BlackSky Technology Inc. announced a proposed private offering of $125 million in convertible senior notes as of July 17, 2025. The company reported preliminary second-quarter 2025 revenue of $22.2 million. However, BlackSky revised its full-year revenue outlook to a range between $105 million and $130 million, citing uncertainties related to the U.S. government budget and contract timing volatility expected in the third and fourth quarters of 2025. Following the announcement of the convertible note offering and the downward revision of revenue guidance, BlackSky's stock experienced a sharp decline of approximately 23% in after-hours trading. Despite the initial negative market reaction, some investors anticipate a potential rebound in the stock price due to the company's secured funding. Prior to these developments, BlackSky's stock had shown signs of strong momentum and investor interest.