Planet Labs PBC (NYSE:PL) shares climbed around 5% on Monday after the Earth observation company disclosed a multi-year agreement with the Swedish Armed Forces valued in the low nine-figure range.
Under the deal, Sweden will receive a comprehensive package of Planet’s satellite platforms, space-based data and situational awareness capabilities to support national defense, peacekeeping and security missions. The agreement provides for Swedish ownership of Planet’s advanced satellites, alongside ongoing access to the company’s high-resolution imagery and intelligence solutions.
The contract represents Planet’s third Satellite Services agreement signed within the past year. Across these deals, the company has now secured more than $500 million in total contract value, including arrangements supporting Japan’s national security requirements through JSAT and a separate collaboration with Germany.
Commenting on the announcement, Planet CEO and co-founder Will Marshall said: “Europe needs its own eyes, and Sweden is leading the way by rapidly securing its own, comprehensive space capability – helping achieve its own security objectives and assisting regional allies, like Ukraine, with timely, critical information.”
Planet said revenue from the Swedish agreement will be recognized over multiple years as commercial payments are received. The company added that the contract does not alter the fourth-quarter financial guidance previously issued in its December 10, 2025 earnings release.
To date, Planet has launched more than 600 satellites and delivers near-daily imagery of Earth’s land and oceans through its SuperDove, Tanager and Pelican constellations. The company has also outlined plans for its upcoming Owl constellation, which is intended to provide near-daily imagery at 1-meter resolution.