BlackSky Technology (BKSY) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39113
Entity Registrant Name	BLACKSKY TECHNOLOGY INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1949578
Entity Address, Address Line One	13241 Woodland Park Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Herndon
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171
City Area Code	571
Local Phone Number	267-1571
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		121,364,748
Entity Central Index Key	0001753539
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Ex Transition Period	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	BKSY
Security Exchange Name	NYSE
Common Stock warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
Trading Symbol	BKSY.W
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 37,201	$ 165,586
Restricted cash	2,835	2,518
Short-term investments	50,699	0
Accounts receivable, net of allowance of $0 and $39, respectively	5,101	2,629
Prepaid expenses and other current assets	5,487	6,264
Contract assets	5,915	1,678
Total current assets	107,238	178,675
Property and equipment - net	78,157	70,551
Goodwill	9,393	9,393
Investment in equity method investees	4,150	4,002
Intangible assets - net	2,058	2,480
Satellite procurement work in process	41,664	40,102
Other assets	1,675	560
Total assets	244,335	305,763
Current liabilities:
Accounts payable and accrued liabilities	14,579	10,837
Amounts payable to equity method investees	1,667	5,613
Contract liabilities - current	9,018	11,266
Other current liabilities	1,531	2,819
Total current liabilities	26,795	30,535
Liability for estimated contract losses	1,966	6,054
Long-term contract liabilities	42	568
Derivative liabilities	6,296	16,925
Long-term debt - net of current portion	72,956	71,408
Other liabilities	2,867	653
Total liabilities	110,922	126,143
Commitments and contingencies (Note 17)
Stockholders’ equity:
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 121,357 and 117,160 shares; outstanding, 118,906 shares and 114,452 shares as of September 30, 2022 and December 31, 2021, respectively.	12	11
Additional paid-in capital	663,654	650,518
Accumulated deficit	(530,253)	(470,909)
Total stockholders’ equity	133,413	179,620
Total liabilities and stockholders’ equity	$ 244,335	$ 305,763

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Allowance for doubtful accounts	$ 0	$ 39
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	121,357,000	117,160,000
Common stock shares outstanding (in shares)	118,906,000	114,452,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Revenue	$ 16,935	$ 7,937	$ 45,933	$ 22,596
Costs and expenses
Selling, general and administrative	18,713	40,674	58,988	57,979
Research and development	197	57	449	85
Depreciation and amortization	9,598	3,503	26,166	9,804
Satellite impairment loss	0	0	0	18,407
Operating loss	(19,360)	(48,950)	(68,198)	(88,249)
Gain (loss) on derivatives	7,135	3,813	10,629	(11,162)
(Loss) income on equity method investment	(776)	(170)	694	793
Interest income	486	0	664	0
Interest expense	(1,226)	(1,225)	(3,756)	(3,663)
Other expense, net	(14)	(365)	(54)	(147,735)
Loss before income taxes	(13,755)	(46,897)	(60,021)	(250,016)
Income tax (expense) benefit	0	0	0	0
Loss from continuing operations	(13,755)	(46,897)	(60,021)	(250,016)
Gain (loss) from discontinued operations (including gain (loss) from disposal of Spaceflight Inc. of $707, $0, $707, and $(1,022) for the three and nine months ended September 30, 2022 and 2021, respectively)			707	(1,022)
Income tax (expense) benefit	0	0	0	0
Gain (loss) from discontinued operations, net of income taxes	707	0	707	(1,022)
Net loss	(13,048)	(46,897)	(59,314)	(251,038)
Other comprehensive income	0	541	0	0
Total comprehensive loss	$ (13,048)	$ (46,356)	$ (59,314)	$ (251,038)
Basic:
Loss from continuing operations (in dollars per share)	$ (0.12)	$ (0.67)	$ (0.51)	$ (4.29)
(Loss)/gain from discontinued operations, net of tax (in dollars per share)	0.01	0	0.01	(0.02)
Net loss per share of common stock (in dollars per share)	(0.11)	(0.67)	(0.50)	(4.31)
Diluted:
Loss from continuing operations (in dollars per share)	(0.12)	(0.67)	(0.51)	(4.29)
(Loss)/gain from discontinued operations, net of tax (in dollars per share)	0.01	0	0.01	(0.02)
Net loss per share of common stock, diluted (in dollars per share)	$ (0.11)	$ (0.67)	$ (0.50)	$ (4.31)
Imagery & software analytical services
Revenue
Revenue	$ 14,991	$ 6,529	$ 38,113	$ 17,645
Costs and expenses
Costs excluding depreciation and amortization	5,251	7,266	16,508	15,816
Engineering & systems integration
Revenue
Revenue	1,944	1,408	7,820	4,951
Costs and expenses
Costs excluding depreciation and amortization	$ 2,536	$ 5,387	$ 12,020	$ 8,754

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Spaceflight Inc.
Gain (loss) on disposal of discontinued operations	$ 707	$ 0	$ 707	$ (1,022)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Merger Common Stock warrants	Sponsor Shares	Adjusted balance	Common Stock	Common Stock Merger Common Stock warrants	Common Stock Sponsor Shares	Common Stock Adjusted balance	Additional Paid-in Capital	Additional Paid-in Capital Merger Common Stock warrants	Additional Paid-in Capital Sponsor Shares	Additional Paid-in Capital Adjusted balance	Other Comprehensive Income	Other Comprehensive Income Adjusted balance	Accumulated Deficit	Accumulated Deficit Adjusted balance
Balance at beginning of period at Dec. 31, 2020				$ (32,813)				$ 3				$ 191,168		$ 0		$ (223,984)
Balance at beginning of period (in shares) at Dec. 31, 2020								34,692,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 508								$ 508
Issuance of common stock due to Bridge Notes	103,724				$ 2				103,722
Issuance of common stock due to Bridge Notes (in shares)					20,029,000
Issuance of common stock upon exercise of stock options (in shares)					468,000
Issuance of common stock upon exercise of stock options	1								1
Issuance of common stock upon vesting of restricted stock awards (in shares)					171,000
Issuance of common stock on conversion (in shares)					1,095,000
Issuance of common stock on conversion	120								120
Other comprehensive income (loss)	1,389												$ 1,389
Net loss	(168,556)														$ (168,556)
Balance at end of period at Mar. 31, 2021	(95,627)				$ 5				295,519				1,389		(392,540)
Balance at end of period (in shares) at Mar. 31, 2021					56,455,000
Balance at beginning of period at Dec. 31, 2020				$ (32,813)				$ 3				$ 191,168		$ 0		$ (223,984)
Balance at beginning of period (in shares) at Dec. 31, 2020								34,692,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase and retirement of common stock	0
Other comprehensive income (loss)	0
Net loss	(251,038)
Balance at end of period at Sep. 30, 2021	152,797				$ 11				629,090				0		(476,304)
Balance at end of period (in shares) at Sep. 30, 2021					113,324,000
Balance at beginning of period at Mar. 31, 2021	(95,627)				$ 5				295,519				1,389		(392,540)
Balance at beginning of period (in shares) at Mar. 31, 2021					56,455,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	264								264
Issuance of common stock due to Bridge Notes Rights Offering	2,629								2,629
Issuance of common stock due to rights offering (in shares)					314,000
Issuance of common stock upon exercise of stock options (in shares)					210,000
Issuance of common stock upon exercise of stock options	6								6
Issuance of common stock upon vesting of restricted stock awards (in shares)					130,000
Issuance of common stock upon vesting of restricted stock units (in shares)					34,000
Other comprehensive income (loss)	(1,930)												(1,930)
Net loss	(35,585)														(35,585)
Balance at end of period at Jun. 30, 2021	(130,243)				$ 5				298,418				(541)		(428,125)
Balance at end of period (in shares) at Jun. 30, 2021					57,143,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	28,493								28,493
Issuance of common stock upon exercise of stock options (in shares)					290,000
Issuance of common stock upon exercise of stock options	93								93
Issuance of common stock upon exercise of warrants, inclusive of preferred stock warrants exercised then converted to common stock in connection with the merger (in shares)					2,156,000
Issuance of common stock upon exercise of warrants, inclusive of preferred stock warrants exercised then converted to common stock in connection with the merger	2,169								2,169
Issuance of common stock upon vesting of restricted stock awards (in shares)					160,000
Issuance of common stock upon vesting of restricted stock units (in shares)					68,000
Issuance of common stock on conversion (in shares)						11,187,000	7,736,000
Issuance of common stock on conversion		$ 38,329	$ 77,097			$ 1	$ 1			$ 38,328	$ 77,096
Issuance of Sponsor Shares	(17,659)								(17,659)
Reverse recapitalization, net (in shares)					34,584,000
Reverse recapitalization, net	200,874				$ 4				202,152						(1,282)
Other comprehensive income (loss)	541												541
Net loss	(46,897)														(46,897)
Balance at end of period at Sep. 30, 2021	152,797				$ 11				629,090				0		(476,304)
Balance at end of period (in shares) at Sep. 30, 2021					113,324,000
Balance at beginning of period at Dec. 31, 2021	$ 179,620				$ 11				650,518				0		(470,909)
Balance at beginning of period (in shares) at Dec. 31, 2021	114,452,000				114,452,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 10,862								10,862
Issuance of common stock upon exercise of stock options (in shares)					404,000
Issuance of common stock upon exercise of stock options	17								17
Issuance of common stock upon vesting of restricted stock awards (in shares)					129,000
Issuance of common stock upon vesting of restricted stock units (in shares)					4,816,000
Issuance of common stock upon vesting of restricted stock units	1				$ 1
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock (in shares)					1,874,000
Withholding of restricted stock units to satisfy tax withholding obligations upon the vesting of restricted stock units	(3,616)								(3,616)
Net loss	(19,988)														(19,988)
Balance at end of period at Mar. 31, 2022	166,896				$ 12				657,781				0		(490,897)
Balance at end of period (in shares) at Mar. 31, 2022					117,927,000
Balance at beginning of period at Dec. 31, 2021	$ 179,620				$ 11				650,518				0		(470,909)
Balance at beginning of period (in shares) at Dec. 31, 2021	114,452,000				114,452,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	638,000
Repurchase and retirement of common stock (in shares)	(14,603)
Repurchase and retirement of common stock	$ (30)														(30)
Other comprehensive income (loss)	0
Net loss	(59,314)
Balance at end of period at Sep. 30, 2022	$ 133,413				$ 12				663,654				0		(530,253)
Balance at end of period (in shares) at Sep. 30, 2022	118,906,000				118,906,000
Balance at beginning of period at Mar. 31, 2022	$ 166,896				$ 12				657,781				0		(490,897)
Balance at beginning of period (in shares) at Mar. 31, 2022					117,927,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,365								3,365
Issuance of common stock upon exercise of stock options (in shares)					180,000
Issuance of common stock upon exercise of stock options	8								8
Issuance of common stock upon vesting of restricted stock awards (in shares)					27,000
Issuance of common stock upon vesting of restricted stock units (in shares)					520,000
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock (in shares)					201,000
Withholding of restricted stock units to satisfy tax withholding obligations upon the vesting of restricted stock units	(444)								(444)
Net loss	(26,278)														(26,278)
Balance at end of period at Jun. 30, 2022	143,547				$ 12				660,710				0		(517,175)
Balance at end of period (in shares) at Jun. 30, 2022					118,453,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,423								3,423
Issuance of common stock upon exercise of stock options (in shares)					54,000
Issuance of common stock upon exercise of stock options	12								12
Issuance of common stock upon vesting of restricted stock awards (in shares)					22,000
Issuance of common stock upon vesting of restricted stock units (in shares)					633,000
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock (in shares)					241,000
Withholding of restricted stock units to satisfy tax withholding obligations upon the vesting of restricted stock units	$ (491)								(491)
Repurchase and retirement of common stock (in shares)	(14,603)				(15,000)
Repurchase and retirement of common stock	$ (30)														(30)
Other comprehensive income (loss)	0
Net loss	(13,048)														(13,048)
Balance at end of period at Sep. 30, 2022	$ 133,413				$ 12				$ 663,654				$ 0		$ (530,253)
Balance at end of period (in shares) at Sep. 30, 2022	118,906,000				118,906,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (59,314)	$ (251,038)
Gain (loss) from discontinued operations, net of income taxes	707	(1,022)
Loss from continuing operations	(60,021)	(250,016)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	26,166	9,804
Loss on debt extinguishment	0	(75)
Bad debt expense	13	4
Stock-based compensation expense	16,389	29,265
Loss on issuance of 2021 convertible Bridge Notes	0	96,476
Loss on issuance of 2021 convertible Bridge Notes Rights Offering	0	3,193
Issuance costs for derivative liabilities and debt carried at fair value	0	48,009
Amortization of debt discount and issuance costs	1,549	1,311
Gain on equity method investment	(694)	(793)
Loss on disposal of property and equipment	0	24
(Gain) loss on derivatives	(10,629)	11,162
Satellite impairment loss	0	18,407
Interest income	(373)	0
Other, net	106	0
Changes in operating assets and liabilities:
Accounts receivable	(2,485)	(2,010)
Contract assets	(4,237)	1,487
Prepaid expenses and other current assets	657	(4,428)
Other assets	(1,335)	(423)
Accounts payable and accrued liabilities	692	(15)
Other current liabilities	(581)	(2,195)
Contract liabilities - current and long-term	(2,774)	(1,960)
Liability for estimated contract losses	(4,088)	1,385
Other liabilities	2,216	2,496
Net cash used in operating activities	(39,429)	(38,742)
Cash flows from investing activities:
Purchase of property and equipment	(8,905)	(532)
Satellite procurement work in process	(25,421)	(48,951)
Purchase of short-term investments	(50,343)	0
Purchase of domain name	0	(7)
Proceeds from equity method investment	546	0
Net cash used in investing activities	(84,123)	(49,490)
Cash flows from financing activities:
Proceeds from recapitalization transaction, net of payment of equity issuance costs	0	245,222
Payments of transaction costs related to Sponsor Shares	0	(291)
Proceeds from issuance of debt	0	58,573
Proceeds from options exercised	37	100
Proceeds from warrants exercised	0	163
Capital lease payments	2	0
Debt payments	0	(22,198)
Payments for debt issuance costs	0	(6,238)
Withholding tax payments on vesting of restricted stock units	(4,551)	0
Net cash (used in) provided by financing activities	(4,516)	275,331
Net (decrease) increase in cash, cash equivalents, and restricted cash	(128,068)	187,099
Cash, cash equivalents, and restricted cash – beginning of year	168,104	10,573
Cash, cash equivalents, and restricted cash – end of period	40,036	197,672
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	37,201	194,942
Restricted cash	2,835	2,730
Total cash, cash equivalents, and restricted cash	40,036	197,672
Supplemental disclosures of cash flow information:
Cash paid for interest	5	398
Supplemental disclosures of non-cash financing and investing information:
Capitalized stock-based compensation	1,261	0
Capitalized interest for property and equipment placed into service	220	735
Accretion of short-term investments' discounts and premiums	357	0
Repurchase and retirement of common stock	30	0
Equity costs accrued but not paid	0	388
Issuance of common stock due to Bridge Notes, net of issuance costs	0	106,353
Issuance of common stock warrants due to Bridge Notes	0	18,800
Net exercise of common stock warrants	0	210
Conversion of Bridge Notes	0	77,097
Net exercise of Bridge Note warrants	0	38,329
Contingent liability for working capital adjustment and use taxes to M&Y Space Co. Ltd	707	1,022
Common Stock warrants
Supplemental disclosures of non-cash financing and investing information:
Net exercise of common stock warrants in connection with merger	0	1,324
Property, Plant and Equipment
Supplemental disclosures of non-cash financing and investing information:
Property and equipment additions accrued but not paid	$ 4,329	$ 1,184

