Spire Global, Inc.
Spire Global, Inc. is a U.S.-based space data company that builds, owns, and operates a satellite constellation to collect radio-frequency observations of the Earth. It combines satellite data, analytics, and space services to deliver information products to customers across multiple industries worldwide.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRaw Earth-observation and radio-frequency data collected from Spire's satellite constellation.
Enhanced datasets that combine clean data with third-party sources and proprietary analysis.
AI- and machine-learning-based analytics that generate forecasts and insights from fused datasets.
Application-layer offerings that turn data into actionable recommendations for specific use cases.
API-based access to customized data and space infrastructure for customer-specific needs.
Products
Reported · share of revenue- Subscription Based Contract77.5 %
- Non Subscription Based Contracts22.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Spire sells to global customers across aviation, logistics, government, and other industries that need timely Earth and space-based data. Customers buy either subscription access or project-based services, often to improve operational decisions, forecasting, monitoring, or compliance workflows. The company also uses reseller partners when that improves distribution.
Buys data and analytics for flight operations, planning, and situational awareness.
Uses satellite-derived data to improve routing, asset visibility, and operational decisions.
Purchases monitoring, intelligence, and analytics solutions for mission use cases.
Buys predictive datasets and analytics for forecasting and environmental monitoring.
Includes energy, financial services, agriculture, transportation, and insurance customers.
Strategy
Spire is focused on expanding its customer base, increasing sales to existing customers, and improving the value of its data and analytics stack. It also invests in satellite, ground-station, and data-analytics capabilities while using acquisitions to add complementary technology and shorten product development cycles.
Higher solution adoption increases revenue per customer and improves retention economics.
Satellite, ground-station, and analytics capabilities underpin product quality and differentiation.
Broader end markets reduce dependence on a few verticals and support long-term growth.
Acquisitions can add technology, talent, and product breadth faster than internal build-out.
Geography
Spire serves customers globally, with revenue concentrated in the Americas, EMEA, and APAC rather than any single country. The company reports broad international exposure, and its customer base and sales opportunities extend into Latin America, Africa, and the Middle East as well as its core regions.
Risks
Spire depends on continued demand for subscription and project-based data services, and its results can fluctuate with contract timing and customer mix. The business is also exposed to global trade, regulatory, geopolitical, and capital-market risks, while its satellite assets face technology and lifecycle risks inherent to space operations.
The company sells globally and is exposed to tariffs, policy shifts, and cross-border restrictions.
Non-subscription contracts can be recognized unevenly, causing quarter-to-quarter swings.
Exposure: Subscription vs project-based revenue
Aviation, logistics, and government are core demand drivers, so weakness in these markets can slow growth.
Exposure: Commercial and government demand
Space assets require ongoing replacement, maintenance, and technology refresh to remain useful.
Exposure: Nanosatellites and ground stations
Marketable securities are exposed to credit, liquidity, market-price, and interest-rate changes.
Exposure: Investment portfolio
Accounting
Judgemental itemsSubscription and project contracts are recognized differently, creating volatility in reported revenue.
Impact: Affects quarterly revenue mix and comparability
Acquired data rights and technologies are amortized over estimated useful lives, which require judgment.
Impact: Affects operating expenses and non-GAAP adjustments
Space assets depend on estimates of remaining life and replacement timing.
Impact: Affects depreciation and asset carrying values
The investment portfolio is subject to market-price and interest-rate changes.
Impact: Affects other income and liquidity assessment
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Last updated: 24/09/2026