Mithril Amendment: Royan and Thiel Report 6.6% Stake in BlackSky (BKSY)

Rhea-AI Filing Summary

This amendment to a Schedule 13D updates the ownership percentages for multiple Mithril-related reporting persons and individuals in BlackSky Technology, Inc. The filing reports that Mithril I holds 1,298,328 shares (3.7%) and Mithril II holds 1,030,175 shares (2.9%) of Class A Common Stock, using a share base of 35,464,515 shares outstanding as reported by the issuer. Ajay Royan and Peter Thiel are reported as beneficial owners of a combined 2,328,503 shares (6.6%).

The amendment states the change in percentage ownership resulted from dilution caused by the issuer's sales of additional shares and was not due to sales by the reporting persons; the aggregate percentage decreased by over 1%. No other items in the original Schedule 13D were amended.

Positive

• Combined beneficial ownership disclosed: Ajay Royan and Peter Thiel hold 2,328,503 shares (6.6%).
• Clarifies source of change: The amendment attributes the decline in percentage to issuer share issuance (dilution), not to dispositions by the reporting persons.

Negative

• Ownership percentage declined by over 1% due to the issuer's additional share sales, reducing the reporting persons' stake.
• Dilution reduced relative influence even though absolute share counts reported for the reporting persons did not change.

Insights

Securities Analyst

TL;DR: Amendment records dilution-driven decline in ownership percentages; share counts unchanged, resulting in a modest, non‑controlling stake.

The filing confirms that the reported share counts for Mithril I and Mithril II remain intact while their percentage ownership declined because the issuer sold additional shares. The combined beneficial ownership of 2,328,503 shares (6.6%) is material to disclosure but remains below thresholds normally associated with control proposals. The amendment provides transparency about the source of the change—issuer dilution rather than disposals by the reporting persons—which is relevant for market participants assessing insider intent or stake accumulation.

Corporate Governance Expert

TL;DR: Shared voting and dispositive arrangements are disclosed; governance influence is outlined but not materially altered by this amendment.

The disclosure reiterates that shared voting, investment and dispositive power arises from the Mithril fund structures and designated investment committees, with Ajay Royan and Peter Thiel serving on those committees. The filing clarifies the chain of record ownership and who may be deemed to exercise shared authority over the securities. This enhances clarity on who exercises influence over the reported shares, an important detail for governance assessments, though it does not indicate any change in board or control arrangements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

BlackSky Technology, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

09263B207

(CUSIP Number)

Ajay Royan
c/o Mithril Capital Management, 111 Congress Avenue, Suite 500
Austin, TX, 78701
512-727-3770

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/07/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09263B207

1

Name of reporting person

Mithril LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,298,328.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,298,328.00

11

Aggregate amount beneficially owned by each reporting person

1,298,328.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

All shares are held of record by Mithril I (as defined in Item 2(a) of the Original Schedule 13D (as defined below)). Mithril GP (as defined in Item 2(a) of the Original Schedule 13D) is the general partner of Mithril I and Mithril GP may be deemed to have shared voting, investment and dispositive power with respect to these securities. Ajay Royan is the authorized person of Mithril GP. Ajay Royan and Peter Thiel are the members of the investment committee of Mithril GP. The investment committee makes all investment decisions with respect to the shares held by Mithril I and may be deemed to have shared voting, investment and dispositive power with respect to these securities. The percentage in Row 13 is based on 35,464,515 shares of Common Stock (as defined in Item 1(a) of the Original Schedule 13D) outstanding as of August 4, 2025, as reported by the Issuer in its quarterly report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission (the "Commission") on August 7, 2025 (the "Form 10-Q").

SCHEDULE 13D

CUSIP No. 09263B207

1

Name of reporting person

Mithril GP LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,298,328.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,298,328.00

11

Aggregate amount beneficially owned by each reporting person

1,298,328.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

All shares are held of record by Mithril I. Mithril GP is the general partner of Mithril I and Mithril GP may be deemed to have shared voting, investment and dispositive power with respect to these securities. Ajay Royan is the authorized person of Mithril GP. Ajay Royan and Peter Thiel are the members of the investment committee of Mithril GP. The investment committee makes all investment decisions with respect to the shares held by Mithril I and may be deemed to have shared voting, investment and dispositive power with respect to these securities. The percentage in Row 13 is based on 35,464,515 shares of Common Stock outstanding as of August 4, 2025, as set forth in the Form 10-Q.

