Satellogic
Satellogic Inc. (NASDAQ: SATL) is a vertically integrated geospatial analytics company that designs, manufactures, and operates high-resolution Earth observation satellites to provide accessible imagery and data for government and commercial applications worldwide.[1][2] Founded in 2010 by Emiliano Kargieman, the firm focuses on scalable satellite technology to enable frequent global remapping, addressing needs in areas such as environmental monitoring, defense, and resource management.[1][3] The company's core innovation lies in its low-cost, high-frequency satellite constellation, with plans to deploy over 200 spacecraft for daily Earth surface revisits at sub-meter resolution, supported by AI-driven processing via its Aleph platform.[4] Key achievements include the 2025 launch of its NextGen very-high-resolution (30 cm-class) satellites tailored for sovereign AI-first missions and securing a $30 million multi-year contract for constellation services, alongside revenue growth to $4.4 million in Q2 2025 amid cost reductions.[5][6][7] Satellogic went public in 2022 via a SPAC merger and completed a domestication to U.S. jurisdiction in 2025 to enhance investor access, though it has faced challenges including equity dilution, high capital demands for constellation expansion, and delays in scaling operations.[8][9]History
Founding and Early Development
Satellogic was founded on July 13, 2010, in Buenos Aires, Argentina, by Emiliano Kargieman and Gerardo Richarte, with the goal of building a constellation of low-cost, high-resolution Earth observation satellites to make geospatial data more accessible. Kargieman, a serial entrepreneur who previously co-founded Core Security Technologies and developed early automated penetration testing software, conceived the idea while participating in Singularity University's graduate program, emphasizing the need for frequent, sub-meter imagery beyond the capabilities of traditional large satellites. The company initially operated as a small startup, bootstrapping development with limited funding and a focus on vertical integration from satellite design to data processing.[10][11][3] Early development occurred in resource-constrained conditions, including a homemade cleanroom in an attic on Roseti Street, where a team of about 10 engineers by 2013 prototyped satellite subsystems using off-the-shelf components and innovative engineering to reduce costs. Key initial efforts centered on optical payloads capable of 1-meter resolution multispectral and hyperspectral imaging, alongside attitude control systems for precise pointing. The company's first orbital milestone was the April 2013 launch of CubeBug-1, dubbed Capitán Beto, a CubeSat demonstrator that tested basic platform technologies in low Earth orbit. This was followed by ground-based validations of imaging telescopes, achieving the first satellite-derived images in controlled tests during the mid-2010s.[10][12] By late 2014, Satellogic had finalized designs for an initial 16-satellite constellation under the NewSat (later ÑuSat) program, prioritizing rapid revisits through distributed small satellites rather than monolithic platforms, with plans for sequential launches starting with a single unit followed by batches of five. The first operational NewSat satellites, including models for commercial and institutional customers, began deploying in 2016, with ÑuSat-1 and ÑuSat-2 launched on May 30 aboard a Long March 4C rocket from China, confirming in-orbit imaging and data downlink capabilities shortly after. These achievements validated the company's approach to scalable, cost-effective Earth observation, setting the stage for constellation expansion despite challenges in securing reliable launch slots and international partnerships.[13][12]Expansion and Constellation Buildout
Satellogic's expansion of the Aleph-1 constellation accelerated after initial ÑuSat deployments in 2016, leveraging SpaceX rideshare missions to scale orbital capacity for enhanced Earth observation revisit rates. By June 2021, following the launch of four additional satellites on a Falcon 9 rocket, the company achieved 17 operational spacecraft, enabling up to four daily revisits for targeted points of interest.[14] This buildout focused on increasing collection volume to support commercial and governmental applications, with satellites featuring multispectral and hyperspectral imaging payloads.[14] In 2023, the pace intensified through multiple Transporter missions, adding 12 NewSat Mark-V satellites in the first half of the year alone, including groups of four launched in January (expanding to 30 operational units), April (to 34), and June.[15][16][17] These Mark-V models incorporated design improvements for weekly global remapping, with the company planning up to 10 further launches that year to bolster remapping frequency toward bi-weekly coverage.