infrastructureScore 35/100Add to thesis
Planet Labs backlog grew 79% YoY to $900M with 37% applying to next 12 months, driving 39% revenue growth guidance for FY2027
Will Marshall· Planet Labs· Space· 2026-03-29· about Planet Labs (PL)
“End of period backlog was over $900 million, approximately 79% growth year-on-year, providing us with excellent visibility to accelerating our revenue growth for the coming fiscal year. Approximately 37 percent of our backlog applies to the next 12 months and 67 percent to the next 24 months.”
Why it matters
Strong backlog visibility reduces forecast risk, but execution is required to convert $900M backlog into revenue. Manufacturing and supply chain capacity are critical dependencies.
Investment implication
Planet's supply chain and manufacturing partners face multi-year demand visibility. Companies providing satellite components, integration services, launch services, and ground infrastructure should see sustained procurement acceleration.