Satellogic Inc. (NASDAQ: SATL) experienced a 15% jump in its share price on Tuesday following the company’s announcement that it has sold a legacy satellite already in orbit to Australian space technology firm HEO. The transaction transfers full ownership of the Mark IV-g satellite NewSat-34 to HEO, which will operate the craft under the new name Continuum-1.
The satellite is currently active and collecting data. Under the terms disclosed, HEO will gain immediate operational capacity for non-Earth imaging research and development, and the acquisition is described as supporting Australian remote sensing priorities. The sale establishes what the companies characterize as Australia’s first sovereign sub-meter imaging capability.
Satellogic framed the transaction as part of its Sovereignty Government Program; it is the first instance in which the company has sold a legacy in-orbit satellite through that program. The arrangement allows HEO to avoid the extended timelines and costs that are typically tied to designing, building and launching a new satellite, providing a quicker route to in-orbit capability.
"Selling an in-orbit legacy satellite like NewSat-34 removes a major operational constraint for customers that require sovereignty, control, and speed," said Luciano Giesso, Vice President of Space Systems at Satellogic. "This is the fastest path to sovereign space capability."
Although ownership and control of Continuum-1 will reside with HEO, Satellogic will continue to provide operational support. The acquisition builds on an existing commercial relationship: HEO had previously sourced imagery services from Satellogic.
HEO plans to use Continuum-1 as a dedicated in-orbit test bed for non-Earth imaging. The company intends to test novel image acquisition modes and to generate AI-ready datasets intended for autonomous imaging systems.
The transaction highlights a pathway for governments and sovereign-capability seekers to obtain immediate space-based functionality without undertaking a full build-and-launch program. The parties have positioned the deal as both an operational shortcut and a way to accelerate R&D activities in imaging and autonomous systems.
Information on long-term operational arrangements, program timelines beyond the operational support commitment, and specific performance metrics for Continuum-1 was not provided in the announcement.