Planet Labs is one of those companies where I understand the business way more than I understand the stock

I've been following the space companies for quite some time now (since months before SpaceX secretly filed for IPO) and in doing so I stumbled upon Planet Labs the Earth observation company. It started interesting me not because it's some hidden AI stock or SpaceX sympathy play, but because the business itself is actually pretty interesting.

The more I read about it, the less it feels like 'selling satellite images' and more like selling a constantly updated dataset of what's happening on Earth. Defense, agriculture, insurance, energy, shipping, disaster response, governments, it's basically the same dataset being used by a bunch of completely different industries.

What surprised me is how sticky the business seems to be. Most of the revenue is recurring, the backlog has grown to around $900M, and government/defense customers have become a much bigger part of the mix instead of just being a nice bonus. They're also pushing harder into AI instead of expecting customers to sift through millions of images themselves. That feels like the right direction because the raw imagery probably isn't the moat anymore—turning years of proprietary Earth data into useful answers might be. Recent quarters have also shown improving execution with record revenue, positive adjusted EBITDA, and much better visibility through backlog.

I also think people underestimate how difficult it would be to recreate what PL has already built. Launching satellites is one thing. Building a constellation that images the planet every day, maintaining that archive for years, processing it, and getting customers to actually integrate it into their workflows feels like a much bigger challenge than it gets credit for.

That said, I can also see why the stock frustrates people. This is still a capital-intensive business, satellites don't replace themselves, government spending can be lumpy, and competition in geospatial intelligence isn't going away. Even after the business has improved, the stock has had huge swings because expectations have moved just as fast as the fundamentals.

Maybe that's why I'm more interested in the company than the chart. It feels like one of those businesses where the moat gets stronger every year if execution stays on track, but the market still can't decide whether to value it like a data platform or just another satellite company. Curious as to how others see this business.