[17] A multi-launch agreement secured capacity for up to 68 additional satellites, aligning with roadmap targets exceeding 200 in orbit for daily Earth surface remaps and up to 40 revisits per point.[18] By mid-2025, Satellogic reported 52 satellites launched with full deployment success, sustaining high-resolution data delivery across environmental monitoring, defense, and sovereign missions.[4] The October 13, 2025, launch of a NextGen platform via SpaceX further augmented the fleet, introducing very-high-resolution capabilities optimized for AI-driven tasking and sovereign Earth observation, integrated with the Aleph platform for rapid data access.[5] This progression reflects a vertically integrated strategy emphasizing cost-effective, scalable production to achieve persistent global coverage without reliance on unproven large-scale deployments.[4]Public Listing and Recent Milestones
Satellogic completed its initial public offering through a business combination with CF Acquisition Corp. V, a special purpose acquisition company, on January 25, 2022, following stockholder approval on January 24, 2022.[19] Shares of the combined entity began trading on the Nasdaq Global Market under the ticker symbol SATL on January 26, 2022.[20][21] The transaction provided Satellogic with approximately $115 million in gross proceeds, intended to support expansion of its satellite constellation and operations.[22] In 2024, Satellogic achieved a 28% year-over-year revenue increase to $12.9 million from $10.1 million in 2023, driven by growth in data sales and services, though the company reported a net loss of $60.7 million amid ongoing investments in technology and fleet expansion.[23] By early 2025, the company completed its redomiciliation from the British Virgin Islands to the United States, a process initiated to facilitate access to U.S. markets, government contracts, and financing opportunities.[24] In the first quarter of 2025, Satellogic secured a $30 million contract to develop an AI-first satellite constellation for a defense customer, alongside reporting quarterly revenue of $3.4 million.[24] On October 13, 2025, Satellogic announced the launch of its NextGen satellite platform, capable of 30 cm-class resolution multispectral imaging with onboard real-time AI processing, targeted at sovereign earth observation missions.[5] Days later, on October 16, 2025, the company priced a follow-on public offering of 27,692,308 shares of Class A common stock at $3.25 per share, raising approximately $90 million in gross proceeds to fund further constellation development and operational scaling.[25] These developments reflect Satellogic's post-listing focus on enhancing its technological edge and financial position amid competitive pressures in the earth observation sector.[23]Technology
Satellite Design and Specifications
Satellogic's NewSat satellites are compact, vertically integrated microsatellites optimized for high-volume production and deployment in low-Earth orbit sun-synchronous orbits, typically at altitudes of 475–600 km. The core platform design emphasizes mass and cost efficiency, with dimensions of 508 × 575 × 813 mm and a dry mass of 38.5 kg for Mark IV models, increasing to a wet mass of approximately 41.5–48 kg including 3 kg of propellant in later variants.[26][27] These satellites incorporate 3-axis stabilization with attitude determination accuracy of 0.05 degrees, supported by propulsion systems delivering up to 52.3 m/s delta-V and 17 mN thrust for orbit maintenance and maneuvering.[26] Power subsystems provide 42 W at beginning-of-life, backed by a 127 Wh battery, while communication uses X-band downlink at up to 106 Mbps and S-band uplink.[26] The primary payloads consist of multispectral and hyperspectral imagers, with provisions for hosted third-party payloads in a dedicated bay. Mark IV multispectral sensors capture four bands (red, green, blue, near-infrared) across 450–900 nm with 0.99 m ground sample distance (GSD) at 470 km altitude and a 5 km swath width, enabling stripe, spotlight, and oblique imaging modes with pointing accuracy of 0.08 degrees.[26][12] Hyperspectral sensors on the same model provide 29 bands from 462–830 nm at 25 m GSD and 125 km swath.[26] Mark V iterations improve multispectral performance to 70 cm native GSD (post-processed to 50 cm via super-resolution), with a 6.7 km swath at 470 km and support for multiple collection modes, extending design life to up to 5 years.[27]| Model | Multispectral GSD (at 470 km) | Swath Width | Bands | Hyperspectral GSD | Swath Width | Mass (Wet) |
|---|---|---|---|---|---|---|
| Mark IV | 0.99 m | 5 km | 4 (450–900 nm) | 25 m | 125 km | 41.5 kg |
| Mark V | 0.70 m (native; 0.50 m processed) | 6.7 km | 4 (R, G, B, NIR) | N/A (focus on MS upgrades) | N/A | ~48 kg |
Imaging and Data Processing Capabilities
