The company experienced 140% revenue growth in a record-breaking year and looks ahead to more mission-critical milestones in 2025
MENLO PARK, Calif., Jan. 16, 2025 -- LeoLabs, the world's leading mission partner for persistent Orbital Intelligence, today announced it won more than $50M in contracts in 2024, closing out a year of record bookings for the company. LeoLabs achieved nearly 140% year-over-year revenue growth in 2024, as it doubled down on its commitment to Space Domain Awareness (SDA) missions while continuing to set the gold standard in support for Space Traffic Management (STM) and commercial space missions.
In 2024, LeoLabs increased its investment in SDA capabilities, including advances in AI-driven threat analysis and the completion of its 11th radar—a next-generation Ultra High Frequency system in Arizona, built in less than five months. Partially funded by an AFWERX Small Business Innovation Research (SBIR) award, this radar is already tracking 10,000 space objects and serving as a testbed to advance new capabilities. Additionally, LeoLabs secured a second AFWERX SBIR award in 2024 to develop a next-generation S-Band radar system that is set to debut in early 2025.
Demand for LeoLabs solutions is growing in parallel with a rising number of satellites and increasing threats in Low Earth Orbit (LEO). In 2024, the number of resident space objects in LEO expanded by 15%, and 90 of 259 launches into LEO originated from China, Russia, North Korea, and Iran.
In response to the evolving threat, LeoLabs strengthened its global customer base as governments strive to keep pace with congestion and contention on orbit. Among the company's customers are the U.S. Department of Defense and the space agencies and commands of nine key U.S. Allies and Partners, as well as a number of commercial space operators. This includes providing U.S. Space Command's Joint Commercial Operations Cell and several Allied governments with persistent monitoring of high interest objects in LEO.
As objects in LEO multiply exponentially, the STM mission has also become more urgent. In 2024, LeoLabs partnered with NOAA's Office of Space Commerce for its Traffic Coordination System for Space (TraCSS) Consolidated Pathfinder to explore how commercial capabilities can meet U.S. STM requirements. The Pathfinder results validated that commercial companies could perform at least 84% of the STM mission currently carried out by the U.S. Government.
"In 2024, LeoLabs achieved exceptional progress in our technology and our partnerships. We sharpened our focus to meet the rising national security need and are proud to support U.S. and Allied nations as a critical mission partner," said LeoLabs CEO Tony Frazier, who joined the company in March 2024. "We are on track to achieve even more in 2025 as we bring new radars online, pursue research and development initiatives, reach new customers, and continue to provide industry-leading operational solutions for existing customers to safeguard their space assets."
Launches, spacecraft, and activity in LEO will surge again in 2025. As LeoLabs continues to scale this year, the company will further proliferate its Global Radar Network and introduce more innovations that fuel persistent Orbital Intelligence, including enhanced data offerings and cutting-edge, AI-powered analytic tools.
About LeoLabs (www.leolabs.space):
LeoLabs is the world's leading mission partner for persistent Orbital Intelligence. We enable military space commands, civil government agencies, and commercial operators to confidently detect, track, characterize, and respond to threats in space. Our proliferated, multi-mission radar network, real-time orbital data catalog, and AI-powered analytics support secure, safe, and dynamic space operations. We are committed to delivering the living map of activity in space that safeguards our way of life on Earth.
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