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business On September 9, 2021, Osprey Technology Acquisition Corp. (“Osprey”) consummated the previously announced merger (the “Merger”) with BlackSky Holdings, Inc. (f/k/a Spaceflight Industries, Inc.), a Delaware corporation (“Legacy BlackSky”), pursuant to the agreement and plan of merger, dated February 17, 2021, by and among Osprey, Osprey Technology Merger Sub, Inc., a direct, wholly owned subsidiary of Osprey, and Legacy BlackSky. Immediately following the Merger, Osprey changed its name to BlackSky Technology Inc. (“BlackSky” or the “Company”). Legacy BlackSky survived the Merger and is now a wholly owned subsidiary of BlackSky. As a special purpose acquisition corporation, Osprey had no pre-Merger operations other than to identify and consummate a merger. Therefore, BlackSky’s operations post-Merger are attributable to those of Legacy BlackSky and its subsidiaries, and references to “BlackSky” or the “Company” should be read to include BlackSky’s wholly owned subsidiaries. References in this report to Company actions, assets/liabilities, or contracts may be references to actions taken, assets/liabilities held, or contracts entered into by one or more current Company subsidiaries; however, the Company has distinguished between actions taken by Legacy BlackSky or Osprey for certain time based, historical transactions. BlackSky, headquartered in Herndon, Virginia, is a leading provider of real-time geospatial intelligence. The Company owns and operates one of the industry's leading high-performance low earth orbit small satellite constellations. Our constellation is optimized to cost-efficiently capture imagery at high revisit rates where and when our customers need it. BlackSky’s Spectra AI software platform processes millions of observations a day from our proprietary satellite constellation and from multiple external data sources including imaging, radar and radio frequency satellites, environmental sensors, asset tracking sensors, Internet of Things (“IoT”) connected devices, internet-enabled narrative sources, and a variety of geotemporal data feeds. Spectra AI employs advanced, proprietary artificial intelligence ("AI") and machine learning (“ML”) techniques to process, analyze, and transform these data feeds into alerts, information, and insights. Customers can access Spectra AI’s data and analytics through easy-to-use web services or through platform application programming interfaces. As of September 30, 2022, BlackSky had 14 satellites in commercial operation. BlackSky has two primary operating subsidiaries, BlackSky Global LLC and BlackSky Geospatial Solutions, Inc. The Company also owns fifty percent of LeoStella LLC (“LeoStella”), its joint venture with Thales Alenia Space US Investment LLC (“Thales”). LeoStella is a vertically-integrated small satellite design and manufacturer based in Tukwila, Washington, from which the Company procures satellites to operate its business. The Company accounts for LeoStella and X-Bow Launch Systems Inc. (“X-Bow”), a space technology company specializing in additive manufacturing of solid rocket motors of which BlackSky owns less than 20%, as equity method investments (Note 6).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Preparation The Company has prepared its unaudited condensed consolidated financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) and the instructions to Form 10-K and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. In addition, the unaudited condensed consolidated financial statements include the Company’s proportionate share of the earnings or losses of its equity method investments and a corresponding increase or decrease to its investment, with recorded losses limited to the carrying value of the Company’s investment. All intercompany transactions and balances have been eliminated upon consolidation. The Company’s unaudited condensed consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities, including equity warrants and other equity Use of Estimates The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies at the reporting date, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could materially differ from these estimates. Significant estimates made by the Company include, but are not limited to, revenue and associated cost recognition, the collectability of accounts receivable, the recoverability and useful lives of property and equipment, the valuation of equity warrants and warrant liabilities, fair value estimates, the recoverability of goodwill and intangible assets, the provision for income taxes, and stock-based compensation. Investments The Company’s investments generally consist of A-1, or higher, rated corporate debt and governmental securities as short-term investments. Our investments are classified as held-to-maturity and have a stated maturity date of one year or less from the balance sheet date. Any investments with original maturities less than three months are considered as cash equivalents. Property and Equipment - net The Company capitalizes internal and external costs incurred to develop and implement internal-use software, which consist primarily of costs related to design, coding, and testing. Internal costs include salaries and allocations of fringe and stock-based compensation. When the software is ready for its intended use, capitalization ceases and such costs are amortized on a straight-line basis over the estimated life to either depreciation or cost of sales depending on the nature of the software. Costs incurred prior to and after the application development stage are charged to development costs as part of selling, general, and administrative expense in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company regularly reviews its capitalized software projects for impairment. Fair Value of Financial Instruments The Company accounts for certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The process for analyzing the fair value measurement of certain financial instruments on a recurring, or non-recurring, basis includes significant judgment and estimates of inputs including, but not limited to, share price, volatility, discount for lack of marketability, application of an appropriate discount rate, and probability of liquidating events. The Company utilizes the market valuation methodology and specific option pricing methodology, such as the Monte Carlo simulation, method to value the more complex financial instruments and the Black-Scholes option-pricing model to value standard common stock warrants and common stock options. The framework for measuring fair value specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 Inputs. Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 Inputs. Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 Inputs. Inputs are unobservable inputs which reflect the Company’s own assumptions on what assumptions market participants would use in pricing the asset or liability based on the best available information. Revenue Recognition The Company generates revenue from the sale of imagery and software analytical services and engineering and systems integration. Imagery and software analytical services revenue includes imagery, data, software, and analytics, including professional services. This revenue is recognized from services rendered under cost-plus-fixed-fee contracts, firm fixed price contracts, a time and materials basis or non-cancellable subscription order agreements. Engineering and systems integration revenue is from fixed price long-term construction contracts. The Company generates revenue primarily through contracts with government agencies. Most of the fixed price contracts include multiple promises, which are generally separated as distinct performance obligations. The Company allocates the transaction price to each performance obligation based on the relative standalone selling prices using observable sales transactions where applicable. In accordance with Accounting Standards Update No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” (“ASC 606”), the Company uses the five-step model of identifying the performance obligations contained in a contract, determining transaction price, allocating transaction price, and determining when performance obligations are satisfied can require the application of significant judgment, as further discussed below. Revenue is measured at the fair value of consideration received or receivable and net of discounts. The Company applies a policy election to exclude transaction taxes collected from customer sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company estimates any variable consideration, and whether the transaction price is constrained, upon execution of each contract. The Company did not have any active contracts with significant variable consideration as of September 30, 2022. Imagery & Software Analytical Services Revenue Imagery Imagery services include imagery delivered from the Company’s satellites in orbit via its Spectra AI platform and in limited cases directly uploaded to certain customers. Customers can directly task our proprietary satellite constellation to collect and deliver imagery over specific locations, sites and regions that are critical to their operations. We offer customers several service level options that include basic plans for on-demand tasking or multi-year assured access programs, where customers can secure priority access and imaging capacity at a premium over a region of interest on a take or pay basis. Imagery performance obligations are recognized ratably over the fixed price subscription period for the right to access imagery or as revenue at the point-in-time when the Company delivers images to the Spectra AI platform. Data, Software, and Analytics The Company leverages proprietary AI and ML algorithms to analyze data coming from both the Company’s proprietary sensor network and third-party space and terrestrial sources to provide hard-to-get data, insights, and analytics for customers. The Company continues to integrate and enhance its offerings by performing contract development, while retaining the intellectual property rights. The Company also provides technology enabled professional service solutions to support customer-specific software development requests, integration, testing, and training. The Company uses system engineers to support customer efforts to manage mass quantities of data. The Company also offers professional service solutions related to object, change and anomaly detection, site monitoring, and enhanced analytics, through which the Company can detect key pattern of life changes in critical locations such as ports, airports, and construction sites; retail activity; commodities stockpiles; and other sites that contain critical commodities and supply chain information . Our analytics services are also offered on a consumption or subscription basis and provide customers with access to our site monitoring, event monitoring and global data services. Imagery and software analytical services revenue from data, software, and analytics contracts is recognized from the rendering of services over time on a cost-plus-fixed-fee, firm fixed price, or time and materials basis as well as, at the point-in-time the customer receives access to an analytic product. For firm fixed price professional service contracts, the Company recognizes revenue using total estimated costs to complete the performance obligation, ("Estimate at Completion" or "EAC"). A performance obligation’s EAC includes all direct costs such as labor, materials, subcontract costs and overhead. In addition, an EAC of a performance obligation includes future losses estimated to be incurred on contracts, as and when known. For contracts structured as cost-plus-fixed-fee or on a time and materials basis, the Company generally recognizes revenue based on the right-to-invoice when practically expedient, as the Company is contractually able to invoice the customer based on the control transferred to the customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Engineering and Systems Integration Revenue The Company develops and delivers advanced launch vehicle, satellite and payload systems for a limited number of customers that leverage the Company’s capabilities in mission systems engineering and operations, ground station operations, and software and systems development. These systems are sold to government customers under fixed price contracts. The Company generally recognizes revenue over time using the cost-to-cost method to measure progress, pursuant to which the extent of progress towards completion is measured based on the ratio of costs incurred to date to the EAC. The estimation of total estimated costs at completion is subject to many variables and requires judgment. The Company recognizes changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in a prior period. If at any time, the estimate of profitability for a performance obligation indicates a probable anticipated loss, the Company recognizes the total loss for the performance obligation in the period it is identified. Changes in estimates related to contracts accounted for using the cost-to-cost measure of progress are recognized in the period in which such changes are made for the inception-to-date effect of the changes. For the three and nine months ended September 30, 2022, the Company recognized $0.3 million and $2.0 million, respectively, of unfavorable cumulative adjustments to revenue directly from estimated cost increases on two engineering and systems integration contracts (Note 5). All, or a portion, of this cumulative adjustment will be recognized in future revenue as the percentage of completion increases over time. During the three and nine months ended September 30, 2021, the Company recognized a $1.6 million unfavorable impact to revenue attributable to changes in estimates for two engineering and systems integration contracts. During the three and nine months ended September 30, 2022, there was no revenue recognized from performance obligations satisfied in previous period s . Imagery and Software Analytical Service and Engineering and Systems Integration Costs Imagery and software analytical service costs primarily include internal aerospace and geospatial software development labor, third-party data and imagery, internal labor to support the ground stations and space operations, and cloud computing and hosting services. The Company recognizes stock-based compensation expense for those employees whose work supports the imagery and software analytical service costs we provide to customers, under imagery and software analytical service costs, excluding depreciation and amortization. For those employees who provide engineering and systems support to customers, the stock-based compensation expense is classified under engineering and systems integration costs. For the remaining employees who generally support the Company and its business, the stock-based compensation expense is recognized under selling, general and administrative expense in the unaudited condensed consolidated statements of operations and comprehensive loss. Engineering and systems integration costs primarily include the cost of internal labor for product design, integration and engineering in support of long-term development contracts for launch vehicle, satellite and payload systems. The Company also incurs subcontract direct materials and external labor costs to build and test specific components such as the communications system, payload demands and sensor integration. Stock-Based Compensation Restricted Stock Awards and Restricted Stock Units We have granted RSAs and we grant RSUs to certain employees, for which the grant date fair value is equal to the trading price fair value of the Class A common stock on the date of grant. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the New York Stock Exchange (“NYSE”) trading price as the fair value of the Class A common stock for valuation purposes. For all awards for which vesting is only subject to a service condition, including those subject to graded vesting, the Company has elected to use the straight-line method to recognize the fair value as compensation cost over the requisite service period. Certain of the Company’s outstanding RSUs had performance vesting conditions that were triggered upon the consummation of the Merger. Therefore, since the performance conditions attributable to these RSUs had been met, the Company commenced recording the associated compensation expense, inclusive of a catch-up amount for the service period between their grant date and satisfaction of the performance condition, as of the closing of the Merger. The fair value of the RSUs that include a performance condition is recognized as compensation expense over the requisite service period using the accelerated attribution method, which accounts for RSUs with discrete vesting dates as if they were a separate award. Expense related to stock-based payments is classified in the unaudited condensed consolidated statements of operations and comprehensive loss based upon the classification of each employees’ cash compensation. Stock Options The Company uses the Black-Scholes option pricing model to value all options and the straight-line method to recognize the fair value as compensation cost over the requisite service period. The fair value of each option granted was estimated as of the date of grant. The Company granted options in the three and nine months ended September 30, 2022. The Company uses the following inputs when applying the Black-Scholes option pricing model: Expected Dividend Yield . The Black-Scholes valuation model requires an expected dividend yield as an input. The dividend yield is based on historical experience and expected future changes. The Company currently has no plans to pay dividends on its Class A common stock. Expected Volatility . The Company does not have enough historical share price history, therefore, the expected volatility was estimated based upon the historical share price volatility of guideline comparable companies. Risk-free Interest Rate . The yield on actively traded non-inflation indexed U.S. Treasury notes was used to extrapolate an average risk-free interest rate based on the expected term of the underlying grants. Expected Term . For options granted in 2021 and 2022, since there is not a history of option exercises as a public company, the Company considered the option vesting terms and contractual period, as well as the demographics of the holders, in estimating the expected term. For options granted prior to 2021, the expected term was the estimated duration to a liquidation event based on a weighted average consideration of the most likely exit prospects for that stage of development. Legacy BlackSky was privately funded and, accordingly, the lack of marketability was factored into the expected term of options granted. The Company will review its estimate in the future and adjust it, if necessary, due to changes in the Company’s historical exercises. The most significant assumption used to determine the fair value of the Legacy BlackSky equity-based awards was the estimated fair value of the Class A common stock on the grant date. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the NYSE trading price as the fair value of the Class A common stock for valuation purposes. Legacy BlackSky historically adjusted the exercise price of certain outstanding stock options. For each award with an adjusted exercise price, Legacy BlackSky calculated the incremental fair value, which was the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. The incremental fair value was recognized as stock-based compensation expense immediately to the extent that the modified stock option already had vested, and for stock options that were not yet vested, the incremental fair value has been recognized as stock-based compensation expense over the remaining vesting period.