Satellogic's NewSat satellites feature multispectral imagers capable of capturing four-band imagery (blue: 450-510 nm, green: 510-580 nm, red: 590-690 nm, near-infrared: 750-900 nm) at a native ground sample distance (GSD) of 99 cm at nadir, typically delivered at 1 m resolution with a 5 km swath width.[28][12] Hyperspectral sensors on these platforms cover 29 to 32 bands in the visible and near-infrared spectrum, providing data at 25-30 m resolution for detailed spectral analysis in applications such as agriculture and mineral mapping.[29][30] Additionally, the satellites support full-motion video at 1 m resolution, enabling dynamic monitoring of surface changes.[31] The company's NextGen satellite platform, first launched on October 13, 2025, advances imaging to 30 cm-class resolution while integrating onboard AI for initial data triage and feature extraction, reducing reliance on ground-based processing for time-sensitive tasks.[5] This edge computing capability, developed in partnership with entities like Palantir, allows for onboard analytics such as object detection and change monitoring directly in orbit, minimizing data volume transmitted to Earth.[32] Post-acquisition data processing occurs through automated pipelines that convert raw telemetry into standard products, including orthorectified multispectral and hyperspectral imagery with geometric accuracies around 10 m CE90.[33][31] Satellogic leverages cloud platforms like Amazon EKS to accelerate processing, reportedly cutting times by 20-30% for large datasets, enabling near real-time delivery after downlink.[34] These workflows support scalable geospatial analytics, though full hyperspectral processing demands higher computational resources due to the increased band count.[35]AI Integration and Innovations
Satellogic has pioneered AI integration in its satellite architecture to enable edge computing for Earth observation, processing imagery and generating insights onboard rather than relying on ground stations, which minimizes latency and bandwidth demands. This approach leverages GPUs deployed in orbit—drawing on over 13 years of experience—to support real-time analytics, intelligent data storage for several days, and deployment of custom AI models for applications like change detection and object identification.[36] In partnership with Palantir, Satellogic launched its inaugural Edge AI-enabled satellite on April 1, 2022, aboard a SpaceX Transporter-4 mission, incorporating Palantir's Edge AI platform on NVIDIA Jetson hardware within the NewSat payload to perform preliminary data analysis in space, optimizing downlink of only high-value information for uses such as disaster response and environmental monitoring.[32] The NextGen satellite platform, deployed on October 13, 2025, exemplifies these innovations with 30 cm-class resolution in visible and multispectral bands, onboard real-time AI processing for analytics, and delivery of sovereignty-focused insights through the secure Aleph platform, facilitating near-instantaneous ground change detection without ITAR restrictions.[5] Complementing hardware advances, Satellogic employs multimodal foundation models and the Gaia tool—a conversational AI interface—for natural language-based queries, enabling automated object detection (e.g., vehicles, infrastructure) and real-time situational awareness in scenarios like natural disasters or maritime tracking, while addressing traditional challenges of data volume and usability through automated insight extraction.[35] To foster broader AI development in geospatial domains, Satellogic released an open dataset in May 2024 comprising approximately 3 million high-resolution (384 m × 384 m) images spanning diverse geographies, land uses, and seasons, licensed under Creative Commons CC-BY 4.0 on Hugging Face for training foundational Earth observation models.[37] This initiative, developed in collaboration with researchers including Yoshua Bengio, supports scalable AI applications by providing labeled data for model fine-tuning. In April 2025, these capabilities underpinned a $30 million contract for AI-first constellation services, delivering near-daily low-latency analytics and multiband imagery for defense-oriented missions.[38]Products and Services
Earth Observation Data Services
