Planet Labs PBC Closes $460mln Upsized Convertible Senior Notes Offering with 0.50% Interest Rate

Planet Labs PBC has closed a $460 million private upsized offering of 0.50% convertible senior notes due 2030. The offering includes an initial conversion price of approximately $11.95 per share, representing a 32.5% conversion premium above the closing price of Planet's Class A common stock on September 9, 2025. Planet CFO and President Ashley Johnson stated that the offering represents another step in building a sustainable, high-impact business for the long-term, strengthening the balance sheet and enhancing the competitive position while minimizing dilution for existing shareholders.

Planet Labs PBC (NYSE: PL) has closed a $460 million private upsized offering of 0.50% convertible senior notes due 2030. The offering includes an initial conversion price of approximately $11.95 per share, representing a 32.5% conversion premium above the closing price of Planet's Class A common stock on September 9, 2025 Planet Announces Closing of Private Upsized Offering of $460,000,000 of 0.50% Convertible Senior Notes Due 2030^[1]. The notes, which have a maturity date of October 15, 2030, were structured with an interest rate of 0.50% per year, payable semi-annually in arrears, and bear a five-year maturity Planet Labs Prices Upsized $400 Mln Offering Of 0.50% Convertible Senior Notes Due 2030^[2].

The offering was initially announced as a $300 million aggregate principal amount of notes, but was subsequently increased to $460 million due to strong investor demand. The notes are general, unsecured obligations of Planet and can be converted into shares of Planet's Class A common stock or settled in cash Planet Labs Prices Upsized $400 Mln Offering Of 0.50% Convertible Senior Notes Due 2030^[2].

Planet CFO and President Ashley Johnson stated that the offering represents another step in building a sustainable, high-impact business for the long-term. The strategic financing allows the company to strengthen its balance sheet and enhance its competitive position while minimizing dilution for existing shareholders Planet Announces Closing of Private Upsized Offering of $460,000,000 of 0.50% Convertible Senior Notes Due 2030^[1].

Planet estimates that the net proceeds from the offering will be approximately $387.5 million, after deducting initial purchasers' discounts and estimated offering expenses. The company plans to use $34.4 million of the net proceeds to pay for the capped call transactions, with the remainder used for general corporate purposes Planet Labs Prices Upsized $400 Mln Offering Of 0.50% Convertible Senior Notes Due 2030^[2].