Accounting Standards Update ("A

Accounting Standards Update ("ASU")	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Standards Update ("ASU")	3. Accounting Standards Updates (“ASU”) Accounting Standards Recently Adopted In May 2021, the FASB issued ASU 2021-04, “ Earnings per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) ” , which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified upon modification or exchange. This ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. The Company adopted this guidance as of January 1, 2022 and this guidance is not expected to impact the Company unless it modifies or exchanges freestanding financial instruments within the scope of the guidance subsequent to adoption. In February 2016, the FASB issued ASU 2016-02 “ Leases ” . The amendments in this update require the recognition of lease assets and lease liabilities on the balance sheet, as well as certain qualitative disclosures regarding leasing arrangements. The guidance requires the use of the modified retrospective method, with the cumulative effect of initially applying these updates recognized at the date of initial application. The guidance was effective for public business entities for annual periods, including interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2021, and for interim periods beginning after December 15, 2022, with early adoption permitted. As of September 30, 2022, the Company holds emerging growth company status and as such, it is permitted to present the impact of the new guidance in its annual statements as of December 31, 2022 and interim statements thereafter. The Company is currently in the process of finalizing the adoption impact and expects the adoption of the standard to have a material impact to the unaudited condensed consolidated balance sheets since the Company will be required to report operating leases in the unaudited condensed consolidated balance sheets for the first time. Upon adoption, the Company estimates it will recognize between $3 million and $4 million of right-of-use (“ROU”) assets and lease liabilities for operating leases. The difference between the ROU assets and lease liabilities results from deferred rent liability balances that will be reclassified to ROU assets upon adoption. The Company currently has no finance leases. In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ”. The amendments in this update are primarily for entities holding financial assets and net investment leases measured under an incurred loss impairment methodology. A new methodology must be adopted to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which would include losses on trade accounts receivable. This ASU requires modified retrospective application. The guidance is effective for public business entities that are not smaller reporting companies for fiscal years beginning after December 15, 2019, including interim periods therein. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2022, including interim periods therein. The Company is currently in the planning stage and, as an emerging growth company, will adopt the guidance on January 1, 2023. The Company does not expect this guidance to have an impact on its consolidated financial statements upon adoption. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): “ Simplifying the Accounting for Income Taxes

Revenue

Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	4. Revenue Disaggregation of Revenue The Company earns revenue through the sale of imagery and software analytical services and engineering and systems integration. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; and (iii) engineering and integration. This disaggregation allows the Company to evaluate market trends in certain imagery and software analytical services and engineering and systems integration services. These offerings currently have both recurring and non-recurring price attributes, particularly the engineering and systems integration offerings. The following table disaggregates revenue by type of imagery and software analytical services and engineering and integration for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Imagery $ 10,769 $ 2,773 $ 21,212 $ 5,621 Data, software and analytics 4,222 3,756 16,901 12,024 Engineering & integration 1,944 1,408 7,820 4,951 Total revenue $ 16,935 $ 7,937 $ 45,933 $ 22,596 The approximate revenue based on geographic location of customers is as follows for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) US $ 14,996 $ 6,704 $ 38,580 $ 19,063 Middle East 969 607 2,345 1,987 Asia 10 343 3,588 1,113 Other 960 283 1,420 433 Total revenue $ 16,935 $ 7,937 $ 45,933 $ 22,596 Revenue from significant customers for the three and nine months ended September 30, 2022 and 2021 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) U.S. federal government and agencies $ 14,858 $ 6,590 $ 38,083 $ 18,897 International government 1,822 — 7,309 2,352 Commercial and other 255 1,347 541 1,347 Total revenue $ 16,935 $ 7,937 $ 45,933 $ 22,596 As of September 30, 2022 and December 31, 2021, accounts receivable consisted of the following: September 30, December 31, 2022 2021 (in thousands) U.S. federal government and agencies $ 1,919 $ 2,576 International government 3,062 76 Commercial and other 120 16 Allowance for doubtful accounts — (39) Total accounts receivable $ 5,101 $ 2,629 Backlog Backlog represents the future sales we expect to recognize on firm orders received by the Company and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The Company's backlog excludes unexercised contract options. As of September 30, 2022, the Company had $108.4 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to our backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $19.9 million, $57.4 million, and $31.2 million in the three months ending December 31, 2022, fiscal year 2023, and thereafter, respectively.

Contract Assets and Liabilities

Contract Assets and Liabilities	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract Assets and Liabilities	5. Contract Assets and Liabilities The components of contract assets and contract liabilities consisted of the following: September 30, December 31, 2022 2021 (in thousands) Contract assets - current Unbilled revenue $ 5,651 $ 788 Contract assets 264 890 Total contract assets - current $ 5,915 $ 1,678 Contract assets - long-term Unbilled revenue - long-term $ 1,116 $ — Contract assets - long-term 216 — Total contract assets - long-term (1) $ 1,332 $ — Contract liabilities - current Deferred revenue - short-term $ 8,611 $ 11,082 Other contract liabilities 407 184 Total contract liabilities - current $ 9,018 $ 11,266 Contract liabilities - long-term $ — $ — Deferred revenue - long-term 42 568 Total contract liabilities - long-term $ 42 $ 568 (1) Total contract assets - long term is included in other assets in our unaudited condensed consolidated balance sheets. Deferred revenue and other contract liabilities are reported as contract liabilities in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities include payments received and billings made in advance of the satisfaction of performance obligations under the contract and are realized when the associated revenue is recognized under the contract. Contract assets include (i) unbilled revenue, which is the amount of revenue recognized in excess of the amount billed to customers, where the rights to payment are not just subject to the passage of time; and (ii) costs incurred to fulfill contract obligations. Other contract assets and other contract liabilities primarily relate to contract commissions on customer contracts. Changes in short-term and long-term contract assets and contract liabilities for the nine months ended September 30, 2022 were as follows: Contract Assets Contract Liabilities (in thousands) Balance on January 1, 2022 $ 1,678 $ 11,834 Billings or revenue recognized that was included in the beginning balance (788) (9,152) Changes in contract assets or contract liabilities, net of reclassification to receivables 6,767 3,329 Cumulative catch-up adjustment arising from changes in estimates to complete — 2,536 Cumulative catch-up adjustment arising from contract modification — 290 Changes in costs to fulfill and amortization of commission costs (410) — Changes in contract commission costs — 223 Balance on September 30, 2022 $ 7,247 $ 9,060

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	6. Equity Method Investments LeoStella The Company accounts for its investment in LeoStella as an equity method investment. The Company did not make any additional capital investments in LeoStella during the three and nine months ended September 30, 2022 or 2021. During the nine months ended September 30, 2022 and 2021, the Company remitted $22.1 million and $15.1 million, respectively, of payments to LeoStella for satellite manufacturing and satellite software development. LeoStella's revenue from related parties was $3.0 million and $20.2 million for the three and nine months ended September 30, 2022, respectively and $1.6 million and $15.3 million for the three and nine months ended September 30, 2021, respectively. The Company had differences between the carrying value of its equity method investments and the underlying equity in the net assets of the investees of $3.7 million as of September 30, 2022 and $2.9 million as of December 31, 2021. The difference is the result of the elimination of upstream intra-entity profits from the sale of satellites. X-Bow In 2017, the Company entered into a stock subscription and technology transfer agreement with X-Bow, whereby the Company assigned and transferred certain intellectual property rights owned by the Company to X-Bow in exchange for 13.5 million shares of X-Bow, a strategic investment in a space technology company specializing in additive manufacturing of solid rocket motors. As of September 30, 2022, the Company's interest in X-Bow was less than 20%. The following tables present summarized financial information for the Company’s equity method investments as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021. September 30, December 31, Summarized balance sheets 2022 2021 (in thousands) Current assets $ 67,579 $ 60,652 Non-current assets 7,334 5,798 Total assets $ 74,913 $ 66,450 Current liabilities $ 35,265 $ 39,612 Noncurrent liabilities 2,858 706 Total liabilities $ 38,123 $ 40,318 Three Months Ended September 30, Nine Months Ended September 30, Summarized statements of operations 2022 2021 2022 2021 (in thousands) Revenue $ 3,697 $ 3,494 $ 34,956 $ 24,212 Net (loss) income (3,784) (1,590) (2,718) 570

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	7. Discontinued Operations On June 12, 2020, the Company completed the sale of 100% of its equity interests in Spaceflight to M&Y Space. Under a transition services agreement, the Company provides, post-closing transition services to Spaceflight, including, but not limited to, the sublease of the Company’s office facility in Seattle, Washington and common area maintenance fees related to the sublease. Settlement Arrangement for the Sale of the Spaceflight On March 30, 2021, the Company settled certain disputes with respect to the purchase price in the total amount of $6.8 million, which was accrued as a liability as of December 31, 2020. The Company paid the settlement amount in two tranches—(i) $2.0 million on April 1, 2021 and (ii) the remaining $4.8 million was triggered at the closing of the Merger. In April 2021, the Company also terminated a launch arrangement with Spaceflight and, as agreed upon by the parties, offset the amount due to M&Y Space with a contractual refund of $3.9 million of which the net amount of $819 thousand was settled for cash in September 2021. As a result, the Company recorded a reduction to the accrued liability and a reduction to satellite procurement in the unaudited condensed consolidated balance sheet as of December 31, 2021. On February 9, 2022, the Company received an indemnification claim notice regarding certain collection and tax payments related to the Share Purchase Agreement dated as of January 31, 2020, among BlackSky Holdings, Inc., Spaceflight, Inc., and M&Y Space Co., Ltd. On October 21, 2022, the parties agreed to the framework for a global settlement of such indemnification claims, to include a settlement payment by the Company of $1.0 million and a holdback amount of $0.1 million subject to M&Y Space Co.’s ability to collect against certain receivables. As a result, we reduced our existing contingent liability by $707 thousand, which was recorded to the gain from discontinued operations in the three and nine months ended September 30, 2022. See Note 19: Subsequent Events for additional information. The following summarizes the components of the gain (loss) from discontinued operations, net of income taxes, that the Company has reported in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company recognized an unfavorable working capital adjustment of $1.0 million during the nine months ended September 30, 2021 primarily related to a potential shortfall in accounts receivable in the closing balance sheet delivered to M&Y Space. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Major classes of line items constituting loss from discontinued operations: Revenue - launch services $ — $ — $ — $ — Total operating costs and expenses — — — — Operating loss — — — — Loss from discontinued operations, before income taxes — — — — Gain (loss) on disposal of discontinued operations 707 — 707 (1,022) Total gain (loss) from discontinued operations, net of income taxes 707 — 707 (1,022)

Property And Equipment_net

Property And Equipment—net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property And Equipment—net	8. Property and Equipment - net The following summarizes property and equipment - net as of: September 30, December 31, 2022 2021 (in thousands) Satellites $ 116,217 $ 93,709 Software 6,407 — Software development in process 2,620 — Computer equipment 2,002 1,372 Office furniture and fixtures 808 744 Other equipment 690 682 Site equipment 2,471 1,393 Ground station equipment 111 111 Total 131,326 98,011 Less: accumulated depreciation (53,169) (27,460) Property and equipment — net $ 78,157 $ 70,551 Depreciation of property and equipment from continuing operations was $9.5 million and $3.2 million, for the three months ended September 30, 2022 and 2021, respectively, and $25.7 million and $8.8 million for the nine months ended September 30, 2022 and 2021, respectively. The Company disposed of property and equipment, which consisted of site equipment, furniture and ground station equipment of $36 thousand and $0.8 million, during the nine months ended September 30, 2022 and 2021, respectively, for a loss of $0 for the three and nine months ended September 30, 2022 and $0 and $24 thousand for the three and nine months ended September 30, 2021, respectively.

Debt and Other Financing

Debt and Other Financing	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt and Other Financing	9. Debt and Other Financing The carrying value of the Company’s outstanding debt consisted of the following amounts: September 30, December 31, 2022 2021 (in thousands) Current portion of long-term debt $ — $ — Non-current portion of long-term debt 74,126 74,126 Total long-term debt 74,126 74,126 Unamortized debt issuance cost (1,170) (2,718) Outstanding balance $ 72,956 $ 71,408 The outstanding debt was solely comprised of loans from related parties with effective interest rates of 7.41% to 8.00%. Bridge Notes and Related Transactions On February 2, 2021, Legacy BlackSky amended its omnibus agreement dated June 27, 2018 (the “2021 Omnibus Amendment”). As a result of the amendment, Legacy BlackSky was permitted to enter into additional indebtedness by issuing new subordinated, unsecured convertible promissory notes (the "Bridge Notes"), between February 2, 2021 and June 30, 2021, for up to an aggregate principal amount of $60 million. During the period from February 2, 2021 through February 3, 2021, Legacy BlackSky completed the closing of its initial tranche of the Bridge Notes from existing stockholders. The aggregate principal amount of the Bridge Notes issued in the initial tranche was $18.1 million. All investors participating in the initial tranche also received incentive equity equal to seven shares of class A common stock of Legacy BlackSky for each dollar invested. Certain investors participating in the initial tranche additionally received warrants exercisable for shares of Legacy BlackSky class A common stock in amounts ranging from 0.14% of Legacy BlackSky’s fully-diluted share capital for each dollar invested divided by $1.0 million to 3.5% of Legacy BlackSky’s fully-diluted share capital (Note 10). On February 18, 2021, the Company completed the closing of a second tranche of the Bridge Notes, raising an aggregate principal amount of $40.0 million from an existing stockholder and from new investors. Participants in the second tranche did not receive shares of Legacy BlackSky class A common stock or warrants to purchase Legacy BlackSky class A common stock. Upon the closing of the two previously mentioned tranches, $1.9 million of Bridge Notes remained available to be offered to certain shareholders under terms similar to the initial tranche pursuant to a rights offering (“Rights Offering”). The Company subsequently completed the Rights Offering in June 2021 with a total of $0.5 million additional investment, resulting in final aggregate proceeds of $58.6 million in principal investments pursuant to the Bridge Notes. As the terms of the Rights Offering were substantially identical to those offered in the initial tranche of the Bridge Notes, participants received seven shares of the Legacy BlackSky's class A common stock for each dollar invested, as well as warrants. The Bridge Notes, in all three tranches, bore interest at a rate of 10% and had a maturity date of April 30, 2025. There were no covenants in the Bridge Notes that were tied to financial metrics. The Company made an irrevocable election to carry the Bridge Notes at fair value. In connection with the Merger, all of the Company’s issued and outstanding Bridge Notes were converted into Legacy BlackSky class A common stock at a conversion price of 80% of the deemed value of a single Legacy BlackSky class A common share and, immediately thereafter, those Legacy BlackSky class A common shares were exchanged for Osprey class A common shares based on the class A common stock exchange ratio. As of December 31, 2021, the Company had no convertible Bridge Notes outstanding. In connection with the 2021 Omnibus Amendment, the investors guaranteeing the Silicon Valley Bank (“SVB”) line of credit further reaffirmed their guarantees and received a one-time issuance of seven shares of Legacy BlackSky class A common stock for every dollar guaranteed. Additionally, Legacy BlackSky agreed to pay a fee to each of its senior secured lenders (“Consent Fees”). The Consent Fees were payable in either cash or shares of Legacy BlackSky’s class A common stock at the choice of the lender. The Consent Fees were considered variable share-settled liabilities and were recorded at fair value. All of the Consent Fees were settled for cash at the closing of the Merger. The following table summarizes the additional shares of Legacy BlackSky class A common stock and warrants to purchase Legacy BlackSky class A common stock issued as a result of the Bridge Notes. Legacy BlackSky Class A Common Stock (1) Legacy BlackSky Class A Common Stock Warrants (1) (in thousands) Issued to SVB guarantors 8,485 — Issued in connection with the initial tranche of Bridge Notes 11,544 3,873 Issued as incentive shares and as incentive warrants, in connection with the Rights Offering 314 51 Total 20,343 3,924 (1) Issuance of class A common stock and class A common stock warrants has been retroactively restated to give effect to the reverse recapitalization. In connection with the Merger, all issued and outstanding Legacy BlackSky Bridge Notes and Class A common stock warrants granted in accordance with the Bridge Notes were automatically exercised into Legacy BlackSky class A common stock and those shares were exchanged for the Company's common shares at the exchange rate applicable to the Company’s common stock. Loans from Related Parties After the Merger, the Company’s primary debt (and its sole secured debt) consists of its amended and restated loan and security agreement dated October 31, 2019, as amended or modified from time to time, with Intelsat Jackson Holdings SA (“Intelsat”) and Seahawk SPV Investment LLC (“Seahawk”). Interest accrues on the amounts outstanding under this facility at a fixed rate of 4% until October 31, 2022, 9% from November 1, 2022 to October 31, 2023, and 10% from November 1, 2023 to the maturity date of October 31, 2024. During the 4% interest period, the amount of accrued interest is added, on a pro-rata basis, to the outstanding principal amount of each lender’s advances on October 31, 2020, October 31, 2021, and October 31, 2022. Thereafter, interest is payable in cash semi-annually in arrears commencing on May 1, 2023. This facility is secured by substantially all of the Company’s assets, is guaranteed by the Company’s subsidiaries, and contains customary covenants and events of default. There are no covenants tied to financial metrics. Fair Value of Debt The estimated fair value of all of the Company’s outstanding long-term debt was $67.4 million and $76.1 million as of September 30, 2022 and December 31, 2021, respectively, which is different than the historical costs of such long-term debt as reflected in the Company’s unaudited condensed consolidated balance sheets. The fair value of the long-term debt was estimated using Level 3 inputs, based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements and credit rating. Compliance with Debt Covenants As of September 30, 2022, all debt instruments contain customary covenants and events of default. There are no covenants tied to financial metrics and the Company was in compliance with all non-financial covenants as of September 30, 2022.