Satellogic's Earth observation data services deliver high-resolution multispectral imagery captured by its low-Earth-orbit satellite constellation, enabling applications in monitoring, analytics, and decision-making across sectors such as agriculture, defense, and environmental management. The services emphasize affordability and scalability, with data derived from proprietary cameras that produce imagery at sub-meter resolutions, including up to 50 cm via super-resolution processing on standard satellites and 30 cm-class resolution on the NextGen platform launched in 2025.[39][5] Revisit frequencies reach up to seven times daily for points of interest, supporting high-temporal-resolution monitoring through frequent constellation passes.[40] Data products include archived imagery, on-demand tasking for new acquisitions, and near-real-time delivery with low latency suitable for time-sensitive operations. Satellogic maintains a live catalog updated daily, accessible via cloud platforms like AWS, where users can search and retrieve multispectral bands covering visible and near-infrared spectra.[34] Additional offerings encompass 1-meter resolution full-motion video at 10 frames per second for up to 60 seconds, enhancing dynamic observation capabilities.[12] The company also releases open datasets, such as EarthView, comprising millions of high-resolution images for AI training and research, hosted on AWS under sponsorship programs.[41] Access to these services occurs primarily through the Aleph platform, which provides secure cloud-based tools, APIs, and AI-enabled analytics for processing raw imagery into insights like change detection and object classification.[5] Partnerships extend service reach, such as a 2025 seven-figure agreement with Suhora for distribution in India and collaborations with entities like GeoTerraImage for resource allocation applications.[42][43] These services prioritize non-ITAR designs for global accessibility, with contracts like a $30 million multi-year deal underscoring demand for AI-first data delivery.[6]Geospatial Analytics and Applications
Satellogic's geospatial analytics leverage artificial intelligence and machine learning algorithms applied to its multispectral and high-resolution satellite imagery to generate derived products such as change detection maps, object identification, and predictive models. These analytics enable customers to extract insights from raw Earth observation data, supporting applications in sectors including agriculture, energy, mining, and environmental monitoring. For instance, in agriculture, analytics monitor soil conditions, vegetation stress, and snow pack levels to inform crop management and yield forecasting.[44] In the energy and mining industries, Satellogic's tools facilitate infrastructure monitoring, production analysis, and pipeline risk assessment through automated change detection and site evaluation. Customers utilize these capabilities to track expansions, such as new naval infrastructure or port developments, with sub-meter precision for enhanced situational awareness. A notable example is the collaboration with Quant Data & Analytics, where 70 cm resolution imagery enabled 97% accuracy in automated building detection, demonstrating the precision of AI-driven feature extraction for urban planning and disaster response.[45][39][46] The company's AI-first satellite architecture supports edge computing, allowing preliminary data processing onboard to reduce latency and deliver near-real-time insights directly from orbit, which is critical for time-sensitive applications like national security and environmental risk assessment. This approach integrates with platforms like AWS for scalable analytics, processing imagery archives to analyze historical trends in natural resources, infrastructure, and humanitarian challenges. Partnerships, such as with HEO for space domain awareness and Suhora for regional environmental monitoring, further extend these analytics to sovereign and commercial use cases in Asia and beyond.[36][44][47][48]Satellite Manufacturing and Sales
Satellogic maintains vertically integrated manufacturing for its Earth observation satellites, designing and building key components including cameras, computers, power systems, sensors, optics, radios, and propulsion systems.[49] The company's production occurs in an 1800 m² facility featuring a Class 100,000 / ISO 8 cleanroom and employs Lean Manufacturing methodologies to enable scalable output with reduced R&D cycles.[49] Each satellite assembly incorporates approximately 10,000 components and 450 subassemblies, achieving a threefold reduction in mass and cost per launch unit compared to prior designs, alongside tenfold greater data collection capacity than competitors.[49] Primary models include the ÑuSat series, measuring 51 × 57 × 82 cm with a dry mass of 38.5 kg, and the NewSat Mark V, which has demonstrated a 100% deployment success rate across over 40 units.[49][50] In October 2025, Satellogic launched its NextGen platform, offering 30 cm-class resolution with onboard real-time AI processing tailored for sovereign missions, supported by an early customer commitment to accelerate production scaling.[5] Satellogic's sales focus on providing off-the-shelf NewSat Mark V satellites or customized variants for sovereign Earth observation needs, with options for end-to-end support encompassing ground segments and data management.[50] Customers can acquire satellites delivered in orbit within three months via high-cadence SpaceX launches, or opt for intellectual property transfer to integrate into their own facilities, bypassing extensive prototyping.[50][51] These offerings, exempt from U.S. ITAR restrictions and NOAA licensing, target space agencies in civil, research, defense, and intelligence sectors, particularly in Africa, Asia, Europe, and the Middle East, with units priced at $10 million or less.[51] Satellite sales constituted 40% of Satellogic's revenue in fiscal year 2023, reflecting a strategic pivot launched in January 2023 to enable direct ownership and supplemental constellation access for enhanced revisit rates.[52][51]Operations
