SPIR · CIK 1816017
What Spire Global, Inc. told the SEC could break it.
Spire Global's sharpest exposure is its concentration in government customers. One customer — a group of U.S. government agencies under common control — was 24% of its 2025 revenue, and about 43% came from three government customers, tying its results to federal budget and procurement decisions. It also carries governance risk, having identified material weaknesses in its internal control over financial reporting (alongside late SEC filings) that could lead to misstatements, and as a satellite operator it needs FCC licenses to run its satellites and ground stations and is subject to U.S. export controls (EAR, ITAR) and OFAC sanctions that restrict where and to whom it can sell.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Concentration in U.S. government customers (one = 24% of revenue; three = ~43%)high
Revenue is concentrated in government agencies — one customer (multiple U.S. government agencies under common control) was 24% of revenue in 2025, and about 43% came from three government customers — exposing results to federal budget and procurement decisions.
“The Company had one customer which represented 24 % of total revenue for each of the years ended December 31, 2025 and 2024. The one customer consists of multiple U.S. government agencies, of which only one government agency represented greater than 10 % of total revenue for the years ended December 31, 2025 and 2024.”
SEC filing →As of 2026
Other disclosures
- Material weaknesses in internal control over financial reportingmedium
The company has identified material weaknesses in its ICFR (alongside late SEC filings) that could result in material misstatements, signaling financial-reporting and governance risk.
“We have identified material weaknesses in our ICFR, as more fully described in Part II, Item 9A of this Annual Report on Form 10-K.”
SEC filing →As of 2026
Regulatory & policy
- Satellite/FCC licensing and U.S. export controls (EAR/ITAR/OFAC)medium
The business requires FCC licenses to operate satellites/ground stations, and its data, services, and technology are subject to U.S. export controls (EAR, ITAR) and OFAC sanctions, which can restrict where and to whom it can sell.
“our data, services, and technology are or may in the future be subject to U.S. export control laws and regulations including the Export Administration Regulations (“EAR”) and International Traffic In Arms (“ITAR”), and subject to trade and economic sanctions maintained by the Office of Foreign Assets Control (“OFAC”).”
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