Equity Warrants Classified as D

Equity Warrants Classified as Derivative Liabilities	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity Warrants Classified as Derivative Liabilities	10. Equity Warrants Classified as Derivative Liabilitieserivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration and are included in derivative liabilities in the Company's unaudited condensed consolidated balance sheets. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss (Note 16). In the nine months ended September 30, 2022, the Company's derivative liabilities were made up of only the equity warrants and the Sponsor Shares. In the nine months ended September 30, 2021, the Company's derivative liabilities included warrants, Consent Fees from the Bridge Notes (see Note 9), and Legacy BlackSky preferred stock warrants. The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at September 30, 2022: Number of Shares Exercise Price Redemption Price Expiration Date Classification Gain in value for the nine months ended September 30, 2022 Fair Value at September 30, 2022 (in thousands) (in thousands) Public Warrants 15,813 $ 11.50 $ 18.00 9/9/2026 Liability $ 5,851 $ 2,846 Private Placement Warrants 4,163 $ 11.50 $ 18.00 9/9/2026 Liability 1,456 1,041 Private Placement Warrants 4,163 $ 20.00 $ 18.00 9/9/2026 Liability 416 583 In addition, the Company has 1.8 million Class A common stock warrants outstanding which have an exercise price of $0.11 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and are included in additional paid-in capital in the Company’s unaudited condensed consolidated balance sheets.

Other (Expense)_Income

Other (Expense)/Income	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Other (Expense)/Income	11. Other (Expense) Income Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Loss on issuance of Bridge Notes tranche one $ — $ — $ — $ (84,291) Loss on issuance of Bridge Notes tranche two — — — (12,185) Loss on issuance of Bridge Notes Rights Offering — — — (3,193) Loss on debt extinguishment of Bridge Notes — (75) — (75) Debt issuance costs expensed for debt carried at fair value — — — (47,718) Transaction costs associated with derivative liabilities — (291) — (291) Other (14) 1 (54) 18 $ (14) $ (365) $ (54) $ (147,735) In February 2021, Legacy BlackSky issued Bridge Notes in two tranches (Note 9). The first tranche of the Bridge Notes were issued at par to several existing investors at a principal amount of $18.1 million and a fair value of $24.2 million. Additionally, certain investors in the first tranche of Bridge Notes received 11.5 million shares of Legacy BlackSky class A common stock with a fair value of $59.8 million and warrants to purchase 3.9 million shares of Legacy BlackSky class A common stock with a fair value of $18.4 million. The transaction involved investments primarily by the existing Legacy BlackSky investors at that time. Legacy BlackSky, which had an external valuation performed on the Bridge Notes, Legacy BlackSky class A common stock, and Legacy BlackSky warrants, determined that the fair value of the financial instruments issued exceeded the cash proceeds received. Since no unstated rights and/or privileges were identified with the first tranche of the Bridge Notes, Legacy BlackSky recorded a loss on issuance of $84.3 million. The second tranche of the Bridge Notes were issued at par to several new investors and an existing investor at a principal amount of $40.0 million and a fair value of $52.2 million, resulting in a loss on issuance of $12.2 million. Legacy BlackSky incurred and expensed $47.6 million in debt issuance costs related to the Bridge Notes issued in February 2021 and the modification of existing debt arrangements at that time. These debt issuance costs consisted of 8.5 million shares of Legacy BlackSky class A common stock valued at $43.9 million that were issued to certain guarantors in conjunction with modification of Legacy BlackSky’s SVB line of credit and $3.7 million paid to third-parties in cash. Additionally, the Company incurred $0.1 million in debt issuance costs related to the rights offering, which was expensed. The debt issuance costs were expensed because the Bridge Notes were being carried on the balance sheet at fair value. The modification of existing debt did not qualify as a troubled debt restructuring, nor did it result in the extinguishment of the debt.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	12. Stockholders’ Equity Class A Common Stock As of September 30, 2022, the Company was authorized to issue 300.0 million shares of Class A common stock and 100.0 million shares of preferred stock. Issued and outstanding stock as of September 30, 2022 consisted of 121.4 million and 118.9 million shares of Class A common stock, respectively. The par value of each share of the class A common stock is $0.0001 per share. The Company had reserved shares of Class A common stock for issuance in connection with the following: September 30, December 31, 2022 2021 (in thousands) Common stock warrants (exercisable for class A common stock) treated as equity 1,770 1,770 Stock options outstanding 8,083 5,022 Restricted stock units outstanding 8,268 10,959 Public Warrants (exercisable for class A common stock) treated as liability 15,813 15,813 Private Placement Warrants (exercisable for class A common stock) treated as liability 8,325 8,325 Shares available for future grant 136,369 140,951 Total class A common stock reserved 178,628 182,840 The Company has approximately 2.4 million Sponsor Shares that are subject to specific lock-up provisions and potential forfeitures depending upon the post-Merger performance of the Company’s Class A common stock, and therefore are required to be recorded as derivative liabilities at their fair value and adjusted to fair value at each reporting period. As a result, as of September 30, 2022 and December 31, 2021, the Company's derivative liabilities in the unaudited condensed consolidated balance sheets included Sponsor Shares of $1.8 million and $4.7 million, respectively. The Company recorded a $2.9 million gain on derivatives in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2022 related to the fair value adjustments of these Sponsor Shares. The Sponsor Shares have the following provisions: Terms Contractual Life Seven years from the closing date of the Merger Release Provision Exactly half of the Sponsor Shares have a release provision ("Release") at such time that the volume weighted average price ("VWAP") is equal to, or greater than, $15.00 per share for ten of any twenty consecutive trading days. The remaining Sponsor Shares Release at such time that the VWAP is equal to, or greater than, $17.50 per share for ten of any twenty consecutive trading days. There is an additional provision for acceleration of the Release upon a defined change in control. Forfeiture Provision If, within the seven

Net Loss Per Share of Class A C

Net Loss Per Share of Class A Common Stock	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net (Loss)/Income Per Share of Class A Common Stock	13. Net Loss Per Share of Class A Common Stock The following table includes the calculation of basic and diluted net (loss) income per share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands except per share information) Loss from continuing operations $ (13,755) $ (46,897) $ (60,021) $ (250,016) Gain (loss) from discontinued operations 707 — 707 (1,022) Net loss available to common stockholders $ (13,048) $ (46,897) $ (59,314) $ (251,038) Basic and diluted net loss per share - continuing operations $ (0.12) $ (0.67) $ (0.51) $ (4.29) Basic and diluted net gain (loss) per share - discontinued operations 0.01 — 0.01 (0.02) Basic and diluted net loss per share $ (0.11) $ (0.67) $ (0.50) $ (4.31) Shares used in the computation of basic and diluted net loss per share 118,582 69,975 117,403 58,297 The potentially dilutive securities listed below were not included in the calculation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive during the three and nine months ended September 30, 2022 and 2021. Three and nine months ended September 30, 2022 2021 (in thousands) Restricted class A common stock 79 420 Common Stock warrants 1,770 1,770 Stock options 8,083 2,344 Restricted stock units 8,268 9,158 Public Warrants (exercisable for class A common stock) treated as liability 15,813 15,813 Private Placement Warrants (exercisable for class A common stock) treated as liability 8,325 8,325 Sponsor Shares 2,372 2,372

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	14. Stock-Based Compensation The Company adopted two equity incentive plans in prior years. Legacy BlackSky issued equity and equity-based awards under its 2014 stock incentive plan (the “2014 Plan”) and 2011 stock incentive plan (the “2011 Plan”, together with the 2014 Plan, collectively the “Plans”), which are now administered by the Company’s board of directors. The Plans are no longer active; however, outstanding awards granted under these Plans will not be affected. Both Plans allowed the board of directors to grant stock options, designated as incentive or nonqualified, and stock awards to employees, officers, directors, and consultants. Stock options were granted with an exercise price per share equal to at least the estimated fair value of the underlying class A common stock on the date of grant. The vesting period was determined through individual award agreements and was generally over a four-year period. Awards generally expired 10 years from the date of grant. As of September 30, 2022, the Company had 41 thousand and 1.5 million options outstanding, respectively, under the 2011 and 2014 Plans. The stock-based compensation expense attributable to continuing operations was included in the unaudited condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Imagery & software analytical service costs, excluding depreciation and amortization $ 259 $ 2,898 $ 1,364 $ 2,949 Engineering & systems integration costs, excluding depreciation and amortization 37 — 202 — Selling, general and administrative 2,867 25,595 14,823 26,316 Total stock-based compensation expense $ 3,163 $ 28,493 $ 16,389 $ 29,265 The stock-based compensation expense recorded for the RSUs during the three and nine months ended September 30, 2021 included a cumulative adjustment for service completed from the grant date to the close of the Merger as the result of a vested performance condition. Additionally, the Company recorded stock-based compensation related to capitalized internal labor for software development activities of $0.3 million and $0 during the three months ended September 30, 2022 and 2021, respectively, and $1.3 million and $0 during the nine months ended September 30, 2022 and 2021, respectively. These amounts are included in property, plant, and equipment - net on the unaudited condensed consolidated balance sheets. Stock Options Following the Merger, the outstanding stock options issued under the 2014 Plan may be exercised (subject to their original vesting, exercise and other terms and conditions) to purchase a number of shares of class A common stock equal to the number of shares of Legacy BlackSky class A common stock, as adjusted for the common stock exchange ratio, subject to the same terms and conditions as were applicable to such Legacy BlackSky stock option (each an “Assumed Company Stock Option”). The exercise price per share of each Assumed Company Stock Option was equal to the quotient obtained by dividing the exercise price per share applicable to such Legacy BlackSky stock option by the common stock exchange ratio. The Black-Scholes option pricing model is used to determine the fair value of options granted. The Company utilized assumptions concerning expected term, a risk-free interest rate, and expected volatility to determine such values. A summary of the weighted-average assumptions used by the Company is presented below for the nine months ended September 30, 2022; there were no stock options awarded during the nine months ended September 30, 2021: Fair value per common share $2.10 - $2.15 Weighted-average risk-free interest rate 3.20% - 3.38% Volatility 33.90% - 34.20% Expected term (in years) 8.0 Dividend rate 0 % Legacy BlackSky historically adjusted the exercise price of certain outstanding stock options. For each award with an adjusted exercise price, Legacy BlackSky calculated the incremental fair value, which was the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. The incremental fair value was recognized as stock-based compensation expense immediately to the extent that the modified stock option already had vested, and for stock options that were not yet vested, the incremental fair value has been recognized as stock-based compensation expense over the remaining vesting period. A summary of the Company’s stock option activity under the Plans during the nine months ended September 30, 2022 is presented below: Options Weighted-Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding - January 1, 2022 5,022 $ 4.4914 Granted 4,654 2.1468 Exercised (638) 0.0565 Forfeited (955) 7.3285 Outstanding - September 30, 2022 8,083 3.1558 9.11 $ 1,924 Exercisable - September 30, 2022 1,275 1.6698 6.79 1,221 For options exercised, intrinsic value is calculated as the difference between the estimated fair value on the date of exercise and the exercise price. The total intrinsic value of options exercised during the nine months ended September 30, 2022 and 2021 was $1.7 million and $6.8 million, respectively. The total fair value of options vested during the nine months ended September 30, 2022 and 2021 was $0.6 million and $0.6 million, respectively. As of September 30, 2022, there was $6.7 million of total unrecognized compensation cost, which is expected to be recognized over a weighted-average period of 3.6 years. Restricted Stock Awards During the year ended December 31, 2020, the Company granted restricted stock awards ("RSA")s, which vest based upon the individual award agreements and generally vest over a three A summary of the Company’s nonvested RSA activity during the nine months ended September 30, 2022 is presented below: Restricted Stock Awards Weighted-Average Grant-Date Fair Value (in thousands) Nonvested - January 1, 2022 335 $ 0.0121 Vested (178) 0.0121 Canceled (78) 0.0121 Nonvested - September 30, 2022 79 0.0121 The Company has not granted any RSAs since 2020. As of September 30, 2022, there was $1 thousand of total unrecognized compensation cost related to nonvested RSAs granted under the Plan, which is expected to be recognized over a weighted-average period of 1.6 years. The total grant date fair value of shares vested during the nine months ended September 30, 2022 was $2 thousand. Restricted Stock Units The Company granted an aggregate of 4.2 million RSUs to certain employees and service providers during the nine months ended September 30, 2022 under the 2021 Plan. The general vesting provisions are that 25% will vest on the one A summary of the Company’s nonvested RSU activity during the nine months ended September 30, 2022 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value (in thousands) Nonvested - January 1, 2022 10,959 $ 6.7675 Granted 4,181 2.0595 Vested (5,968) 6.9790 Canceled (904) 5.2863 Nonvested - September 30, 2022 8,268 4.3961

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party Transactions A summary of the Company’s related party transactions during the nine months ended September 30, 2022 is presented below: Amount Due to Related Party as of September 30, December 31, 2022 2021 Name Nature of Relationship Description of the Transactions (in thousands) Seahawk Debt Issuer 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. $ 19,977 $ 19,977 Intelsat 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. 54,149 54,149 Amount Due to Related Party as of Total Payments in the nine months ended September 30, September 30, December 31, Nature of Relationship 2022 2021 2022 2021 Name Description of the Transactions (in thousands) LeoStella Joint Venture Design, development and manufacture of multiple satellites. $ 22,067 $ 15,060 $ 1,667 $ 8,381 X-Bow Equity Method Investee In 2017, the Company received stock in X-Bow. As of September 30, 2022, the Company had a less than 20% investment in X-Bow and had one Board seat. As described in Note 6, the Company has engaged X-Bow to develop a rocket for the Company. — 1,865 — — 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. 417 — — 83 Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 8,170 4,400 — — Interest on the term loan facility is accrued and compounded annually. No significant interest payments were made in the nine months ended September 30, 2022 or 2021. The Company had interest due to related parties in the amount of $2.8 million as of September 30, 2022, which has been recorded as accrued interest.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	16. Fair Value of Financial Instruments Recurring basis The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, as well as indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value: September 30, 2022 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 2,846 $ — $ — Private Placement Warrants — — 1,624 Sponsor Shares — — 1,826 $ 2,846 $ — $ 3,450 December 31, 2021 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 8,697 $ — $ — Private Placement Warrants — — 3,496 Sponsor Shares — — 4,732 $ 8,697 $ — $ 8,228 The carrying values of the following financial instruments approximated their fair values as of September 30, 2022 and December 31, 2021 based on their maturities: cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, leases payable and other current liabilities. There were no transfers into or out of any of the levels of the fair value hierarchy during the nine months ended September 30, 2022 or 2021. Changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2021 of $16.1 million included the Bridge Notes, Private Placement Warrants, Sponsor Shares, Class A common stock warrants, Legacy BlackSky preferred stock warrants and Consent Fees. The following is a summary of changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2022: Sponsor Shares Private Placement Warrants (in thousands) Balance, January 1, 2022 $ 4,732 $ 3,496 Gain from changes in fair value (2,906) (1,872) Balance, September 30, 2022 $ 1,826 $ 1,624

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Legal Proceedings From time to time, we may become involved in various claims and legal proceedings arising in the ordinary course of business, which, by their nature, are inherently unpredictable. We are not currently a party to any material claims or legal proceedings the outcome of which, if determined adversely to us, would individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations. Regardless of outcome, litigation and other legal proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. Other Contingencies The Company analyzed its unique facts and circumstances related to potential obligations in a certain state jurisdiction, including the delivery nature of its prior year intercompany services, payroll and other benefits-related services, current shared services between the parent and subsidiaries, and changing state laws and interpretations of those laws, and has determined that the Company may have an indirect tax obligation. The Company has continued correspondence with the applicable authorities in an effort toward identifying a taxpayer-favorable resolution of the potential liabilities. As a result of this correspondence, the Company has updated its liability including interest and penalties based on its best estimate as of September 30, 2022. The following table summarizes the estimated indirect tax liability activity during the nine months ended September 30, 2022: (in thousands) Balance, January 1, 2022 $ 737 Payments (314) Adjustment to Expense (218) Balance, September 30, 2022 $ 205 The Company continues to analyze the additional obligations it may have, if any, and it will adjust the liability accordingly. Other Commitments The Company has commitments for multi-launch and integration services with launch services providers. As of September 30, 2022, the Company had a commitment for one launch, to include up to 2 satellites at future estimated launch dates for $1.7 million. The terms of the arrangement also allow the Company to remanifest the satellites if significant delays in excess of 365 days or other inexcusable delays occur with the provider. Subsequent to remanifest efforts four months after the 365 days, the Company can request a refund of all recoverable costs. Payment terms are 15 days from invoice date. The company entered into a commitment during the nine months ended September 30, 2022 to provide a minimum guarantee of $3.0 million to a vendor as part of a reseller agreement in exchange for a license to promote and distribute products and services. We did not enter into any other material commitments during the nine months ended September 30, 2022.

