Space News first reported potential cuts to the U.S. National Reconnaissance Office (NRO) budget for commercial satellite imagery. Rep. Seth Moulton referenced these rumors during a House hearing on May 14, 2025, although NRO Director Christopher Scolese neither confirmed nor denied them. The scope and amount of the potential cuts being considered remain unspecified.
In 2022, the NRO awarded 10-year commercial satellite imaging contracts to Blacksky, Maxar, and Planet Labs. Maxar’s contract is the largest, worth up to $3.24 billion (with $1.5 billion firm over five years). Blacksky’s is valued up to $1.021 billion, but its base amount is significantly lower at $85.5 million over five years. Planet Labs’ contract ceiling is undisclosed, but firm commitments total $146 million over five years. Satellogic lacks an NRO contract but relocated to the U.S. earlier this year to pursue such opportunity.
As previously speculated on this site, the NRO’s rapidly deploying proliferated architecture constellation, built by SpaceX and Lockheed Martin (now exceeding 200 satellites), could reduce NRO’s need for commercial imagery. NRO’s constellation, with launches scheduled through 2029 and boasting real-time image feeds via inter-satellite links, will soon reach 400 satellites. With the NRO operating so many satellites of its own, potential cuts to commercial imagery procurement should be unsurprising.
Potential impact on Blacksky, Planet and Satellogic
Of the three public satellite imagery companies, Planet Labs has the highest revenue, posting $61.5 million for the quarter ending January 31, 2025. Of this revenue, $29.5 million comes from defense and intelligence customers (including the NRO). This suggests the NRO accounts for a maximum of 48% of Planet’s revenue, but likely much less.
Blacksky’s Q1 2025 revenue totaled $29.5 million, with $11.8 million from the U.S. government. U.S government spend is likely primarily the NRO. This indicates the NRO contributes approximately 40% of Blacksky’s revenue. As previously noted, Blacksky has successfully offset declining U.S. government revenue by acquiring new international customers.
Satellogic, the smallest of the three, generated $3.4 million in Q1 2025 revenue, none from the NRO. Their recent relocation to the U.S. to pursue NRO contracts seems increasingly precarious, especially now NRO is rumored to decrease commercial procurements.
Planet Labs appears best insulated from potential NRO budget cuts. Blacksky has proactively diversified by securing international clients. Satellogic, however, urgently needs to acquire new customers. While Blacksky and Planet have each grown quarterly revenue by roughly $20 million over the past three years, Satellogic’s growth has been a meager $2 million.