Global Offices and Facilities
Satellogic's operational headquarters is located in Davidson, North Carolina, United States, at 210 Delburg Street, serving as the primary USA hub for management and business operations.[53] The company maintains a global network of offices to support its satellite development, data processing, and customer engagement activities.[53] Key facilities include the Assembly, Integration, and Test (AIT) center in Montevideo, Uruguay, at Zonamerica – Ruta 8, Km 17.5, Building 300, Suite 324, which handles satellite preparation with a capacity of up to 24 satellites annually.[54] In Argentina, offices in Buenos Aires at Scalabrini Ortiz 3333, 1st Floor, and Córdoba at Av. Hipólito Yrigoyen 146, 5th Floor, facilitate research, development, and engineering efforts.[53] The Barcelona office in Spain, located at Carrer de Bailèn, 3, 1st Floor, supports data technology and processing functions.[53] Satellogic expanded its manufacturing capabilities with a dedicated high-throughput satellite production plant in Berkel en Rodenrijs, Netherlands, announced in December 2021. This 4,700-square-meter facility focuses on assembly, integration, and testing to accelerate constellation deployment, achieving full production of 25 satellites per quarter by the third quarter of 2023.[54] Construction completed by late January 2022, with initial operations starting in the second quarter of that year.[54]Leadership and Organizational Structure
Satellogic was co-founded in June 2010 by Emiliano Kargieman and Gerardo Richarte, with Kargieman serving as chief executive officer since inception.[55] Kargieman, who holds a background in number theory and philosophy, has over 25 years of experience building technology companies, including co-founding Core Security Technologies in 1996 and serving as a consultant for the World Bank.[55] Richarte, as chief architect, directs the company's technology vision, overseeing software, systems, and cloud infrastructure.[55] The executive team includes President Matt Tirman, who manages operational execution with more than 20 years in technology and aerospace; Chief Financial Officer Rick Dunn, bringing 25 years of finance experience from public and private firms plus over a decade in public accounting; and Chief Technology Officer Alan Kharsansky, who joined in 2011 and leads electronics and power systems development after prior roles in mission operations.[55] Additional senior vice presidents handle operations and corporate controlling: Lorri Kohler, with 20 years in governance and compliance from roles at ACN, Inc., and Dustin Greer, appointed in September 2022 with 20 years in public accounting and finance.[55] As a publicly traded company on NASDAQ (SATL), Satellogic maintains a standard corporate governance structure with the CEO reporting to an independent board of directors, which oversees strategic direction, audit, compensation, and nominating functions through dedicated committees.[56] The board, chaired by Steven T. Mnuchin—former U.S. Treasury Secretary (2017–2021) and founder of Liberty Strategic Capital—includes military, finance, and tech experts such as retired General Joseph F. Dunford Jr., the 19th Chairman of the Joint Chiefs of Staff (2015–2019); Kelly Kennedy, appointed as independent director in September 2024 and current CFO of Willow Innovations; Tom Killalea, former Amazon vice president; Ted Wang, partner at Cowboy Ventures; and Miguel Gutiérrez, co-chief investment officer at The Rohatyn Group.[57] Kargieman also serves on the board.[57] The organization employs 137 personnel as of December 31, 2024, supporting global operations across engineering, data processing, and business development.[58]Launches
Initial ÑuSat Deployments