Concentrations, Risks, and Unce

Concentrations, Risks, and Uncertainties	9 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Concentrations, Risks, and Uncertainties	18. Concentrations, Risks, and Uncertainties The Company maintains all cash and cash equivalents with one financial institution. Financial instruments that potentially subject the Company to concentrations of credit risk are primarily accounts receivable and cash deposits. For the three months ended September 30, 2022 and 2021, revenue from customers representing 10% or more of the consolidated revenue from continuing operations was $10.7 million and $3.2 million, respectively, and $23.9 million and $9.3 million, respectively, for the nine months ended September 30, 2022 and 2021. Accounts receivable related to these customers as of September 30, 2022 and December 31, 2021 was $1.0 million and $1.3 million, respectively. Revenue from the U.S. federal government and agencies was $14.9 million and $6.6 million for the three months ended September 30, 2022 and 2021, respectively, and $38.1 million and $18.9 million for the nine months ended September 30, 2022 and 2021, respectively. Accounts receivable related to U.S. federal government and agencies was $1.9 million and $2.6 million as of September 30, 2022 and December 31, 2021, respectively. The Company generally extends credit on account, without collateral. Outstanding accounts receivable balances are evaluated by management, and accounts are reserved when it is determined collection is not probable. As of September 30, 2022 and December 31, 2021, the Company evaluated the realizability of the aged accounts receivable, giving consideration to each customer’s financial history and liquidity position, credit rating and the facts and circumstances of collectability on each outstanding account, and did not have a significant reserve for uncollectible account.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events On February 9, 2022, the Company received an indemnification claim notice regarding certain collection and tax payments related to the Share Purchase Agreement dated as of January 31, 2020, among BlackSky Holdings, Inc., Spaceflight, Inc., and M&Y Space Co., Ltd. On October 21, 2022, the parties agreed to the framework for a global settlement of such indemnification claims, to include a settlement payment by the Company of $1.0 million and a holdback amount of $0.1 million subject to M&Y Space Co.’s ability to collect against certain receivables. As a result, we reduced our existing contingent liability by $707 thousand, which was recorded to the gain from discontinued operations in the three and nine months ended September 30, 2022. The Company evaluated subsequent events through November 8, 2022 and determined that there have been no other events that have occurred that would require adjustments to our disclosures or the unaudited condensed consolidated financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Preparation The Company has prepared its unaudited condensed consolidated financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) and the instructions to Form 10-K and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. In addition, the unaudited condensed consolidated financial statements include the Company’s proportionate share of the earnings or losses of its equity method investments and a corresponding increase or decrease to its investment, with recorded losses limited to the carrying value of the Company’s investment. All intercompany transactions and balances have been eliminated upon consolidation. The Company’s unaudited condensed consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities, including equity warrants and other equity
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies at the reporting date, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could materially differ from these estimates. Significant estimates made by the Company include, but are not limited to, revenue and associated cost recognition, the collectability of accounts receivable, the recoverability and useful lives of property and equipment, the valuation of equity warrants and warrant liabilities, fair value estimates, the recoverability of goodwill and intangible assets, the provision for income taxes, and stock-based compensation.
Investments	Investments The Company’s investments generally consist of A-1, or higher, rated corporate debt and governmental securities as short-term investments. Our investments are classified as held-to-maturity and have a stated maturity date of one year or less from the balance sheet date. Any investments with original maturities less than three months are considered as cash equivalents.
Property and Equipment - net	Property and Equipment - netThe Company capitalizes internal and external costs incurred to develop and implement internal-use software, which consist primarily of costs related to design, coding, and testing. Internal costs include salaries and allocations of fringe and stock-based compensation. When the software is ready for its intended use, capitalization ceases and such costs are amortized on a straight-line basis over the estimated life to either depreciation or cost of sales depending on the nature of the software. Costs incurred prior to and after the application development stage are charged to development costs as part of selling, general, and administrative expense in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company regularly reviews its capitalized software projects for impairment.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company accounts for certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The process for analyzing the fair value measurement of certain financial instruments on a recurring, or non-recurring, basis includes significant judgment and estimates of inputs including, but not limited to, share price, volatility, discount for lack of marketability, application of an appropriate discount rate, and probability of liquidating events. The Company utilizes the market valuation methodology and specific option pricing methodology, such as the Monte Carlo simulation, method to value the more complex financial instruments and the Black-Scholes option-pricing model to value standard common stock warrants and common stock options. The framework for measuring fair value specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 Inputs. Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 Inputs. Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 Inputs. Inputs are unobservable inputs which reflect the Company’s own assumptions on what assumptions market participants would use in pricing the asset or liability based on the best available information.
Revenue Recognition	Revenue Recognition The Company generates revenue from the sale of imagery and software analytical services and engineering and systems integration. Imagery and software analytical services revenue includes imagery, data, software, and analytics, including professional services. This revenue is recognized from services rendered under cost-plus-fixed-fee contracts, firm fixed price contracts, a time and materials basis or non-cancellable subscription order agreements. Engineering and systems integration revenue is from fixed price long-term construction contracts. The Company generates revenue primarily through contracts with government agencies. Most of the fixed price contracts include multiple promises, which are generally separated as distinct performance obligations. The Company allocates the transaction price to each performance obligation based on the relative standalone selling prices using observable sales transactions where applicable. In accordance with Accounting Standards Update No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” (“ASC 606”), the Company uses the five-step model of identifying the performance obligations contained in a contract, determining transaction price, allocating transaction price, and determining when performance obligations are satisfied can require the application of significant judgment, as further discussed below. Revenue is measured at the fair value of consideration received or receivable and net of discounts. The Company applies a policy election to exclude transaction taxes collected from customer sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company estimates any variable consideration, and whether the transaction price is constrained, upon execution of each contract. The Company did not have any active contracts with significant variable consideration as of September 30, 2022. Imagery & Software Analytical Services Revenue Imagery Imagery services include imagery delivered from the Company’s satellites in orbit via its Spectra AI platform and in limited cases directly uploaded to certain customers. Customers can directly task our proprietary satellite constellation to collect and deliver imagery over specific locations, sites and regions that are critical to their operations. We offer customers several service level options that include basic plans for on-demand tasking or multi-year assured access programs, where customers can secure priority access and imaging capacity at a premium over a region of interest on a take or pay basis. Imagery performance obligations are recognized ratably over the fixed price subscription period for the right to access imagery or as revenue at the point-in-time when the Company delivers images to the Spectra AI platform. Data, Software, and Analytics The Company leverages proprietary AI and ML algorithms to analyze data coming from both the Company’s proprietary sensor network and third-party space and terrestrial sources to provide hard-to-get data, insights, and analytics for customers. The Company continues to integrate and enhance its offerings by performing contract development, while retaining the intellectual property rights. The Company also provides technology enabled professional service solutions to support customer-specific software development requests, integration, testing, and training. The Company uses system engineers to support customer efforts to manage mass quantities of data. The Company also offers professional service solutions related to object, change and anomaly detection, site monitoring, and enhanced analytics, through which the Company can detect key pattern of life changes in critical locations such as ports, airports, and construction sites; retail activity; commodities stockpiles; and other sites that contain critical commodities and supply chain information . Our analytics services are also offered on a consumption or subscription basis and provide customers with access to our site monitoring, event monitoring and global data services. Imagery and software analytical services revenue from data, software, and analytics contracts is recognized from the rendering of services over time on a cost-plus-fixed-fee, firm fixed price, or time and materials basis as well as, at the point-in-time the customer receives access to an analytic product. For firm fixed price professional service contracts, the Company recognizes revenue using total estimated costs to complete the performance obligation, ("Estimate at Completion" or "EAC"). A performance obligation’s EAC includes all direct costs such as labor, materials, subcontract costs and overhead. In addition, an EAC of a performance obligation includes future losses estimated to be incurred on contracts, as and when known. For contracts structured as cost-plus-fixed-fee or on a time and materials basis, the Company generally recognizes revenue based on the right-to-invoice when practically expedient, as the Company is contractually able to invoice the customer based on the control transferred to the customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Engineering and Systems Integration Revenue The Company develops and delivers advanced launch vehicle, satellite and payload systems for a limited number of customers that leverage the Company’s capabilities in mission systems engineering and operations, ground station operations, and software and systems development. These systems are sold to government customers under fixed price contracts. The Company generally recognizes revenue over time using the cost-to-cost method to measure progress, pursuant to which the extent of progress towards completion is measured based on the ratio of costs incurred to date to the EAC. The estimation of total estimated costs at completion is subject to many variables and requires judgment. The Company recognizes changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in a prior period. If at any time, the estimate of profitability for a performance obligation indicates a probable anticipated loss, the Company recognizes the total loss for the performance obligation in the period it is identified. Changes in estimates related to contracts accounted for using the cost-to-cost measure of progress are recognized in the period in which such changes are made for the inception-to-date effect of the changes. For the three and nine months ended September 30, 2022, the Company recognized $0.3 million and $2.0 million, respectively, of unfavorable cumulative adjustments to revenue directly from estimated cost increases on two engineering and systems integration contracts (Note 5). All, or a portion, of this cumulative adjustment will be recognized in future revenue as the percentage of completion increases over time. During the three and nine months ended September 30, 2021, the Company recognized a $1.6 million unfavorable impact to revenue attributable to changes in estimates for two engineering and systems integration contracts. During the three and nine months ended September 30, 2022, there was no revenue recognized from performance obligations satisfied in previous period s . Imagery and Software Analytical Service and Engineering and Systems Integration Costs Imagery and software analytical service costs primarily include internal aerospace and geospatial software development labor, third-party data and imagery, internal labor to support the ground stations and space operations, and cloud computing and hosting services. The Company recognizes stock-based compensation expense for those employees whose work supports the imagery and software analytical service costs we provide to customers, under imagery and software analytical service costs, excluding depreciation and amortization. For those employees who provide engineering and systems support to customers, the stock-based compensation
Stock-Based Compensation	Stock-Based Compensation Restricted Stock Awards and Restricted Stock Units We have granted RSAs and we grant RSUs to certain employees, for which the grant date fair value is equal to the trading price fair value of the Class A common stock on the date of grant. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the New York Stock Exchange (“NYSE”) trading price as the fair value of the Class A common stock for valuation purposes. For all awards for which vesting is only subject to a service condition, including those subject to graded vesting, the Company has elected to use the straight-line method to recognize the fair value as compensation cost over the requisite service period. Certain of the Company’s outstanding RSUs had performance vesting conditions that were triggered upon the consummation of the Merger. Therefore, since the performance conditions attributable to these RSUs had been met, the Company commenced recording the associated compensation expense, inclusive of a catch-up amount for the service period between their grant date and satisfaction of the performance condition, as of the closing of the Merger. The fair value of the RSUs that include a performance condition is recognized as compensation expense over the requisite service period using the accelerated attribution method, which accounts for RSUs with discrete vesting dates as if they were a separate award. Expense related to stock-based payments is classified in the unaudited condensed consolidated statements of operations and comprehensive loss based upon the classification of each employees’ cash compensation. Stock Options The Company uses the Black-Scholes option pricing model to value all options and the straight-line method to recognize the fair value as compensation cost over the requisite service period. The fair value of each option granted was estimated as of the date of grant. The Company granted options in the three and nine months ended September 30, 2022. The Company uses the following inputs when applying the Black-Scholes option pricing model: Expected Dividend Yield . The Black-Scholes valuation model requires an expected dividend yield as an input. The dividend yield is based on historical experience and expected future changes. The Company currently has no plans to pay dividends on its Class A common stock. Expected Volatility . The Company does not have enough historical share price history, therefore, the expected volatility was estimated based upon the historical share price volatility of guideline comparable companies. Risk-free Interest Rate . The yield on actively traded non-inflation indexed U.S. Treasury notes was used to extrapolate an average risk-free interest rate based on the expected term of the underlying grants. Expected Term . For options granted in 2021 and 2022, since there is not a history of option exercises as a public company, the Company considered the option vesting terms and contractual period, as well as the demographics of the holders, in estimating the expected term. For options granted prior to 2021, the expected term was the estimated duration to a liquidation event based on a weighted average consideration of the most likely exit prospects for that stage of development. Legacy BlackSky was privately funded and, accordingly, the lack of marketability was factored into the expected term of options granted. The Company will review its estimate in the future and adjust it, if necessary, due to changes in the Company’s historical exercises. The most significant assumption used to determine the fair value of the Legacy BlackSky equity-based awards was the estimated fair value of the Class A common stock on the grant date. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the NYSE trading price as the fair value of the Class A common stock for valuation purposes. Legacy BlackSky historically adjusted the exercise price of certain outstanding stock options. For each award with an adjusted exercise price, Legacy BlackSky calculated the incremental fair value, which was the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. The incremental fair value was recognized as stock-based compensation expense immediately to the extent that the modified stock option already had vested, and for stock options that were not yet vested, the incremental fair value has been recognized as stock-based compensation expense over the remaining vesting period.
Accounting Standards Recently Adopted and Accounting Standards Recently Issued But Not Yet Adopted	Accounting Standards Recently Adopted In May 2021, the FASB issued ASU 2021-04, “ Earnings per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) ” , which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified upon modification or exchange. This ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. The Company adopted this guidance as of January 1, 2022 and this guidance is not expected to impact the Company unless it modifies or exchanges freestanding financial instruments within the scope of the guidance subsequent to adoption. In February 2016, the FASB issued ASU 2016-02 “ Leases ” . The amendments in this update require the recognition of lease assets and lease liabilities on the balance sheet, as well as certain qualitative disclosures regarding leasing arrangements. The guidance requires the use of the modified retrospective method, with the cumulative effect of initially applying these updates recognized at the date of initial application. The guidance was effective for public business entities for annual periods, including interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2021, and for interim periods beginning after December 15, 2022, with early adoption permitted. As of September 30, 2022, the Company holds emerging growth company status and as such, it is permitted to present the impact of the new guidance in its annual statements as of December 31, 2022 and interim statements thereafter. The Company is currently in the process of finalizing the adoption impact and expects the adoption of the standard to have a material impact to the unaudited condensed consolidated balance sheets since the Company will be required to report operating leases in the unaudited condensed consolidated balance sheets for the first time. Upon adoption, the Company estimates it will recognize between $3 million and $4 million of right-of-use (“ROU”) assets and lease liabilities for operating leases. The difference between the ROU assets and lease liabilities results from deferred rent liability balances that will be reclassified to ROU assets upon adoption. The Company currently has no finance leases. In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ”. The amendments in this update are primarily for entities holding financial assets and net investment leases measured under an incurred loss impairment methodology. A new methodology must be adopted to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which would include losses on trade accounts receivable. This ASU requires modified retrospective application. The guidance is effective for public business entities that are not smaller reporting companies for fiscal years beginning after December 15, 2019, including interim periods therein. For all other entities, the guidance is effective for fiscal years beginning after December 15, 2022, including interim periods therein. The Company is currently in the planning stage and, as an emerging growth company, will adopt the guidance on January 1, 2023. The Company does not expect this guidance to have an impact on its consolidated financial statements upon adoption. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): “ Simplifying the Accounting for Income Taxes

