Satellogic designs, manufactures, and operates small Earth observation (EO) satellites in low Earth orbit (LEO), and sells the imagery and data those satellites collect. Satellogic serves two customer types: governments and defense & intelligence agencies, which buy imagery for national security, persistent site monitoring, and sovereign mapping (the primary revenue driver today), and commercial customers in agriculture, energy, and financial services (a longer-term growth opportunity). Satellogic operates through two business lines. Data & Analytics sells imagery access on a per-image or subscription basis, persistent monitoring via its Aleph Observer product, and multi-year dedicated satellite capacity contracts — revenue here is recurring and predictable. Space Systems sells complete satellites or turnkey space programs directly to governments that want sovereign EO capabilities, along with manufacturing knowledge transfer programs; this revenue is project-based and lumpy. Satellogic's core argument is that its vertical integration — designing and manufacturing satellites, cameras, and software in-house — drives its satellite cost down to roughly $1.3M per unit (including launch), while its patented camera design captures roughly 10x more imagery per satellite than competing small satellite designs. Together, these economics allow Satellogic to scale its constellation far more cheaply than incumbents. The longer-term business model vision is to price data based on customer value rather than satellite cost — closer to a SaaS or data platform model. Satellogic is also building its next-generation "Merlin" AI-first constellation, expected operational in H1 2027, which it claims is fully funded by existing customer contracts.