Satellogic's initial ÑuSat deployments marked the beginning of its Aleph-1 Earth observation constellation, with the first operational satellites launched in 2016. ÑuSat-1 and ÑuSat-2, each a 35 kg microsatellite equipped for multispectral and hyperspectral imaging, were deployed on May 30, 2016, as secondary payloads aboard a Chinese Long March 4B rocket from the Taiyuan Satellite Launch Center.[59][60] These satellites operated in sun-synchronous orbits at approximately 475 km altitude, enabling high-resolution imagery collection for applications in agriculture, defense, and environmental monitoring.[12] The third ÑuSat satellite followed on June 15, 2017, launched via a Long March 2D rocket from the Jiuquan Satellite Launch Center, further expanding imaging capacity with similar payload specifications.[61] ÑuSat-4 and ÑuSat-5 were deployed together on February 2, 2018, also on a Long March 2D from Jiuquan, increasing the constellation to five operational units and demonstrating Satellogic's growing launch cadence with Chinese providers.[59][12] These early missions achieved full deployment success, with the satellites providing sub-meter resolution data and validating the ÑuSat platform's design for scalable, cost-effective Earth observation.[61] By mid-2018, the initial phase had established a proof-of-concept for daily global revisits, though limited to targeted areas due to the small fleet size, setting the stage for subsequent expansions.[12] All launches relied on rideshare opportunities, reflecting Satellogic's strategy to minimize costs during the constellation's formative years.[59]Recent and NextGen Missions
Satellogic expanded its Aleph-1 constellation with the launch of three NewSat satellites—designated NewSat-48, NewSat-49, and NewSat-50—on August 16, 2024, aboard a SpaceX Falcon 9 Transporter mission from Cape Canaveral, Florida.[12] These microsatellites, each weighing approximately 40 kg, joined the existing fleet to enhance revisit rates and coverage for Earth observation tasks, maintaining the company's 100% deployment success rate across over 50 prior satellites.[12][4] On October 13, 2025, Satellogic achieved a milestone with the orbital deployment of its NextGen satellite platform via a SpaceX launch, introducing capabilities beyond the standard ÑuSat series.[5] This platform delivers 30 cm-class panchromatic and multispectral imagery resolution, a significant improvement over previous models' sub-meter performance, while incorporating onboard AI for real-time data processing and edge analytics to reduce latency in mission-critical applications.[5] Designed as non-ITAR compliant for broader sovereign access, NextGen targets AI-first Earth observation missions, with an early customer secured for operational use and integration into Satellogic's Aleph tasking and delivery system.[5][62] The NextGen architecture supports scalable constellation growth, enabling tactical sovereignty through direct-to-orbit intelligence gathering without reliance on ground-based processing delays.[5] Future missions will leverage this platform alongside ongoing NewSat deployments to approach a 200-satellite fleet, facilitating daily global remapping at high resolution, though exact timelines depend on launch manifests and customer contracts.[4] As of October 2025, these efforts position Satellogic's total launched satellites at over 53, primarily via SpaceX rideshares, emphasizing cost-effective scalability in commercial Earth observation.[12]Business and Financials
Funding Rounds and Public Listing
Satellogic raised initial seed funding in September 2013, with the amount undisclosed.[63] In March 2015, the company secured $22 million in a Series A round led by Tencent Holdings.[64] This was followed by a $27 million Series B round on June 23, 2017, also led by Tencent, aimed at developing its hyperspectral imaging constellation.[65] On December 19, 2019, Satellogic completed a $50 million Series C funding round, with participation from the Inter-American Development Bank, to scale its satellite manufacturing and imaging capabilities.[66]| Round Type | Date | Amount Raised | Key Investors |
|---|---|---|---|
| Seed | Sep 1, 2013 | Undisclosed | N/A |
| Series A | Mar 15, 2015 | $22M | Tencent |
| Series B | Jun 23, 2017 | $27M | Tencent |
| Series C | Dec 19, 2019 | $50M | Inter-American Development Bank |
Revenue Growth and Financial Performance
Satellogic has demonstrated revenue growth driven by expanded geospatial data sales and satellite services, though the company remains unprofitable amid high operational and development costs. For the fiscal year ended December 31, 2024, revenue reached $12.9 million, a 28% increase from $10.1 million in 2023, primarily from higher demand for imagery and analytics contracts.[71] [23] Quarterly results in 2025 reflect variable but positive year-over-year trends. Revenue for the first quarter ended March 31, 2025, was $3.4 million, up 2% from $3.3 million in the prior-year quarter, supported by recurring data subscriptions.[24] In the second quarter ended June 30, 2025, revenue grew 27% to $4.4 million from $3.5 million, aided by new customer acquisitions and operational efficiencies.[7] Preliminary third-quarter estimates indicate revenue of $3.4 million to $3.8 million, with year-to-date totals of $11.2 million to $11.6 million.[72]| Fiscal Period | Revenue ($ million) | YoY Growth |
|---|---|---|
| FY 2023 | 10.1 | - |
| FY 2024 | 12.9 | 28% |
| Q1 2025 | 3.4 | 2% |
| Q2 2025 | 4.4 | 27% |