Planet Labs Closes Senior Notes Offering, Upsizes to $300 Million

Planet Labs PBC, a provider of global satellite imagery and geospatial solutions, has closed an upsized offering of senior notes due 2030. The company designs, builds, and operates a fleet of imaging satellites and provides data and analytics to over 1,000 customers worldwide. The daily stream of proprietary data and machine learning analytics helps companies, governments, and civil society use satellite imagery to discover insights on phenomena such as deforestation, agriculture, climate change, and supply chains.

Planet Labs PBC (PL), a leading provider of global satellite imagery and geospatial solutions, has successfully closed an upsized offering of senior notes due 2030. The company, which designs, builds, and operates a fleet of imaging satellites, provides data and analytics to over 1,000 customers worldwide. The offering was announced on September 8, 2025, and closed on September 12, 2025 Planet Labs Announces Proposed Private Offering of ...^[1].

The upsized offering includes $400 million aggregate principal amount of 0.50% Convertible Senior Notes due 2030. The notes are general, unsecured obligations of Planet and bear interest at a rate of 0.50% per year, payable semi-annually in arrears. The notes will mature on October 15, 2030, unless earlier converted, redeemed, or repurchased Planet Labs Prices Upsized $400 Mln Offering Of 0.50% Convertible Senior Notes Due 2030^[2].

Planet Labs granted the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date the notes are first issued, up to an additional $60 million aggregate principal amount of the notes solely to cover over-allotments. The sale of the notes to the initial purchasers is expected to settle on September 12, 2025 Planet Labs Prices Upsized $400 Mln Offering Of 0.50% Convertible Senior Notes Due 2030^[2].

The company plans to use $34.4 million of the net proceeds from the offering to pay the cost of the capped call transactions described below. The remainder of the net proceeds from the offering will be used for general corporate purposes Planet Labs Prices Upsized $400 Mln Offering Of 0.50% Convertible Senior Notes Due 2030^[2].

Planet Labs has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of Planet’s Class A common stock and/or enter into various derivative transactions with respect to Planet’s Class A common stock concurrently with or shortly after the pricing of the notes. This activity could increase or reduce the market price of Planet’s Class A common stock or the notes at that time Planet Labs Announces Proposed Private Offering of ...^[1].

The notes will only be offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended. Neither the notes nor the shares of Planet’s Class A common stock potentially issuable upon conversion of the notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from such registration requirements Planet Labs Announces Proposed Private Offering of ...^[1].