New York, May 23, 2026, 11:04 (EDT)
BlackSky Technology Inc. heads into a holiday-shortened week close to its 52-week high. The satellite-intelligence firm put in place a $250 million at-the-market equity program that opens up a new funding route after its stock’s sharp rally.
BlackSky shares ended Friday at $47.87, gaining 7.2% on the day after hitting $48.66 earlier. The stock finished the week up about 24% from its May 15 close at $38.75. With those gains, the company has room to sell stock into strength. But that also brings a new supply question for investors.
Markets in the U.S. are closed Monday for Memorial Day. Trading resumes Tuesday. BlackSky CFO Henry Dubois will join a fireside chat at the Jefferies Virtual Space Summit then, and is set to appear at Craig-Hallum’s institutional investor conference Thursday.
BlackSky has set up an at-the-market share sale program, according to an SEC filing. The company said Deutsche Bank Securities and Craig-Hallum Capital Group are set to act as sales agents. Under the ATM, BlackSky can sell new shares on the open market at going prices but isn’t required to sell any stock.
BlackSky’s prospectus spells out that this is not a done capital raise. There’s no minimum on the offering, and no guarantee the company will sell shares or draw on the sales agreement at all. Sales agents can get as much as 3% of the gross proceeds.
BlackSky shares fell 2.9% after hours Friday to $46.50. The company’s market cap stayed near $1.78 billion. The stock traded near the top of its 52-week range.
The move caught attention as stocks traded stronger. The SPDR S&P 500 ETF Trust climbed 0.4% Friday. The iShares Russell 2000 ETF added 0.9%. Planet Labs was up 4.3%. Satellogic gained 10.0%.
BlackSky’s stock has moved on more than just the new filing. The company earlier this month boosted its 2026 revenue target to $130 million to $150 million, with adjusted EBITDA now set at $12 million to $24 million. Adjusted EBITDA removes interest, taxes, depreciation, amortization, and some other costs. CEO Brian E. O’Toole said BlackSky has “up to $160 million in new contract wins” and that the company is “raising our guidance for the year.” Business Wire
Gen-3, the latest satellite line from BlackSky, is the brighter spot. The company said its fourth Gen-3 satellite started commercial service in under a week, and another Gen-3 is packed and ready to go. Gen-3 brings 35-centimeter imagery, giving sharper detail.
Dave Storms, CFA at Stonegate Capital Partners, said the quarter was a “clearer Gen-3 commercialization inflection.” He highlighted sovereign contract adoption and stronger in-year revenue visibility. Stonegate said one of its affiliates is paid a retainer for providing research, investor relations help, and investor outreach for BlackSky.
The new ATM could hurt or help. Selling new shares may dilute current holders, and BlackSky warned in its prospectus that selling stock through the ATM might lead to more dilution for investors. The company also pointed to long sales cycles, uncertain customer demand, U.S. government budget questions, and fixed-price contract estimates as risks for hitting targets.
BlackSky has already pitched the market on demand for its space-based intelligence, so that’s not really in question this week. What’s tougher is whether investors stick with BKSY now that management has a $250 million equity tool ready to go.
