackSky Technology, two Earth-imaging companies powered by AI satellite analysis, have posted strong year-to-date stock gains (45% and 40% respectively) in the wake of SpaceX's record IPO. Unlike SpaceX—which carries a $2 trillion（約320兆円） valuation and will be years before profitability—both companies already operate revenue-generating businesses: Planet Labs reported $94 million（約150億円） in Q1 revenue (up 42% year-on-year) with a $906 million（約1400億円） backlog, while BlackSky won $160 million（約260億円） in contracts this quarter plus additional U.S. government contracts announced this week for AI-driven object detection and battle damage analytics.
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Planet Labs and BlackSky Technology, two Earth-imaging companies that use AI to process satellite data, have posted strong stock gains (45% and 40% year-to-date, respectively) as SpaceX's record $86 billion（約14兆円） IPO on June 12 drew attention to space-related stocks. Planet Labs reported Q1 fiscal 2027 revenue of $94 million（約150億円）, up 42% year-on-year, with a backlog that grew 72% to more than $906 million（約1400億円）; BlackSky won $160 million（約260億円） in contracts in the first quarter and announced additional U.S. government contracts this week for AI-enabled object detection and damage analytics.
Why it matters
Unlike SpaceX, which carries an extremely high valuation and will be years before turning a profit, these two companies already have an operational track record and revenue. Planet Labs operates about 200 Earth-imaging satellites and records the planet's landmass daily; BlackSky's Spectra platform translates satellite imagery into AI-driven analytics in less than 90 minutes. For investors seeking space-related exposure with less volatility than a newly public company, these established Earth-imaging businesses offer an alternative—particularly as government demand for satellite intelligence and AI-powered analysis has grown tangible enough to sustain long-term contracts.
What to watch
Planet Labs has incorporated Claude AI from Anthropic into its platform to help non-expert users access satellite data. BlackSky's government contracts have been valued up to $2.7 billion（約4300億円）, signaling sustained demand for AI-enabled Earth observation in defense and intelligence applications.
SpaceX's $86 billion（約14兆円） IPO on June 12 has elevated investor interest in space-related stocks across the board, but the article frames Planet Labs and BlackSky as more grounded alternatives to the newly public rocket manufacturer. SpaceX carries an extremely high valuation and will be years before turning a profit; by contrast, both Earth-imaging firms already operate at scale and generate revenue. Planet Labs' Q1 fiscal 2027 results—$94 million（約150億円） in revenue (up 42% year-on-year) and a backlog that grew 72% to more than $906 million（約1400億円）—demonstrate sustained commercial traction, while BlackSky's $160 million（約260億円） in Q1 contracts and additional government wins announced this week signal strong demand for AI-powered satellite analytics in defense and intelligence applications.
The integration of AI into these business models appears to be a key differentiator. Planet Labs uses AI in its Pelican-class satellites to process images and identify subjects, and has now embedded Claude AI from Anthropic to lower the barrier to entry for non-expert users. BlackSky's Spectra platform automatically detects and classifies objects and can deliver insights in less than 90 minutes—a speed that likely underpins its appeal to government agencies managing urgent intelligence needs. In both cases, the value proposition rests on combining satellite infrastructure with fast, intelligent data extraction, not just on launching hardware. With IPO stocks generally noted as volatile and in need of several quarters of consistent performance, these two companies' existing revenue bases and government contract pipelines may offer a steadier entry point for investors betting on the space economy.
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