The brief

Analyst view

• IPO on the NYSE in May 2026 at $26 a share raised $416M gross.
• Revenue was $117.7M in 2025; Q2 2026 revenue rose 87% to $49.8M, with 2026 guidance of $215M to $220M.
• Over 30 satellites in orbit; Clusters 15 and 16 due in the second half of 2026, then its first Block 3 Kestrel cluster.

Technical approach

As reported

Clusters

Three satellites hear one signal

Each cluster of three flies in formation. The same radio signal reaches each at slightly different times and pitches, which reveals where it came from.

Coverage

Wide band, frequent passes

Receivers cover 30 MHz to 18 GHz, from handheld radios to radars, and the constellation revisits any spot in under 45 minutes.

Analytics

Signal library and software

Ground software matches recorded signals to a library of known emitter types and turns them into maps and alerts for analysts.

Block 3

Cheaper next generation

Block 3 Kestrel is a new satellite design the company says needs up to 75% less capital than earlier ones, buying more listening per dollar.

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