Founded in 2010, the company launched two demonstration cubesats in 2013, when it also announced a plan to loft a constellation of 28 EO satellites. These were deployed from ISS in 2015, when the company also raised $95m in funding, bringing its total raised to $183m. In July of that year, it acquired BlackBridge, a Canadian company that bought the German RapidEye EO smallsats (which went operational in 2009) out of bankruptcy in 2011. The company currently operates 63 spacecraft and claims to serve 100 customers. The spacecraft are in a continuous upgrade process (14 upgrades through August 2016) made possible by their 9-18 month lifespan and low-cost launches. It has twice suffered loss of multiple satellites in launch failures but has remained in business. It remains privately held.

Planet was named one of the 2017 Rising Five in the Earth Observation Sector.

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