| Related Party Transactions |
15. Related Party Transactions
A summary of the Company’s related party transactions during the nine months ended September 30, 2025 and 2024 is presented below:
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Amount Due to Related Party as of |
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Total Payments in the Nine Months Ended September 30, |
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September 30, |
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December 31, |
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Nature of Relationship |
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2025 |
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2024 |
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2025 |
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2024 |
| Name |
Description of the Transactions |
(in thousands) |
LeoStella |
Former Joint Venture with Thales Alenia Space |
The Company owned 50% of LeoStella, its joint venture with Thales. The Company contracted with LeoStella for the design, development and manufacture of satellites to operate its business. In November 2024, the Company acquired the remaining 50% of common units of BlackSky Satellite Systems, fka LeoStella, and it is now a wholly-owned subsidiary of BlackSky. |
N/A |
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$ |
23,422 |
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N/A |
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N/A |
| Ursa Space Systems |
Strategic Partner |
The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. The Company has a non-cancelable operational commitment with Ursa Space Systems. |
$ |
375 |
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417 |
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42 |
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42 |
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| Thales Alenia Space |
Shareholder and Parent of Wholly-owned Subsidiary, Seahawk |
Design, development and manufacture of telescopes. |
4,808 |
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3,666 |
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— |
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— |
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| Seahawk |
Subsidiary of Thales Alenia Space |
In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. In July 2025, the Company repaid all debt outstanding and accrued interest to Seahawk. |
28,101 |
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277 |
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— |
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25,072 |
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| Intelsat |
Former debt Issuer |
In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. In July 2025, the Company repaid all debt outstanding and accrued interest to Intelsat. |
$ |
76,391 |
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1,050 |
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N/A |
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67,962 |
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The Company recorded revenue from related parties of $0.5 million and $0.4 million for the three months ended September 30, 2025 and 2024, respectively, and $11.2 million and $3.9 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and December 31, 2024, the Company had $22.4 million and $11.2 million, respectively, of contract assets from related parties, which the Company anticipates receiving as payments over the next 12 months. As of September 30, 2025 and December 31, 2024, the amounts invoiced by the Company and due from related parties were not significant.
Prior to repaying the term loan facility in July 2025, interest was accrued and due semi-annually. The Company made interest payments of $2.7 million during the three months ended September 30, 2025 and interest payments of $3.8 million and $1.0 million during the nine months ended September 30, 2025 and 2024, respectively. The Company did not make any interest payments during the three months ended September 30, 2024. In July 2025, the Company repaid the term loan facility from related parties in its entirety plus accrued interest in the amount of $100.2 million.
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