# Satellogic — Capital Time Machine

Satellogic’s financing includes venture funding, convertible securities, a SPAC transaction and a Liberty investment. Share-and-warrant packages cannot safely be treated as plain stock purchases.

Canonical citation: https://capitaltimemachine.com/private/satellogic

Ticker: SATL
Sector: Space & geospatial
Public-market route: SPAC merger
Evidence reviewed: 2026-09-24

## How to use this research

Selected historical funding and listing evidence, not a complete private cap table or live quote. Funding totals, company valuations and per-share prices are different measures. A hypothetical value is not actual sale proceeds; investor access is not established.

## Funding and listing history

### b — Series B

Date: 2017-06
Event type: Reported venture financing

Reported $27 million financing led by Tencent. Share price, ownership and subsequent conversion are not verified here.

Reported capital or financing: $27 million reported

Source: [2017 Series B report](https://www.satellitetoday.com/technology/2017/06/26/satellogic-closes-27-million-series-b-funding-round/)
Source location: Reported company announcement: $27 million round led by Tencent. Secondary report; no per-share terms.

### preferred — Series A, B and B-1 capital snapshot

Date: 2019-01-01
Event type: Preferred equity snapshot

The filing reports 4,723,330 Series A, 3,117,915 Series B and 899,153 Series B-1 shares outstanding. These are share counts, not new cash proceeds or original issue prices.

Source: [2021 Form 20-F](https://www.sec.gov/Archives/edgar/data/1874315/000119312522134785/d348347d20f.htm)
Source location: Capital history, financial statements and subsequent events surrounding the 2022 combination.

### notes2019 — Convertible-note financing

Date: 2019
Event type: Convertible debt

The note-liability roll-forward records $27 million of financing cash flows during 2019. Principal, interest and embedded derivatives are separated in the accounts; no simple common-share price is inferred.

Reported capital or financing: $27 million financing cash flows

Source: [2021 Form 20-F](https://www.sec.gov/Archives/edgar/data/1874315/000119312522134785/d348347d20f.htm)
Source location: Capital history, financial statements and subsequent events surrounding the 2022 combination.

### x — Series X instruments issued

Date: 2021-04
Event type: Liability-classified preferred

The issuer recognized indebtedness from Series X preferred instruments. Preferred naming does not by itself make this a conventional equity round.

Reported capital or financing: $20.332 million indebtedness

Source: [2021 Form 20-F](https://www.sec.gov/Archives/edgar/data/1874315/000119312522134785/d348347d20f.htm)
Source location: Capital history, financial statements and subsequent events surrounding the 2022 combination.

### private — Private capital structure before listing

Date: 2021-12-31
Event type: Filing snapshot

The annual report describes preferred shares, notes and Series X instruments. Different instruments had different closing treatments; they are not interchangeable rounds.

Source: [2021 Form 20-F](https://www.sec.gov/Archives/edgar/data/1874315/000119312522134785/d348347d20f.htm)
Source location: Capital history, financial statements and subsequent events surrounding the 2022 combination.

### listing — SATL begins Nasdaq trading

Date: 2022-01-26
Event type: SPAC listing

The company announced about $262 million in aggregate transaction proceeds, including the separately scheduled Liberty investment. Avoid adding $150 million to that aggregate again.

Reported capital or financing: About $262 million aggregate

Source: [Combination completion announcement](https://investors.satellogic.com/news-releases/news-release-details/satellogic-completes-business-combination-cf-acquisition-corp-v)
Source location: January 2022: approximately $262 million aggregate transaction proceeds including Liberty funding scheduled separately.

### liberty — Liberty financing closes

Date: 2022-02-10
Event type: Shares and warrants

20 million common shares and 20 million warrants for $150 million. The SEC filing gives February 10 as the closing date; the later issuer announcement is not the transaction date.

Reported capital or financing: $150 million package

Source: [2021 Form 20-F](https://www.sec.gov/Archives/edgar/data/1874315/000119312522134785/d348347d20f.htm)
Source location: Capital history, financial statements and subsequent events surrounding the 2022 combination.

Source: [2025 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1874315/000187431525000014/satl-20250630.htm)
Source location: 2022 Liberty investment: 20 million shares and 20 million warrants for $150 million.

## Documented share calculations

No documented private share-price and conversion model is enabled. Users may enter their own comparable prices; do not infer a per-share entry price from aggregate funding or company valuations.

## Later share adjustments

No separate share-class distribution is modeled.

## Coverage gaps and limitations

- Earlier round totals do not supply a verified per-share cost and conversion chain.

- The Liberty investment included warrants; $150 million divided by 20 million shares is not a standalone $7.50 share price.

- No automatic private-to-current return is enabled until the complete security conversion and warrant allocation are established.

Entered prices and later-date share-basis assumptions are unverified. Excludes fees, taxes, dividends, warrants and other distributions; fractional shares are illustrative. Historical investor allocations, minimums and selling rights are not established.

Methodology: https://capitaltimemachine.com/methodology

Research terms: https://capitaltimemachine.com/terms