PiggyGPT

Private companiesCovered

LeoLabs

Menlo Park, California, United States · Founded 2016

LeoLabs runs a commercial network of ground-based radars that track satellites and debris in low Earth orbit, and sells the data and analytics to military space commands, civil agencies and satellite operators. It spun out of SRI International in 2016. Its Delta system is sold for U.S. and allied space domain awareness, and its first transportable Scout-S radar was deployed in the Indo-Pacific in June 2026.

Profile

What it builds and who buys it

  • ·LeoLabs’ radar technology began as SRI International research into the Earth’s ionosphere, and the company spun out of SRI in 2016.LeoLabs (company release via PR Newswire), Feb 27, 2017
  • ·In September 2026 the company ran 12 larger radar sites around the globe, Breaking Defense reported.Breaking Defense, Sep 15, 2026
  • ·Its object catalog held over 26,000 objects in June 2026.LeoLabs (company release), Jun 10, 2026
  • ·In January 2025 the company named its customers as the U.S. Department of Defense, the space agencies and commands of nine U.S. allies and partners, and commercial space operators.LeoLabs (company release), Jan 16, 2025
  • ·In April 2026 it launched Delta, an AI-powered threat detection and characterization system for U.S. and allied national security missions, replacing its LeoGuard product. Pulse, for collision avoidance, and Trace, for launch and early operations, complete the suite.LeoLabs (company release), Apr 8, 2026
  • ·The Office of Space Commerce and the Space Force’s Joint Commercial Operations cell awarded LeoLabs a contract on September 30, 2025 to jointly license its object catalog, delivered to the Space Force Unified Data Library.LeoLabs (company release), Dec 9, 2025
  • ·SpaceWERX selected LeoLabs for a $60 million STRATFI effort to deploy a Seeker-class radar in the Indo-Pacific by 2027, with up to $15 million projected from the Air Force Research Laboratory, $15 million from government sponsors and $30 million in private capital.LeoLabs (company release), Mar 14, 2025
  • ·SpaceWERX selected it for a $4 million TACFI effort in June 2025 to add foreign-launch detection and tracking software to its Scout radar.LeoLabs (company release), Jun 30, 2025
  • ·Scout-S, a transportable 3D search radar housed in a 20-foot ISO container, was deployed in the Indo-Pacific in June 2026 and took part in an experiment at U.S. Indo-Pacific Command’s Valiant Shield 2026 exercise.LeoLabs (company release), Jun 10, 2026
  • ·The company said future Scout systems are planned to expand into missile warning and tracking.LeoLabs (company release), Jun 10, 2026
  • ·In August 2026 it was awarded a $20.68 million prototype other transaction agreement to deliver a modified Scout system to the U.S. Space Force for a new defense mission set.LeoLabs (company release), Aug 26, 2026
  • ·In September 2026 Breaking Defense reported that LeoLabs will offer Scout-S to governments as a service, as a government-funded contractor-operated system or as a government-owned system, and was in talks with over a dozen allied countries.Breaking Defense, Sep 15, 2026
  • ·The company said it was awarded a place on the Missile Defense Agency’s SHIELD indefinite-delivery/indefinite-quantity contract, whose $151 billion ceiling is the vehicle’s, not an award to LeoLabs.LeoLabs (company release), Jan 27, 2026
  • ·The company reported more than $60 million in total contract awards in 2025 and 186% growth in U.S. government contracts. It has published no revenue figure.LeoLabs (company release), Jan 27, 2026
  • ·In August 2024 the company said it was trusted by commercial space operators that own 75% of the operational satellites in low Earth orbit.LeoLabs (company release), Aug 6, 2024
  • ·It reported more than $50 million in contracts won in 2024 and nearly 140% year-over-year revenue growth.LeoLabs (company release), Jan 16, 2025
  • ·Hercules Capital’s 10-Q for the quarter ended June 30, 2026 lists a senior secured loan to LeoLabs maturing April 2030, with a principal amount of $6,609 thousand and $9,900 thousand of unfunded commitments.SEC EDGAR (Hercules Capital Form 10-Q), Jul 30, 2026
  • ·TriplePoint Venture Growth’s 10-Q lists a warrant for 218,512 LeoLabs preferred shares acquired January 20, 2022.SEC EDGAR (TriplePoint Venture Growth Form 10-Q), Aug 5, 2026
  • ·Tony Frazier, formerly executive vice president of Earth Intelligence at Maxar Technologies, became chief executive in February 2024, and co-founder Dan Ceperley moved from chief executive to chief operating officer.LeoLabs (company release via PR Newswire), Feb 26, 2024
  • ·Ramsey Price, formerly chief financial officer at Brillient Corporation and a vice president of finance at Maxar, joined as chief financial officer in April 2025.LeoLabs, Apr 2, 2025

Founders and leadership

  • Dan CeperleyCo-founder and chief operating officer

    Program director for space debris tracking at SRI International before LeoLabs. Ph.D. in electrical engineering from U.C. Berkeley. Chief executive until February 2024.LeoLabs

  • Edward LuCo-founder and chief technology officer

    Former NASA astronaut who flew two Space Shuttle missions and a six-month International Space Station tour. Co-founded the B612 Foundation. Doctorate in applied physics from Stanford.LeoLabs

  • John BuonocoreCo-founder and chief engineer

    More than 30 years as a principal research engineer at SRI International, where he led design and field deployment of radar systems.LeoLabs