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates revenue by type of imagery and software analytical services and engineering and integration for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Imagery $ 10,769 $ 2,773 $ 21,212 $ 5,621 Data, software and analytics 4,222 3,756 16,901 12,024 Engineering & integration 1,944 1,408 7,820 4,951 Total revenue $ 16,935 $ 7,937 $ 45,933 $ 22,596 The approximate revenue based on geographic location of customers is as follows for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) US $ 14,996 $ 6,704 $ 38,580 $ 19,063 Middle East 969 607 2,345 1,987 Asia 10 343 3,588 1,113 Other 960 283 1,420 433 Total revenue $ 16,935 $ 7,937 $ 45,933 $ 22,596 Backlog Backlog represents the future sales we expect to recognize on firm orders received by the Company and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The Company's backlog excludes unexercised contract options. As of September 30, 2022, the Company had $108.4 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to our backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $19.9 million, $57.4 million, and $31.2 million in the three months ending December 31, 2022, fiscal year 2023, and thereafter, respectively.
Schedules of Concentration of Risk, by Risk Factor	Revenue from significant customers for the three and nine months ended September 30, 2022 and 2021 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) U.S. federal government and agencies $ 14,858 $ 6,590 $ 38,083 $ 18,897 International government 1,822 — 7,309 2,352 Commercial and other 255 1,347 541 1,347 Total revenue $ 16,935 $ 7,937 $ 45,933 $ 22,596 As of September 30, 2022 and December 31, 2021, accounts receivable consisted of the following: September 30, December 31, 2022 2021 (in thousands) U.S. federal government and agencies $ 1,919 $ 2,576 International government 3,062 76 Commercial and other 120 16 Allowance for doubtful accounts — (39) Total accounts receivable $ 5,101 $ 2,629

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Components of contract assets and contract liabilities	The components of contract assets and contract liabilities consisted of the following: September 30, December 31, 2022 2021 (in thousands) Contract assets - current Unbilled revenue $ 5,651 $ 788 Contract assets 264 890 Total contract assets - current $ 5,915 $ 1,678 Contract assets - long-term Unbilled revenue - long-term $ 1,116 $ — Contract assets - long-term 216 — Total contract assets - long-term (1) $ 1,332 $ — Contract liabilities - current Deferred revenue - short-term $ 8,611 $ 11,082 Other contract liabilities 407 184 Total contract liabilities - current $ 9,018 $ 11,266 Contract liabilities - long-term $ — $ — Deferred revenue - long-term 42 568 Total contract liabilities - long-term $ 42 $ 568 Changes in short-term and long-term contract assets and contract liabilities for the nine months ended September 30, 2022 were as follows: Contract Assets Contract Liabilities (in thousands) Balance on January 1, 2022 $ 1,678 $ 11,834 Billings or revenue recognized that was included in the beginning balance (788) (9,152) Changes in contract assets or contract liabilities, net of reclassification to receivables 6,767 3,329 Cumulative catch-up adjustment arising from changes in estimates to complete — 2,536 Cumulative catch-up adjustment arising from contract modification — 290 Changes in costs to fulfill and amortization of commission costs (410) — Changes in contract commission costs — 223 Balance on September 30, 2022 $ 7,247 $ 9,060

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following tables present summarized financial information for the Company’s equity method investments as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021. September 30, December 31, Summarized balance sheets 2022 2021 (in thousands) Current assets $ 67,579 $ 60,652 Non-current assets 7,334 5,798 Total assets $ 74,913 $ 66,450 Current liabilities $ 35,265 $ 39,612 Noncurrent liabilities 2,858 706 Total liabilities $ 38,123 $ 40,318 Three Months Ended September 30, Nine Months Ended September 30, Summarized statements of operations 2022 2021 2022 2021 (in thousands) Revenue $ 3,697 $ 3,494 $ 34,956 $ 24,212 Net (loss) income (3,784) (1,590) (2,718) 570

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The Company recognized an unfavorable working capital adjustment of $1.0 million during the nine months ended September 30, 2021 primarily related to a potential shortfall in accounts receivable in the closing balance sheet delivered to M&Y Space. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Major classes of line items constituting loss from discontinued operations: Revenue - launch services $ — $ — $ — $ — Total operating costs and expenses — — — — Operating loss — — — — Loss from discontinued operations, before income taxes — — — — Gain (loss) on disposal of discontinued operations 707 — 707 (1,022) Total gain (loss) from discontinued operations, net of income taxes 707 — 707 (1,022)

Property And Equipment_net (Tab

Property And Equipment—net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	The following summarizes property and equipment - net as of: September 30, December 31, 2022 2021 (in thousands) Satellites $ 116,217 $ 93,709 Software 6,407 — Software development in process 2,620 — Computer equipment 2,002 1,372 Office furniture and fixtures 808 744 Other equipment 690 682 Site equipment 2,471 1,393 Ground station equipment 111 111 Total 131,326 98,011 Less: accumulated depreciation (53,169) (27,460) Property and equipment — net $ 78,157 $ 70,551

Debt and Other Financing (Table

Debt and Other Financing (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The carrying value of the Company’s outstanding debt consisted of the following amounts: September 30, December 31, 2022 2021 (in thousands) Current portion of long-term debt $ — $ — Non-current portion of long-term debt 74,126 74,126 Total long-term debt 74,126 74,126 Unamortized debt issuance cost (1,170) (2,718) Outstanding balance $ 72,956 $ 71,408
Schedule of Debt Conversions	The following table summarizes the additional shares of Legacy BlackSky class A common stock and warrants to purchase Legacy BlackSky class A common stock issued as a result of the Bridge Notes. Legacy BlackSky Class A Common Stock (1) Legacy BlackSky Class A Common Stock Warrants (1) (in thousands) Issued to SVB guarantors 8,485 — Issued in connection with the initial tranche of Bridge Notes 11,544 3,873 Issued as incentive shares and as incentive warrants, in connection with the Rights Offering 314 51 Total 20,343 3,924 (1) Issuance of class A common stock and class A common stock warrants has been retroactively restated to give effect to the reverse recapitalization.

Equity Warrants Classified as_2

Equity Warrants Classified as Derivative Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at September 30, 2022: Number of Shares Exercise Price Redemption Price Expiration Date Classification Gain in value for the nine months ended September 30, 2022 Fair Value at September 30, 2022 (in thousands) (in thousands) Public Warrants 15,813 $ 11.50 $ 18.00 9/9/2026 Liability $ 5,851 $ 2,846 Private Placement Warrants 4,163 $ 11.50 $ 18.00 9/9/2026 Liability 1,456 1,041 Private Placement Warrants 4,163 $ 20.00 $ 18.00 9/9/2026 Liability 416 583

Other (Expense)_Income (Tables)

Other (Expense)/Income (Tables)	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Schedule of Other Nonoperating Income (Expense)	Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 (in thousands) Loss on issuance of Bridge Notes tranche one $ — $ — $ — $ (84,291) Loss on issuance of Bridge Notes tranche two — — — (12,185) Loss on issuance of Bridge Notes Rights Offering — — — (3,193) Loss on debt extinguishment of Bridge Notes — (75) — (75) Debt issuance costs expensed for debt carried at fair value — — — (47,718) Transaction costs associated with derivative liabilities — (291) — (291) Other (14) 1 (54) 18 $ (14) $ (365) $ (54) $ (147,735)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Stock by Class	The Company had reserved shares of Class A common stock for issuance in connection with the following: September 30, December 31, 2022 2021 (in thousands) Common stock warrants (exercisable for class A common stock) treated as equity 1,770 1,770 Stock options outstanding 8,083 5,022 Restricted stock units outstanding 8,268 10,959 Public Warrants (exercisable for class A common stock) treated as liability 15,813 15,813 Private Placement Warrants (exercisable for class A common stock) treated as liability 8,325 8,325 Shares available for future grant 136,369 140,951 Total class A common stock reserved 178,628 182,840 Terms Contractual Life Seven years from the closing date of the Merger Release Provision Exactly half of the Sponsor Shares have a release provision ("Release") at such time that the volume weighted average price ("VWAP") is equal to, or greater than, $15.00 per share for ten of any twenty consecutive trading days. The remaining Sponsor Shares Release at such time that the VWAP is equal to, or greater than, $17.50 per share for ten of any twenty consecutive trading days. There is an additional provision for acceleration of the Release upon a defined change in control. Forfeiture Provision If, within the seven

Net Loss Per Share of Class A_2

Net Loss Per Share of Class A Common Stock (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table includes the calculation of basic and diluted net (loss) income per share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands except per share information) Loss from continuing operations $ (13,755) $ (46,897) $ (60,021) $ (250,016) Gain (loss) from discontinued operations 707 — 707 (1,022) Net loss available to common stockholders $ (13,048) $ (46,897) $ (59,314) $ (251,038) Basic and diluted net loss per share - continuing operations $ (0.12) $ (0.67) $ (0.51) $ (4.29) Basic and diluted net gain (loss) per share - discontinued operations 0.01 — 0.01 (0.02) Basic and diluted net loss per share $ (0.11) $ (0.67) $ (0.50) $ (4.31) Shares used in the computation of basic and diluted net loss per share 118,582 69,975 117,403 58,297
Schedule of Potentially Dilutive Securities	Three and nine months ended September 30, 2022 2021 (in thousands) Restricted class A common stock 79 420 Common Stock warrants 1,770 1,770 Stock options 8,083 2,344 Restricted stock units 8,268 9,158 Public Warrants (exercisable for class A common stock) treated as liability 15,813 15,813 Private Placement Warrants (exercisable for class A common stock) treated as liability 8,325 8,325 Sponsor Shares 2,372 2,372

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation Expense	The stock-based compensation expense attributable to continuing operations was included in the unaudited condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Imagery & software analytical service costs, excluding depreciation and amortization $ 259 $ 2,898 $ 1,364 $ 2,949 Engineering & systems integration costs, excluding depreciation and amortization 37 — 202 — Selling, general and administrative 2,867 25,595 14,823 26,316 Total stock-based compensation expense $ 3,163 $ 28,493 $ 16,389 $ 29,265
Schedule of Share-based Payment Arrangements, Stock Options, Valuation Assumptions	A summary of the weighted-average assumptions used by the Company is presented below for the nine months ended September 30, 2022; there were no stock options awarded during the nine months ended September 30, 2021: Fair value per common share $2.10 - $2.15 Weighted-average risk-free interest rate 3.20% - 3.38% Volatility 33.90% - 34.20% Expected term (in years) 8.0 Dividend rate 0 %
Share-based Payment Arrangement, Option, Activity	A summary of the Company’s stock option activity under the Plans during the nine months ended September 30, 2022 is presented below: Options Weighted-Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding - January 1, 2022 5,022 $ 4.4914 Granted 4,654 2.1468 Exercised (638) 0.0565 Forfeited (955) 7.3285 Outstanding - September 30, 2022 8,083 3.1558 9.11 $ 1,924 Exercisable - September 30, 2022 1,275 1.6698 6.79 1,221
Nonvested Restricted Stock Shares Activity	A summary of the Company’s nonvested RSA activity during the nine months ended September 30, 2022 is presented below: Restricted Stock Awards Weighted-Average Grant-Date Fair Value (in thousands) Nonvested - January 1, 2022 335 $ 0.0121 Vested (178) 0.0121 Canceled (78) 0.0121 Nonvested - September 30, 2022 79 0.0121
Share-based Payment Arrangement, Restricted Stock Unit, Activity	A summary of the Company’s nonvested RSU activity during the nine months ended September 30, 2022 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value (in thousands) Nonvested - January 1, 2022 10,959 $ 6.7675 Granted 4,181 2.0595 Vested (5,968) 6.9790 Canceled (904) 5.2863 Nonvested - September 30, 2022 8,268 4.3961

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amount Due to Related Party as of September 30, December 31, 2022 2021 Name Nature of Relationship Description of the Transactions (in thousands) Seahawk Debt Issuer 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. $ 19,977 $ 19,977 Intelsat 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. 54,149 54,149 Amount Due to Related Party as of Total Payments in the nine months ended September 30, September 30, December 31, Nature of Relationship 2022 2021 2022 2021 Name Description of the Transactions (in thousands) LeoStella Joint Venture Design, development and manufacture of multiple satellites. $ 22,067 $ 15,060 $ 1,667 $ 8,381 X-Bow Equity Method Investee In 2017, the Company received stock in X-Bow. As of September 30, 2022, the Company had a less than 20% investment in X-Bow and had one Board seat. As described in Note 6, the Company has engaged X-Bow to develop a rocket for the Company. — 1,865 — — 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. 417 — — 83 Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 8,170 4,400 — —

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of liabilities at fair value on a recurring basis	The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, as well as indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value: September 30, 2022 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 2,846 $ — $ — Private Placement Warrants — — 1,624 Sponsor Shares — — 1,826 $ 2,846 $ — $ 3,450 December 31, 2021 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 8,697 $ — $ — Private Placement Warrants — — 3,496 Sponsor Shares — — 4,732 $ 8,697 $ — $ 8,228
Schedule of change sin the fair value of Level 3 liabilities	The following is a summary of changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2022: Sponsor Shares Private Placement Warrants (in thousands) Balance, January 1, 2022 $ 4,732 $ 3,496 Gain from changes in fair value (2,906) (1,872) Balance, September 30, 2022 $ 1,826 $ 1,624

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Estimated Indirect Tax Liability	The following table summarizes the estimated indirect tax liability activity during the nine months ended September 30, 2022: (in thousands) Balance, January 1, 2022 $ 737 Payments (314) Adjustment to Expense (218) Balance, September 30, 2022 $ 205

Organization and Business (Deta

Organization and Business (Details)	Sep. 30, 2022 satellite subsidiary
Subsidiary or Equity Method Investee [Line Items]
Number of satellites | satellite	14
Number of subsidiaries | subsidiary	2
LeoStella
Subsidiary or Equity Method Investee [Line Items]
Ownership percentage	50%
X-Bow
Subsidiary or Equity Method Investee [Line Items]
Ownership percentage	20%

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended						9 Months Ended
	Feb. 03, 2021 tranche	Feb. 28, 2021 tranche	Sep. 30, 2022 USD ($) contract shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) contract tranche shares	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Increase (decrease) in cost-to-cost based on change in estimate			$ (300)						$ (2,000)
Number of contracts | contract			2						2
Cumulative catch-up adjustment arising from changes in estimates to complete						$ 1,600			$ 2,536	$ 1,600
Number of tranches | tranche	2	2							3
Repurchase and retirement of common stock (in shares) | shares			14,603						14,603
Stock-based compensation			$ 3,423	$ 3,365	$ 10,862	$ 28,493	$ 264	$ 508
Minimum | Forecast
Class of Stock [Line Items]
Operating Lease, Right-of-Use Asset											$ 3,000
Maximum | Forecast
Class of Stock [Line Items]
Operating Lease, Right-of-Use Asset											$ 4,000
Selling, general and administrative
Class of Stock [Line Items]
Stock-based compensation			$ 18						$ 18