SCHEDULE 13D

CUSIP No. 09263B207

1

Name of reporting person

Mithril II LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,030,175.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,030,175.00

11

Aggregate amount beneficially owned by each reporting person

1,030,175.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

All shares are held of record by Mithril II (as defined in Item 2(a) of the Original Schedule 13D). Mithril II UGP (as defined in Item 2(a) of the Original Schedule 13D) is the general partner of Mithril II GP (as defined in Item 2(a) of the Original Schedule 13D), which is the general partner of Mithril II, and each of Mithril II UGP and Mithril II GP may be deemed to have shared voting, investment and dispositive power with respect to these securities. Ajay Royan is the sole managing member of Mithril II UGP. Ajay Royan and Peter Thiel are the members of the investment committee established by Mithril II GP. The investment committee makes all investment decisions with respect to the shares held by Mithril II and may be deemed to have shared voting, investment and dispositive power with respect to these securities. The percentage in Row 13 is based on 35,464,515 shares of Common Stock outstanding as of August 4, 2025, as set forth in the Form 10-Q.

SCHEDULE 13D

CUSIP No. 09263B207

1

Name of reporting person

Mithril II GP LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,030,175.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,030,175.00

11

Aggregate amount beneficially owned by each reporting person

1,030,175.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

All shares are held of record by Mithril II. Mithril II UGP is the general partner of Mithril II GP, which is the general partner of Mithril II, and each of Mithril II UGP and Mithril II GP may be deemed to have shared voting, investment and dispositive power with respect to these securities. Ajay Royan is the sole managing member of Mithril II UGP. Ajay Royan and Peter Thiel are the members of the investment committee established by Mithril II GP. The investment committee makes all investment decisions with respect to the shares held by Mithril II and may be deemed to have shared voting, investment and dispositive power with respect to these securities. The percentage in Row 13 is based on 35,464,515 shares of Common Stock outstanding as of August 4, 2025, as set forth in the Form 10-Q.

SCHEDULE 13D

CUSIP No. 09263B207

1

Name of reporting person

Mithril II UGP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,030,175.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,030,175.00

11

Aggregate amount beneficially owned by each reporting person

1,030,175.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

All shares are held of record by Mithril II. Mithril II UGP is the general partner of Mithril II GP, which is the general partner of Mithril II, and each of Mithril II UGP and Mithril II GP may be deemed to have shared voting, investment and dispositive power with respect to these securities. Ajay Royan is the sole managing member of Mithril II UGP. Ajay Royan and Peter Thiel are the members of the investment committee established by Mithril II GP. The investment committee makes all investment decisions with respect to the shares held by Mithril II and may be deemed to have shared voting, investment and dispositive power with respect to these securities. The percentage in Row 13 is based on 35,464,515 shares of Common Stock outstanding as of August 4, 2025, as set forth in the Form 10-Q.

SCHEDULE 13D

CUSIP No. 09263B207

1

Name of reporting person

Ajay Royan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,328,503.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,328,503.00

11

Aggregate amount beneficially owned by each reporting person

2,328,503.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Consists of of (i) 1,298,328 shares held by Mithril I and (ii) 1,030,175 shares held by Mithril II. Mithril GP is the general partner of Mithril I and Mithril GP may be deemed to have shared voting, investment and dispositive power with respect to the securities held by Mithril I. Mithril II UGP is the general partner of Mithril II GP, which is the general partner of Mithril II, and each of Mithril II UGP and Mithril II GP may be deemed to have shared voting, investment and dispositive power with respect to the securities held by Mithril II. Ajay Royan is the authorized person of Mithril I GP and is the sole managing member of Mithril II UGP. Ajay Royan and Peter Thiel are the members of the investment committee of Mithril GP and the members of the investment committee established by Mithril II GP. Each of the investment committees makes all investment decisions with respect to the shares held by each of Mithril I and Mithril II, respectively, and may be deemed to have shared voting, investment and dispositive power with respect to the securities held by each of Mithril I and Mithril II. The percentage in Row 13 is based on 35,464,515 shares of Common Stock outstanding as of August 4, 2025, as set forth in the Form 10-Q.