Prospects, after the June 2026 Scout-S deployment

Prepared by PiggyGPT, as of Oct 15, 2026

  • ·The customers on file are the U.S. Space Force, the Office of Space Commerce, allied space commands and commercial operators. The Space Force contracts on file are prototype and funding-increase awards, with the catalog license as the interagency data buy.LeoLabs (company release), Dec 9, 2025
  • ·The company is moving from selling data to selling radars. Scout-S is offered to governments as a service or as an owned system, and future Scout systems are planned for missile warning and tracking.Breaking Defense, Sep 15, 2026
  • ·The last equity raise on file is the $29 million of February 2024, with no valuation stated. Hercules Capital lent to the company and took a warrant in April 2026. No revenue figure is on file, only stated growth rates and bookings.SEC EDGAR (Hercules Capital Form 10-Q), Jul 30, 2026
  • ·For the acquisition read, the ties on file are an early corporate venture investor, Airbus Ventures, and two partners, Anduril and Firefly Aerospace’s SciTec. None holds a reported current stake or interest in a deal, and LeoLabs has said it is evaluating acquisitions of its own. The posture is watch.LeoLabs (company release), May 18, 2026

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

No citable valuation

Last round or tender

$29Mraised

Series B extensionLeoLabs (company release via PR Newswire), Feb 12, 2024

The company called it an additional $29 million in financing, led by GP Bullhound, with 1941 and Dolby Family Ventures new and Insight Partners, Velvet Sea Ventures, Space Capital, MDSV Capital and an AngelList syndicate returning. TechCrunch reported it as an extension of the Series B. No valuation was stated.

Latest revenue figure

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Valuation to revenue

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Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Feb 12, 2024Series B extensionThe company called it an additional $29 million in financing, led by GP Bullhound, with 1941 and Dolby Family Ventures new and Insight Partners, Velvet Sea Ventures, Space Capital, MDSV Capital and an AngelList syndicate returning. TechCrunch reported it as an extension of the Series B. No valuation was stated.$29M—
Jun 3, 2021Series BLed by Insight Partners and existing investor Velvet Sea Ventures. The company said total capital raised passed $100 million. CNBC reported that the company declined to comment on its valuation.$65M—
Jul 26, 2018Series ALed by WERU Investment and Airbus Ventures, with Space Angels and Horizons Ventures.$13M—
Feb 27, 2017Funding roundThe company announced a $4 million investment round and did not name it. Investors included SRI International, Horizons Ventures and Airbus Ventures.$4M—

Primary capital across the rounds on file: $111M

Revenue

No citable revenue figure on file.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 15, 2026

    Clarity Price $5.00, as of Oct 15, 2026

    Clarity calls the figure a model-derived indicative estimate calculated daily and shows it up 108.33% all time; the page dates it no further than a "last updated" line reading August 28, 2026. Its funding table lists the February 2024 round as Series B-X at $29 million.

  • Nasdaq Private Marketpublic page seen Oct 15, 2026

    NPM Price $3.99, as of Sep 30, 2026

    The page text estimates the price per share at $3.99 as of September 30, 2026; the page title shows $3.98. The page gives the founding year as 2015 and lists a Series A-4 of January 2020 that no company or press source on file confirms.

  • Caplightpublic page seen Oct 15, 2026

    No price on the public page.

    The page shows no MarketPrice and says no recent secondary market data is available; the valuation it estimates from round data is an aggregator’s figure and is not recorded.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 15, 2026

Signals

  • Feb 27, 2017Airbus Ventures invested in LeoLabs’ $4 million funding round, alongside SRI International and Horizons Ventures.LeoLabs (company release via PR Newswire), Feb 27, 2017
  • Jul 26, 2018Airbus Ventures co-led the $13 million Series A with WERU Investment.LeoLabs (company release via PR Newswire), Jul 26, 2018
  • Aug 25, 2018An Airbus Ventures partner told CNBC the fund is quite independent from Airbus and does not force a marriage with it, and said LeoLabs already worked with the broader Airbus, chiefly on OneWeb.CNBC, Aug 25, 2018
  • Jun 3, 2021LeoLabs closed a $65 million Series B led by Insight Partners and Velvet Sea Ventures.LeoLabs (company release), Jun 3, 2021
  • Feb 12, 2024LeoLabs raised an additional $29 million led by GP Bullhound, with no valuation stated.LeoLabs (company release via PR Newswire), Feb 12, 2024
  • Sep 8, 2025LeoLabs, Varda and Anduril announced a joint demonstration in which LeoLabs radar tracks of a Varda capsule’s maneuvers were integrated into Anduril’s Lattice software.LeoLabs (joint release with Varda and Anduril), Sep 8, 2025
  • Apr 8, 2026Hercules Capital took a warrant for 106,289 LeoLabs common shares, dated April 8, 2026, beside a senior secured loan maturing April 2030, its 10-Q shows.SEC EDGAR (Hercules Capital Form 10-Q), Jul 30, 2026
  • May 18, 2026LeoLabs named Jonathan Moneymaker, founder of BlueHalo, as board chairman, and said it is evaluating strategic acquisitions of its own.LeoLabs (company release), May 18, 2026
  • Sep 9, 2026LeoLabs announced it is teaming with SciTec, a Firefly Aerospace company, on SciTec’s $93,704,410 Space Force agreement for ground-based radar digitization.LeoLabs (company release), Sep 9, 2026

Named counterparties

  • AirbusIts venture fund, Airbus Ventures, invested in the 2017 round and co-led the 2018 Series A; the fund’s partner said it operates independently of Airbus. No current stake or interest in a deal has been reported.CNBC, Aug 25, 2018
  • AndurilIntegrated LeoLabs radar data into its Lattice software in a 2025 joint demonstration. No stake or interest in a deal has been reported.LeoLabs (joint release with Varda and Anduril), Sep 8, 2025
  • Firefly AerospaceIts SciTec business is teaming with LeoLabs on a Space Force ground-based radar digitization agreement. No stake or interest in a deal has been reported.LeoLabs (company release), Sep 9, 2026

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 15, 2026