UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 2)*

BlackSky Technology Inc.

(Name of Issuer)

Common Stock, par value $0.0001

(Title of Class of Securities)

09263B108

(CUSIP Number)

December 31, 2021

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

¨ Rule 13d-1(c)

¨ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13G

BlackSky Technology Inc. (the “Issuer”)

13241 WOODLAND PARK ROAD

SUITE 300

HERNDON, VA 20171

This statement relates to the Shares (as defined herein) held for Magnetar Constellation Fund II, Ltd (“Constellation Fund II”), Magnetar Constellation Master Fund, Ltd (“Constellation Master Fund”), Magnetar Capital Master Fund Ltd (“Master Fund”) , Magnetar Xing He Master Fund Ltd (“Xing He Master Fund”), Purpose Alternative Credit Fund Ltd ("Purpose Fund"), Magnetar SC Fund Ltd (“SC Fund”), all Cayman Islands exempted companies; Magnetar Longhorn Fund LP ("Longhorn Fund"), Magnetar Structured Credit Fund, LP (“Structured Credit Fund”), Delaware limited partnerships; Magnetar Lake Credit Fund LLC ("Lake Credit Fund"), Purpose Alternative Credit Fund - T LLC ("Purpose Fund - T"), Delaware limited liability companies; collectively (the “Magnetar Funds”). Magnetar Financial serves as the investment adviser to the Magnetar Funds, and as such, Magnetar Financial exercises voting and investment power over the Shares held for the Magnetar Funds’ accounts. Magnetar Capital Partners serves as the sole member and parent holding company of Magnetar Financial. Supernova Management is the general partner of Magnetar Capital Partners. The manager of Supernova Management is Mr. Litowitz.

The address of the principal business office of each of Magnetar Financial, Magnetar Capital Partners, Supernova Management, and Mr. Litowitz is 1603 Orrington Avenue, 13^th Floor, Evanston, Illinois 60201.

Common Stock

09263B108

(e) x  An investment adviser in accordance with §240.13d–1(b)(1)(ii)(E)

(g) x  A parent holding company or control person in accordance with §240.13d–1(b)(1)(ii)(G)

As of December 31, 2021, each of Magnetar Financial, Magnetar Capital Partners, Supernova Management and Mr. Litowitz held 232,809 Shares. The amount consists of (A) 33,018 Shares held for the account of Constellation Fund II; (B) 79,443 Shares held for the account of Constellation Master Fund; (C) 10,000 Shares held for the account of Capital Master Fund; (D) 28,395 Shares held of the account of Xing He Master Fund; (E) 9,000 Shares held of the account of Purpose Fund; (F) 17,857 Shares held of the account of SC Fund; (G) 8,000 Shares held of the account of Longhorn Fund; (H) 34,096 Shares held of the account of Structured Credit Fund; (I) 10,000 Shares held of the account of Lake Credit Fund; and (J) 3,000 Shares held of the account of Purpose Fund - T. The Shares held by the Magnetar Funds represent approximately 0.20% of the total number of Shares outstanding (calculated pursuant to Rule 13d-3(d)(1)(i)) of the outstanding shares of the Issuer).

(i) As of December 31, 2021, each of Reporting Persons were deemed to be the beneficial owner constituting approximately 0.20% of the total number of Shares outstanding (based upon the information provided by the Issuer in its Form 10-Q filed with the SEC on November 15, 2021, there were approximately 116,116,470 Shares outstanding as of September 30, 2021).

Magnetar Financial, Magnetar Capital Partners, Supernova Management, and Mr. Litowitz:

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following x.

This Item 6 is not applicable.

This Item 7 is not applicable.

This Item 8 is not applicable.

This Item 9 is not applicable.

By signing below the Reporting Persons certifies that, to the best of their knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.