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 108.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 19.9
Expected timing of satisfaction	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 57.4
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation	$ 31.2
Expected timing of satisfaction

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 16,935	$ 7,937	$ 45,933	$ 22,596
U.S. federal government and agencies | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenue	14,858	6,590	38,083	18,897
International government | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenue	1,822	0	7,309	2,352
Commercial and other | Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenue	255	1,347	541	1,347
US
Disaggregation of Revenue [Line Items]
Revenue	14,996	6,704	38,580	19,063
Middle East
Disaggregation of Revenue [Line Items]
Revenue	969	607	2,345	1,987
Asia
Disaggregation of Revenue [Line Items]
Revenue	10	343	3,588	1,113
Other
Disaggregation of Revenue [Line Items]
Revenue	960	283	1,420	433
Imagery
Disaggregation of Revenue [Line Items]
Revenue	10,769	2,773	21,212	5,621
Data, Software and Analytics
Disaggregation of Revenue [Line Items]
Revenue	4,222	3,756	16,901	12,024
Engineering and Integration
Disaggregation of Revenue [Line Items]
Revenue	$ 1,944	$ 1,408	$ 7,820	$ 4,951

Revenue - Disaggregation of Acc

Revenue - Disaggregation of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ 0	$ (39)
Total accounts receivable	5,101	2,629
Commercial and other | Customer Concentration Risk | Accounts Receivable
Disaggregation of Revenue [Line Items]
Accounts receivable before allowance for credit loss	120	16
International government | Customer Concentration Risk | Accounts Receivable
Disaggregation of Revenue [Line Items]
Accounts receivable before allowance for credit loss	3,062	76
U.S. federal government and agencies | Customer Concentration Risk | Accounts Receivable
Disaggregation of Revenue [Line Items]
Accounts receivable before allowance for credit loss	$ 1,919	$ 2,576

Contract Assets and Liabiliti_3

Contract Assets and Liabilities - Components of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Unbilled revenue	$ 5,651	$ 788
Contract assets	264	890
Total contract assets - current	5,915	1,678
Unbilled revenue - long-term	1,116	0
Contract assets - long-term	216	0
Total contract assets - long term	1,332	0
Total contract liabilities - current	9,018	11,266
Long-term contract liabilities	42	568
Contract Comission
Disaggregation of Revenue [Line Items]
Total contract liabilities - current	407	184
Services Minus Contract Commissions
Disaggregation of Revenue [Line Items]
Total contract liabilities - current	$ 8,611	$ 11,082

Contract Assets and Liabiliti_4

Contract Assets and Liabilities - Changes in Short-term and Long-term Contracts (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Contract Assets
Billings or revenue recognized that was included in the beginning balance		$ (788)
Changes in contract assets or contract liabilities, net of reclassification to receivables		6,767
Changes in costs to fulfill and amortization of commission costs		(410)
Contract Liabilities
Contract Liability, Beginning balance		11,834
Billings or revenue recognized that was included in the beginning balance		(9,152)
Changes in contract assets or contract liabilities, net of reclassification to receivables		3,329
Cumulative catch-up adjustment arising from changes in estimates to complete	$ 1,600	2,536	$ 1,600
Cumulative catch-up adjustment arising from contract modification		290
Changes in contract commission costs		223
Contract assets		7,247		$ 1,678
Contract Liability, Ending balance		$ 9,060

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	$ 107,238						$ 107,238		$ 178,675
Total assets	244,335						244,335		305,763
Current liabilities	26,795						26,795		30,535
Total liabilities	110,922						110,922		126,143
Income Statement [Abstract]
Revenue	16,935			$ 7,937			45,933	$ 22,596
Net (loss) income	(13,048)	$ (26,278)	$ (19,988)	(46,897)	$ (35,585)	$ (168,556)	(59,314)	(251,038)
LeoStella and X-Bow
Equity Method Investment, Summarized Financial Information [Abstract]
Current assets	67,579						67,579		60,652
Non-current assets	7,334						7,334		5,798
Total assets	74,913						74,913		66,450
Current liabilities	35,265						35,265		39,612
Noncurrent liabilities	2,858						2,858		706
Total liabilities	38,123						38,123		$ 40,318
Income Statement [Abstract]
Revenue	3,697			3,494			34,956	24,212
Net (loss) income	$ (3,784)			$ (1,590)			$ (2,718)	$ 570

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2018	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	$ 37,201	$ 194,942		$ 37,201	$ 194,942	$ 165,586
Customer advances	9,060			9,060		11,834
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	3,000	$ 1,600		20,200	15,300
LeoStella and X-Bow
Schedule of Equity Method Investments [Line Items]
Difference between carrying amount and underlying equity	3,700			3,700		2,900
Cash and cash equivalents	35,200			35,200		25,800
Customer advances	$ 29,600			29,600		$ 35,200
LeoStella
Schedule of Equity Method Investments [Line Items]
Payments remitted				$ 22,100	$ 15,100
Ownership percentage	50%			50%
X-Bow
Schedule of Equity Method Investments [Line Items]
Shares purchased during period			13.5
Ownership percentage	20%			20%

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Thousands						1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 21, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 01, 2021 USD ($)	Mar. 30, 2021 USD ($)	Mar. 20, 2021 tranche	Apr. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 12, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage disposed											100%
Spaceflight Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement of consideration				$ 6,800
Number of settlement tranches | tranche					2
Amount awarded to other party tranche one			$ 2,000
Amount awarded to other party tranche two		$ 4,800
Contractual refund						$ 3,900
Contractual refund settled with cash									$ 819
Gain (loss) on disposal of discontinued operations							$ 707	$ 0	$ 707	$ (1,022)
Spaceflight Inc. | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement payment	$ 1,000
Spaceflight Inc. | Subsequent Event | M&Y Space Co.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Holdback receivable	$ 100

Discontinued Operations - Compo

Discontinued Operations - Components of Gain From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Loss from discontinued operations, before income taxes			$ 707	$ (1,022)
Gain (loss) from discontinued operations, net of income taxes	$ 707	$ 0	707	(1,022)
Spaceflight Inc.
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue - launch services	0	0	0	0
Total operating costs and expenses	0	0	0	0
Operating loss	0	0	0	0
Loss from discontinued operations, before income taxes	0	0	0	0
Gain (loss) on disposal of discontinued operations	707	0	707	(1,022)
Gain (loss) from discontinued operations, net of income taxes	$ 707	$ 0	$ 707	$ (1,022)

Property And Equipment_net - Su

Property And Equipment—net - Summary of Property and Equipment—net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 131,326	$ 98,011
Less accumulated depreciation	(53,169)	(27,460)
Property and equipment - net	78,157	70,551
Satellites
Property, Plant and Equipment [Line Items]
Total	116,217	93,709
Software
Property, Plant and Equipment [Line Items]
Total	6,407	0
Software development in process
Property, Plant and Equipment [Line Items]
Total	2,620	0
Computer equipment
Property, Plant and Equipment [Line Items]
Total	2,002	1,372
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	808	744
Other equipment
Property, Plant and Equipment [Line Items]
Total	690	682
Site equipment
Property, Plant and Equipment [Line Items]
Total	2,471	1,393
Ground station equipment
Property, Plant and Equipment [Line Items]
Total	$ 111	$ 111

Property And Equipment_net - Na

Property And Equipment—net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment disposed of			$ 36	$ 800
Loss on disposal of property and equipment	$ 0	$ 0	0	24
Continuing Operations
Property, Plant and Equipment [Line Items]
Depreciation	$ 9,500	$ 3,200	$ 25,700	$ 8,800

Debt and Other Financing - Outs

Debt and Other Financing - Outstanding Debt Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Current portion of long-term debt	$ 0	$ 0
Non-current portion of long-term debt	74,126	74,126
Total long-term debt	74,126	74,126
Unamortized debt issuance cost	(1,170)	(2,718)
Outstanding balance	$ 72,956	$ 71,408

Debt and Other Financing - Lega

Debt and Other Financing - Legacy BlackSky Class A Common Stock Schedule (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 shares
Debt Conversion [Line Items]
Legacy BlackSky Class A Common Stock (in shares)	20,343
Legacy BlackSky Class A Common Stock Warrants (in shares)	3,924
Issued to SVB guarantors
Debt Conversion [Line Items]
Legacy BlackSky Class A Common Stock (in shares)	8,485
Legacy BlackSky Class A Common Stock Warrants (in shares)	0
Issued in connection with the initial tranche of Bridge Notes
Debt Conversion [Line Items]
Legacy BlackSky Class A Common Stock (in shares)	11,544
Legacy BlackSky Class A Common Stock Warrants (in shares)	3,873
Issued as incentive shares and as incentive warrants, in connection with the Rights Offering
Debt Conversion [Line Items]
Legacy BlackSky Class A Common Stock (in shares)	314
Legacy BlackSky Class A Common Stock Warrants (in shares)	51

Debt and Other Financing - Narr

Debt and Other Financing - Narrative (Details) $ in Millions			1 Months Ended		5 Months Ended	9 Months Ended
	Sep. 09, 2021	Feb. 03, 2021 USD ($) tranche	Jun. 30, 2021 USD ($)	Feb. 28, 2021 tranche	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) tranche	Dec. 31, 2021 USD ($)	Feb. 18, 2021 USD ($)	Feb. 02, 2021	Oct. 31, 2019
Debt Instrument [Line Items]
Number of tranches | tranche		2		2		3
Proceeds from convertible debt			$ 58.6
Long-term debt, fair value						$ 67.4	$ 76.1
Intelsat Jackson Holdings SA | Debt Instrument, Interest Rate Period One
Debt Instrument [Line Items]
Interest rate										4%
Intelsat Jackson Holdings SA | Debt Instrument, Interest Rate Period Two
Debt Instrument [Line Items]
Interest rate										9%
Intelsat Jackson Holdings SA | Debt Instrument, Interest Rate Period Three
Debt Instrument [Line Items]
Interest rate										10%
Intelsat Jackson Holdings SA | Debt Instrument, Interest Rate Period Four
Debt Instrument [Line Items]
Interest rate										4%
Loans Payable | Minimum | Affiliated Entity
Debt Instrument [Line Items]
Interest rate						7.41%
Loans Payable | Maximum | Affiliated Entity
Debt Instrument [Line Items]
Interest rate						8%
Sponsor Shares | Convertible Debt
Debt Instrument [Line Items]
Convertible debt, maximum amount authorized for future issuance					$ 60
Debt conversion, shares ratio		7
Convertible debt, remaining amount								$ 1.9
Interest rate									10%
Threshold percentage of stock price trigger	80%
Bridge Notes Payable Tranche One | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 18.1
Debt conversion, shares ratio		7
Debt conversion, warrants issued, factor amount		$ 1
Bridge Notes Payable Tranche One | Convertible Debt | Minimum
Debt Instrument [Line Items]
Debt conversion, warrants issued, percent		0.14%
Bridge Notes Payable Tranche One | Convertible Debt | Maximum
Debt Instrument [Line Items]
Debt conversion, warrants issued, percent		3.50%
Bridge Notes Payable Tranche Two | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount								$ 40
Bridge Notes Payable Tranche Three | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 0.5
Debt conversion, shares ratio			7

Equity Warrants Classified as_3

Equity Warrants Classified as Derivative Liabilities - Narrative (Details) - Common Class A shares in Millions	Sep. 30, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Number of shares (in shares) | shares	1.8
Exercise price of warrants (in dollars per share) | $ / shares	$ 0.11

Equity Warrants Classified as_4

Equity Warrants Classified as Derivative Liabilities - Summary Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	4 Months Ended
	Dec. 31, 2021	Sep. 30, 2022
Public Warrants
Class of Warrant or Right [Line Items]
Number of shares (in shares)		15,813
Exercise Price (in dollars per share)		$ 11.50
Redemption Price (in dollars per share)		$ 18
Gain in value for the nine months ended September 30, 2022	$ 5,851
Fair Value at September 30, 2022		$ 2,846
Private Placement Warrants
Class of Warrant or Right [Line Items]
Number of shares (in shares)		4,163
Exercise Price (in dollars per share)		$ 11.50
Redemption Price (in dollars per share)		$ 18
Gain in value for the nine months ended September 30, 2022	1,456
Fair Value at September 30, 2022		$ 1,041
Private Placement Warrants
Class of Warrant or Right [Line Items]
Number of shares (in shares)		4,163
Exercise Price (in dollars per share)		$ 20
Redemption Price (in dollars per share)		$ 18
Gain in value for the nine months ended September 30, 2022	$ 416
Fair Value at September 30, 2022		$ 583

Other (Expense)_Income - Schedu

Other (Expense)/Income - Schedule of Other (Expense)/Income (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Conversion [Line Items]
Loss on debt extinguishment				$ 0	$ (75)
Debt issuance costs expensed for debt carried at fair value	$ (47,600)	$ 0	$ 0	0	(47,718)
Transaction costs associated with derivative liabilities		0	(291)	0	(291)
Other		(14)	1	(54)	18
Other expense, net		(14)	(365)	(54)	(147,735)
Loss on issuance of Bridge Notes tranche one
Debt Conversion [Line Items]
Loss on conversion of debt		0	0	0	(84,291)
Loss on issuance of Bridge Notes tranche two
Debt Conversion [Line Items]
Loss on conversion of debt		0	0	0	(12,185)
Loss on issuance of Bridge Notes Rights Offering
Debt Conversion [Line Items]
Loss on conversion of debt		0	0	0	(3,193)
Sponsor Shares
Debt Conversion [Line Items]
Loss on debt extinguishment		$ 0	$ (75)	$ 0	$ (75)

Other (Expense)_Income -Narrati

Other (Expense)/Income -Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
	Feb. 03, 2021 USD ($) tranche shares	Feb. 28, 2021 USD ($) tranche shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) shares	Sep. 30, 2022 USD ($) tranche	Sep. 30, 2021 USD ($)	Feb. 02, 2021 USD ($)
Debt Instrument [Line Items]
Number of tranches | tranche	2	2				3
Conversion of bridge notes and accrued interest into common stock					$ 120
Debt issuance costs expensed for debt carried at fair value		$ 47,600	$ 0	$ 0		$ 0	$ 47,718
Issuance costs for derivative liabilities and debt carried at fair value						$ 0	$ 6,238
Common Stock
Debt Instrument [Line Items]
Conversion of bridge notes and accrued interest into common stock (in shares) | shares					1,095,000
Bridge Notes Payable
Debt Instrument [Line Items]
Conversion of bridge notes and accrued interest into common stock				$ 77,097
Debt issuance costs, shares issued | shares	8,500,000
Debt issuance costs, value of shares issued	$ 43,900
Issuance costs for derivative liabilities and debt carried at fair value	3,700
Debt issuance costs, net								$ 100
Bridge Notes Payable | Issued in connection with the initial tranche of Bridge Notes
Debt Instrument [Line Items]
Loss on conversion of debt	$ (84,300)
Bridge Notes Payable | Loss on issuance of Bridge Notes tranche two
Debt Instrument [Line Items]
Loss on conversion of debt		$ (12,200)
Bridge Notes Payable | Common Stock
Debt Instrument [Line Items]
Conversion of bridge notes and accrued interest into common stock (in shares) | shares		11,500,000		7,736,000
Conversion of bridge notes and accrued interest into common stock		$ 59,800		$ 1
Bridge Notes Payable | Common Stock warrants
Debt Instrument [Line Items]
Conversion of bridge notes and accrued interest into common stock (in shares) | shares		3,900,000
Warrants issued during period, value		$ 18,400
Bridge Notes Payable | Convertible Debt | Issued in connection with the initial tranche of Bridge Notes
Debt Instrument [Line Items]
Debt instrument, face amount		18,100
Debt instrument fair value		24,200
Bridge Notes Payable | Convertible Debt | Loss on issuance of Bridge Notes tranche two
Debt Instrument [Line Items]
Debt instrument, face amount		40,000
Debt instrument fair value		$ 52,200