SCHEDULE 13D

CUSIP No. 09263B207

1

Name of reporting person

Peter Thiel

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,328,503.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,328,503.00

11

Aggregate amount beneficially owned by each reporting person

2,328,503.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Consists of of (i) 1,298,328 shares held by Mithril I and (ii) 1,030,175 shares held by Mithril II. Mithril GP is the general partner of Mithril I and Mithril GP may be deemed to have shared voting, investment and dispositive power with respect to the securities held by Mithril I. Mithril II UGP is the general partner of Mithril II GP, which is the general partner of Mithril II, and each of Mithril II UGP and Mithril II GP may be deemed to have shared voting, investment and dispositive power with respect to the securities held by Mithril II. Ajay Royan is the authorized person of Mithril I GP and is the sole managing member of Mithril II UGP. Ajay Royan and Peter Thiel are the members of the investment committee of Mithril GP and the members of the investment committee established by Mithril II GP. Each of the investment committees makes all investment decisions with respect to the shares held by each of Mithril I and Mithril II, respectively, and may be deemed to have shared voting, investment and dispositive power with respect to the securities held by each of Mithril I and Mithril II. The percentage in Row 13 is based on 35,464,515 shares of Common Stock outstanding as of August 4, 2025, as set forth in the Form 10-Q.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: BlackSky Technology, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2411 Dulles Corner Park, Suite 300, Herndon, VIRGINIA , 20171.
Item 1 Comment: This Amendment No. 3 (this "Amendment No. 3") amends and supplements the Schedule 13D originally filed by the Reporting Persons with the Commission on September 20, 2021, as it has been amended by Amendment No. 1 filed with the Commission on April 20, 2024 and Amendment No. 2 filed with the Commission on November 12, 2024 (collectively, the "Original Schedule 13D"). The agreement among the Reporting Persons to file jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act is attached to the Original Schedule 13D as Exhibit 1. This Amendment No. 3 is being filed to update the aggregate percentage of the Common Stock owned by the Reporting Persons due to dilution caused by the Issuer's sales of additional shares of its Common Stock from time to time since the date of the filing of Amendment No. 2 and not in connection with a disposition of any shares by the Reporting Persons. Such dilution resulted in a decrease of over one percent (1%) in the aggregate percentage ownership reported by the Reporting Persons in Amendment No. 2. Only those items that are hereby reported are amended; all other items reported in the Original Schedule 13D remain unchanged. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Capitalized terms not defined in this Amendment No. 3 have the meanings ascribed to them in the Original Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 7-11 and 13 of the cover pages of this Amendment No. 3 for each Reporting Person and the corresponding comments.
(b)	See Items 7-11 and 13 of the cover pages of this Amendment No. 3 for each Reporting Person and the corresponding comments.
(c)	Except as reported in this Amendment No. 3, none of the Reporting Persons has effected any transactions in the Issuer's securities within the past 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Mithril LP

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan, Authorized Person of Mithril GP LP, the general partner of Mithril LP
Date:	08/11/2025

Mithril GP LP

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan, Authorized Person
Date:	08/11/2025

Mithril II LP

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan, Managing Member of Mithril II UGP LLC, the general partner of Mithril II GP LP, the general partner of Mithril II LP
Date:	08/11/2025

Mithril II GP LP

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan, Managing Member of Mithril II UGP LLC, the general partner of Mithril GP LP
Date:	08/11/2025

Mithril II UGP LLC

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan, Managing Member
Date:	08/11/2025

Ajay Royan

Signature:	/s/ Ajay Royan
Name/Title:	Ajay Royan
Date:	08/11/2025

Peter Thiel

Signature:	/s/ Peter Thiel
Name/Title:	Peter Thiel
Date:	08/11/2025

FAQ

What stake do Mithril funds and principals report in BlackSky (BKSY)?

The reporting persons collectively beneficially own 2,328,503 shares, representing 6.6% of Class A Common Stock.

Why was this Schedule 13D amended for BKSY?

The amendment updates the aggregate ownership percentage because of dilution from the issuer's sales of additional shares, which lowered the reported percentage by over 1%.

Did the reporting persons sell any BlackSky shares?

No; the amendment states the decrease in percentage was not due to dispositions by the reporting persons but due to issuer share issuance.

How many shares does each Mithril entity hold and what percent do they represent?

Mithril I holds 1,298,328 shares (3.7%) and Mithril II holds 1,030,175 shares (2.9%) based on the issuer's reported share base.

What basis was used to calculate the ownership percentages?

Percentages are calculated using the issuer's reported common stock outstanding of 35,464,515 shares.