Argentina’s Satellogic signed an agreement with Elon Musk’s company and shares soar

Satellogic signed an agreement with SpaceX, Elon Musk’s company, to make a weekly remapping of the entire surface of the Earth in 2023 and more than 20 daily visits of any point of interest, which could have myriad business, sustainability, and government applications. Its shares soared over 20% in pre-market and are now trading at US$9.85, up 9.44% from a day earlier.

The company founded in Argentina by Emiliano Kargieman and Gerardo Richarte specializes in collecting Earth observation data at submeter resolution. The “Multiple Launch Agreement (MLA)” with SpaceX reserves launch capacity for its next 68 satellites. This new MLA follows the current one, which covers 2022 releases and confirms that SpaceX continues to be Satellogic’s preferred provider for rideshare missions.

“Following our previous launch successes with SpaceX, we are pleased to have signed this MLA to continue our work together in 2023 and beyond,” said Emiliano Kargieman, CEO and co-founder of Satellogic. This agreement puts it in the race to become one of the first companies to be able to remap the entire surface of the planet in high resolution and high frequency.

The company was listed on Nasdaq in JanuaryGentleness

“Today’s announcement ensures that we will be able to continue launching our satellites as they are produced and that we remain on track to collect every square meter of the Earth’s surface every week in 2023, providing our customers with the most up-to-date information and sources of information. more reliable high-resolution data on a global scale. Expanding our capacity is crucial to making Earth observation data accessible to all”, he added.

In January, the company began trade on the Nasdaq, In New York. This milestone, announced on social media for its CEO Emiliano Kargiemanbrought the company closer to becoming the new Argentine unicorn, that is, one of the few companies with a market valuation of more than US$1 billion. This deal brings her even closer.

The images provided by Satellogic
The images provided by Satellogic

Satellogic builds its own spacecraft, manages its constellation, and produces the Earth observation data it collects for all industries. This integration ultimately lowers the cost of obtaining information from Earth, allowing Satellogic offer actionable data at a lower price than its competitors. Similarly, SpaceX, which focuses on lowering the cost of access to space, makes its own advanced rockets and spacecraft.

SpaceX’s frequent launch schedule will help Satellogic achieve its goals of significantly growing its constellation, the company said. Satellogic recently announced the launch of five additional spacecraft. They were sent into sun-synchronized low Earth orbit on SpaceX’s Transporter-4 mission aboard the Falcon 9, a two-stage reusable rocket.

Currently, the company operates 22 high-resolution satellites and has plans to launch additional satellites every quarter, with the goal of growing its constellation to more than 200 satellites by 2025, in order to provide daily sub-meter resolution images of the entire surface of the Earth and up to 40 revisits of points of interest per day.

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Argentina’s Satellogic signed an agreement with Elon Musk’s company and shares soar