BKSY vs PL: How BlackSky Technology and Planet Labs Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BKSY and PL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BKSY and PL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

BlackSky Technology provides real-time geospatial intelligence. It owns and operates a constellation of small satellites that image the Earth many times per day and delivers that imagery, plus AI-driven analysis, through its Spectra software platform. Rather than competing purely on the sharpest single image, BlackSky emphasizes revisit rate and speed: monitoring locations frequently and turning raw pictures into alerts and analytics within minutes. Its customers are concentrated in US and international government and defense agencies that need timely situational awareness, alongside some commercial accounts.

Full BKSY guide

Planet Labs operates one of the world's largest constellations of Earth-imaging satellites and sells the data and analytics derived from them. Its fleet of small satellites images the entire landmass of Earth frequently, giving customers a near-daily, regularly updated picture of what is happening on the ground. Planet makes money mostly through subscriptions: customers pay recurring fees to access its imagery archive and fresh captures through a software platform, plus higher-value analytics that turn raw imagery into insights (for example detecting changes, monitoring crops, tracking infrastructure, or counting objects). Customers span agriculture, government and defense, mapping, civil and environmental monitoring, energy, and finance. Increasingly, Planet emphasizes AI-enabled analytics that extract actionable intelligence from its vast imagery feed rather than selling pixels alone. Founded in 2010 and headquartered in San Francisco, Planet went public via SPAC in 2021 and is positioned as a data-subscription business built on a unique, hard-to-replicate daily-imaging asset, with defense and government demand a growing pillar.

Full PL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BKSY drivers: Gen-3 satellite rollout; Government backlog and contract wins.
• PL drivers: Unique daily-imaging asset; Recurring subscription model.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is that BlackSky is a smaller-cap, capital-intensive space company that has historically been unprofitable, so the thesis depends on execution that has not fully played out. For PL, planet has historically operated at a loss and must show a credible path to sustained profitability, a key concern for a capital-intensive satellite business that must continually fund and replenish its constellation.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BKSY if you believe its drivers more; PL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BKSY and PL guides.

BKSY. Figures are approximate, tied to the asOf date, and should be verified against live filings before acting. For an early-stage, high-growth space company, revenue growth, backlog conversion, adjusted EBITDA, and free cash flow matter more than any single earnings multiple, and traditional valuation ratios are hard to apply while profitability is still emerging. Guidance depends heavily on launch timing and government contract flow, so treat targets as goals rather than certainties.

PL. Planet trades as a growth and data-platform story rather than on current earnings. Its valuation reflects the scarcity value of a unique daily-imaging constellation and recurring subscription revenue, balanced against ongoing losses, capital intensity, and the need to demonstrate a clear path to profitable scale.

Headline figures (approximate, Jul 2026): BKSY shows revenue growth Guided to roughly $130 million to $150 million for 2026, up meaningfully from about $107 million in 2025, profitability Historically unprofitable; guiding to positive adjusted EBITDA in 2026 as a step toward sustained profits, cash flow Has pointed to consecutive quarters of positive free cash flow, though still capital-intensive, backlog Contract backlog reported in the high-$300 million range, providing forward revenue visibility; PL shows revenue (ttm) ~$250 million, revenue growth moderate, somewhat lumpy, operating margin negative (still scaling toward profitability), gross margin ~50-60% and improving.

BKSY and PL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BKSY and PL exposure against your real portfolio. It is not an investment adviser.