Stockholders' Equity - Common S

Stockholders' Equity - Common Shares Reserved For Issuance (Details) - Common Stock - shares	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common Stock reserved	178,628,000	182,840,000
Common Stock warrants
Class of Stock [Line Items]
Common Stock reserved	1,770,000	1,770,000
Stock options
Class of Stock [Line Items]
Common Stock reserved	8,083,000	5,022,000
Restricted stock units
Class of Stock [Line Items]
Common Stock reserved	8,268,000	10,959,000
Public Warrants (exercisable for class A common stock) treated as liability
Class of Stock [Line Items]
Common Stock reserved	15,813,000	15,813,000
Private Placement Warrants (exercisable for class A common stock) treated as liability
Class of Stock [Line Items]
Common Stock reserved	8,325,000	8,325,000
Reserved Shares
Class of Stock [Line Items]
Common Stock reserved	136,369,000	140,951,000

Stockholders' Equity - Sponsor

Stockholders' Equity - Sponsor Earn Out Shares (Details)	9 Months Ended
	Sep. 30, 2022 tradingDay satellite $ / shares
Equity [Abstract]
Earn-Out Shares contractual life	7 years
Earn Out Shares with release provision terms volume weighted average price per share (in dollars per share) | $ / shares	$ 15
Earn Out Shares with release provision terms number of trading days | tradingDay	10
Earn-Out Shares with release provision terms number of consecutive trading days | tradingDay	20
Earn-Out Shares, volume weighted average price per share (in dollars per share) | $ / shares	$ 17.50
Earn-Out Shares threshold consecutive trading days | satellite	20
Earn Out Shares expiration term	7 years

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	300,000,000		300,000,000		300,000,000
Preferred stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, shares issued (in shares)	121,357,000		121,357,000		117,160,000
Common stock shares outstanding (in shares)	118,906,000		118,906,000		114,452,000
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001		$ 0.0001
Earn Out shares	2,400,000		2,400,000
Derivative liabilities	$ 6,296		$ 6,296		$ 16,925
Gain on derivatives	7,135	$ 3,813	10,629	$ (11,162)
Sponsor Shares
Class of Stock [Line Items]
Derivative liabilities	$ 1,800		1,800		$ 4,700
Gain on derivatives			$ 2,900

Net Loss Per Share of Class A_3

Net Loss Per Share of Class A Common Stock - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Loss from continuing operations	$ (13,755)			$ (46,897)			$ (60,021)	$ (250,016)
Gain (loss) from discontinued operations	707			0			707	(1,022)
Net loss	$ (13,048)	$ (26,278)	$ (19,988)	$ (46,897)	$ (35,585)	$ (168,556)	$ (59,314)	$ (251,038)
Basic:
Basic net loss per share - continuing operations (in dollars per share)	$ (0.12)			$ (0.67)			$ (0.51)	$ (4.29)
Basic net loss per share - discontinued operations (in dollars per share)	0.01			0			0.01	(0.02)
Net loss per share of common stock (in dollars per share)	(0.11)			(0.67)			(0.50)	(4.31)
Diluted:
Diluted net loss per share - continuing operations (in dollars per share)	(0.12)			(0.67)			(0.51)	(4.29)
Diluted net loss per share - discontinued operations (in dollars per share)	0.01			0			0.01	(0.02)
Net loss per share of common stock, diluted (in dollars per share)	$ (0.11)			$ (0.67)			$ (0.50)	$ (4.31)
Basic weighted average number of shares outstanding	118,582			69,975			117,403	58,297
Diluted weighted average common shares outstanding	118,582			69,975			117,403	58,297

Net Loss Per Share of Class A_4

Net Loss Per Share of Class A Common Stock - Potentially Dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	79	420	79	420
Common Stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,770	1,770	1,770	1,770
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8,083	2,344	8,083	2,344
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8,268	9,158	8,268	9,158
Public Warrants (exercisable for class A common stock) treated as liability
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	15,813	15,813	15,813	15,813
Private Placement Warrants (exercisable for class A common stock) treated as liability
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8,325	8,325	8,325	8,325
Sponsor Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,372	2,372	2,372	2,372

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) plan shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, number of plans | plan					2
Stock-based compensation, award vesting period					4 years
Stock-based compensation, expiration period					10 years
Stock-based compensation, outstanding number of shares (in shares) | shares	8,083				8,083		5,022
Capitalized stock-based compensation	$ 300			$ 0	$ 1,261	$ 0
Stock-based compensation, intrinsic value of awards exercised					1,700	6,800
Stock-based compensation, fair value of awards vested					600	$ 600
Stock-based compensation, cost unrecognized	6,700				$ 6,700
Stock-based compensation, cost unrecognized, period for recognition					3 years 7 months 6 days
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock	491	$ 444	$ 3,616
Restricted Stock Awards (RSA)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, cost unrecognized, period for recognition					1 year 7 months 6 days
Stock-based compensation, cost unrecognized	1				$ 1
Stock-based compensation, grant date fair value of awards vested					$ 2
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, cost unrecognized, period for recognition					2 years 6 months
Stock-based compensation, cost unrecognized	$ 20,700				$ 20,700
Restricted Stock Awards granted (in shares) | shares					4,181
Post merger vesting period	180 days
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock | shares					2,300
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock					$ 4,600
Minimum | Restricted Stock Awards (RSA)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, award vesting period					3 years
Maximum | Restricted Stock Awards (RSA)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, award vesting period					4 years
2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, outstanding number of shares (in shares) | shares	41				41
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, outstanding number of shares (in shares) | shares	1,500				1,500

Stock-Based Compensation - Allo

Stock-Based Compensation - Allocated Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,163	$ 28,493	$ 16,389	$ 29,265
Cost of Sales | Imagery & software analytical services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	259	2,898	1,364	2,949
Cost of Sales | Engineering & systems integration
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	37	0	202	0
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,867	$ 25,595	$ 14,823	$ 26,316

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Weighted-Average Assumption (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-Based Payment Arrangement [Abstract]
Fair value per common share (in USD per share), Minimum	$ 2.1
Fair value per common share (in USD per share), Maximum	$ 2.15
Weighted-average risk-free interest rate, Minimum	3.20%
Weighted-average risk-free interest rate, Maximum	3.38%
Volatility, Minimum	33.90%
Volatility, Maximum	34.20%
Expected term (in years)	8 years
Dividend rate	0%

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Options, Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Options
Options outstanding, beginning balance (in shares) | shares		5,022
Options granted (in shares) | shares		4,654
Options exercised (in shares) | shares		(638)
Options forfeited (in shares) | shares		(955)
Options outstanding, ending balance (in shares) | shares	8,083	8,083
Options exercisable (in shares) | shares	1,275	1,275
Weighted-Average Exercise Price
Weighted-Average Exercise Price, outstanding, beginning balance (in USD per share) | $ / shares		$ 4.4914
Weighted-Average Exercise Price, granted (in USD per share) | $ / shares		2.1468
Weighted-Average Exercise Price, exercised (in USD per share) | $ / shares		0.0565
Weighted-Average Exercise Price, forfeited (in USD per share) | $ / shares		7.3285
Weighted-Average Exercise Price, outstanding, ending balance (in USD per share) | $ / shares	$ 3.1558	3.1558
Weighted-Average Exercise Price, exercisable (in USD per share) | $ / shares	$ 1.6698	$ 1.6698
Stock Options, Additional Disclosures
Weighted-Average Remaining Contractual Term, outstanding (in years)	9 years 1 month 9 days
Weighted-Average Remaining Contractual Term, exercisable (in years)	6 years 9 months 14 days
Aggregate Intrinsic Value, outstanding | $	$ 1,924	$ 1,924
Aggregate Intrinsic Value, exercisable | $	$ 1,221	$ 1,221

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, intrinsic value of awards exercised			$ 1,700	$ 6,800
Stock-based compensation, fair value of awards vested			600	600
Total stock-based compensation expense	$ 3,163	$ 28,493	16,389	$ 29,265
Stock-based compensation, cost unrecognized	$ 6,700		$ 6,700
Stock-based compensation, cost unrecognized, period for recognition			3 years 7 months 6 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards, Activity (Details) - Restricted class A common stock shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Awards
Restricted Stock nonvested, beginning balance (in shares) | shares	335
Restricted Stock Awards vested (in shares) | shares	(178)
Restricted Stock Awards canceled (in shares) | shares	(78)
Restricted Stock nonvested, ending balance (in shares) | shares	79
Weighted-Average Grant-Date Fair Value
Weighted Average Grant Date Fair Value, nonvested, beginning balance (in USD per share) | $ / shares	$ 0.0121
Weighted Average Grant Date Fair Value, vested (in USD per share) | $ / shares	0.0121
Weighted Average Grant Date Fair Value, canceled (in USD per share) | $ / shares	0.0121
Weighted Average Grant Date Fair Value, nonvested, ending balance (in USD per share) | $ / shares	$ 0.0121

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Units, 2021 Plan (Details) shares in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2022 shares	Sep. 30, 2022 quarter shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, award vesting period		4 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units granted (in shares)		4,181
Certain employees and service providers | Restricted stock units | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units granted (in shares)	419	4,200
Certain employees and service providers | March 2022 First Issuance Restricted Stock Units (RSU) | 2021 Plan | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage		25%
Stock-based compensation, award vesting period		1 year
Certain employees and service providers | March 2022 First Issuance Restricted Stock Units (RSU) | 2021 Plan | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage, tranche one		75%
Number of consecutive quarters | quarter		12
Award vesting period after first tranche		3 months
Certain employees and service providers | March 2022 Second Issuance Restricted Stock Units (RSU) | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units granted (in shares)		155
Award vesting rights percentage		50%

Stock-Based Compensation - Re_3

Stock-Based Compensation - Restricted Stock Units, Activity (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Awards
Restricted Stock nonvested, beginning balance (in shares) | shares	10,959
Restricted Stock Units granted (in shares) | shares	4,181
Restricted Stock Units vested (in shares) | shares	(5,968)
Restricted Stock Units canceled (in shares) | shares	(904)
Restricted Stock nonvested, ending balance (in shares) | shares	8,268
Weighted-Average Grant-Date Fair Value
Weighted Average Grant Date Fair Value, nonvested, beginning balance (in USD per share) | $ / shares	$ 6.7675
Weighted Average Grant Date Fair Value, granted (in USD per share) | $ / shares	2.0595
Weighted Average Grant Date Fair Value, vested (in USD per share) | $ / shares	6.9790
Weighted Average Grant Date Fair Value, canceled (in USD per share) | $ / shares	5.2863
Weighted Average Grant Date Fair Value, nonvested, ending balance (in USD per share) | $ / shares	$ 4.3961

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($)
Related Party Transactions [Abstract]
Interest payable	$ 2.8

Related Party Transactions - Re

Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
X-Bow
Related Party Transaction [Line Items]
Ownership percentage	20%
Affiliated Entity | X-Bow
Related Party Transaction [Line Items]
Amount Due to Related Party	$ 0			$ 0
Affiliated Entity | Ursa Space Systems
Related Party Transaction [Line Items]
Total payments	417	$ 0
Investor | Seahawk
Related Party Transaction [Line Items]
Amount Due to Related Party	19,977			19,977
Amount of debt extinguishment			$ 18,400
Investor | Intelsat
Related Party Transaction [Line Items]
Amount Due to Related Party	54,149			54,149
Debt instrument, face amount					$ 50,000
Investor | Common Stock warrants | Seahawk
Related Party Transaction [Line Items]
Warrants issued (in shares)			13.5
Investor | Common Stock warrants | Intelsat
Related Party Transaction [Line Items]
Warrants issued (in shares)			20.2
Equity Method Investee | LeoStella
Related Party Transaction [Line Items]
Amount Due to Related Party	1,667			8,381
Total payments	22,067	15,060
Equity Method Investee | X-Bow
Related Party Transaction [Line Items]
Total payments	0	1,865
Equity Method Investee | Ursa Space Systems
Related Party Transaction [Line Items]
Amount Due to Related Party	0			83
Equity Method Investee | Thales Alenia Space
Related Party Transaction [Line Items]
Amount Due to Related Party	0			$ 0
Total payments	$ 8,170	$ 4,400

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of liabilities at fair value on a recurring basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 2,846	$ 8,697
Level 1 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	2,846	8,697
Level 1 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 1 | Sponsor Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	0
Level 2 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 2 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 2 | Sponsor Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	3,450	8,228
Level 3 | Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 3 | Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1,624	3,496
Level 3 | Sponsor Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 1,826	$ 4,732

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of change sin the fair value of Level 3 liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Private Placement Warrants, Sponsor Shares, Legacy Preferred Stock Warrants and Consent Fees
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value		$ 16,100
Sponsor Shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,732
Gain from changes in fair value	(2,906)
Ending balance	1,826
Private Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,496
Gain from changes in fair value	(1,872)
Ending balance	$ 1,624

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) satellite satelliteLaunch	Sep. 30, 2022 USD ($) satellite satelliteLaunch
Loss Contingencies [Line Items]
Number of satellite launches | satelliteLaunch	1	1
Number of satellites | satellite	2	2
Launch delay period	365 days	365 days
Remanifest effort period		4 months
Payment period after invoice date		15 days
Reseller Agreement
Loss Contingencies [Line Items]
Other commitment	$ 3,000	$ 3,000
Satellite Launches
Loss Contingencies [Line Items]
Long-term purchase committed amount	$ 1,700

Commitment and Contingencies _2

Commitment and Contingencies - Estimated Indirect Tax Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Indirect Tax Liability Roll Forward [Roll Forward]
Indirect tax liability, Beginning balance	$ 737
Payments	(314)
Adjustment to Expense	(218)
Indirect tax liability, Ending balance	$ 205

Concentrations, Risks, and Un_2

Concentrations, Risks, and Uncertainties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Concentration Risk [Line Items]
Revenue	$ 16,935	$ 7,937	$ 45,933	$ 22,596
Accounts receivable	5,101		5,101		$ 2,629
Customer Concentration Risk | Continuing Operations | Revenue Benchmark
Concentration Risk [Line Items]
Revenue	10,700	3,200	23,900	9,300
Customer Concentration Risk | Continuing Operations | Accounts Receivable
Concentration Risk [Line Items]
Accounts receivable	1,000		1,000		1,300
Government Contracts Concentration Risk | Continuing Operations | Revenue Benchmark
Concentration Risk [Line Items]
Revenue	14,900	$ 6,600	38,100	$ 18,900
Government Contracts Concentration Risk | Continuing Operations | Accounts Receivable
Concentration Risk [Line Items]
Accounts receivable	$ 1,900		$ 1,900		$ 2,600

Subsequent Events (Details)

Subsequent Events (Details) - Spaceflight Inc. - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 21, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Gain (loss) on disposal of discontinued operations		$ 707	$ 0	$ 707	$ (1,022)
Subsequent Event
Subsequent Event [Line Items]
Settlement payment	$ 1,000
Subsequent Event | M&Y Space Co.
Subsequent Event [Line Items]
Holdback receivable	$ 100