Satellogic Inc (NASDAQ:SATL) shares are trading higher Wednesday after the company announced it signed a new Multiple Launch Agreement (MLA) with SpaceX reserving launch capacity for its next 68 satellites.
The two companies have an existing multiple launch agreement in place covering 2022 launches. Satellogic recently announced the launch of five additional spacecraft that were delivered to low-Earth orbit on SpaceX's Transporter-4 mission onboard the Falcon 9.
With the launches covered on the new MLA, Satellogic said it's on track to become the first company to be able to remap the entire surface of the planet in high-resolution and with high frequency.
"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, co-founder and CEO of Satellogic.
Satellogic has plans to launch additional satellites each quarter, aiming to ultimately grow its constellation to over 200 satellites by 2025
Satellogic is a vertically integrated geospatial company, driving real outcomes with planetary-scale insights.
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SATL Price Action: Satellogic has traded between $5 and $10 per share over a 52-week period.
The stock was up 8.33% at $9.75 at press time.
Photo: courtesy of SpaceX.
