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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0001552273 XXXXXXXX LIVE 3 Class A Common Stock, par value $0.0001 per share 08/07/2025 false 0001753539 09263B207 BlackSky Technology, Inc. 2411 Dulles Corner Park Suite 300 Herndon VA 20171 Ajay Royan 512-727-3770 c/o Mithril Capital Management 111 Congress Avenue, Suite 500 Austin TX 78701 0001552273 N Mithril LP b WC N DE 0 1298328 0 1298328 1298328 N 3.7 PN 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"). 0001881891 N Mithril GP LP b AF N DE 0 1298328 0 1298328 1298328 N 3.7 PN 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. 0001669609 N Mithril II LP b WC N DE 0 1030175 0 1030175 1030175 N 2.9 PN 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. 0001878232 N Mithril II GP LP b AF N DE 0 1030175 0 1030175 1030175 N 2.9 PN 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. 0001878230 N Mithril II UGP LLC b AF N DE 0 1030175 0 1030175 1030175 N 2.9 OO 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. 0001875614 N Ajay Royan b AF N Z4 0 2328503 0 2328503 2328503 N 6.6 IN 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. 0001211060 N Peter Thiel b AF N X1 0 2328503 0 2328503 2328503 N 6.6 IN 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. Class A Common Stock, par value $0.0001 per share BlackSky Technology, Inc. 2411 Dulles Corner Park Suite 300 Herndon VA 20171 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. See Items 7-11 and 13 of the cover pages of this Amendment No. 3 for each Reporting Person and the corresponding comments. See Items 7-11 and 13 of the cover pages of this Amendment No. 3 for each Reporting Person and the corresponding comments. 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. Mithril LP /s/ Ajay Royan Ajay Royan, Authorized Person of Mithril GP LP, the general partner of Mithril LP 08/11/2025 Mithril GP LP /s/ Ajay Royan Ajay Royan, Authorized Person 08/11/2025 Mithril II LP /s/ Ajay Royan Ajay Royan, Managing Member of Mithril II UGP LLC, the general partner of Mithril II GP LP, the general partner of Mithril II LP 08/11/2025 Mithril II GP LP /s/ Ajay Royan Ajay Royan, Managing Member of Mithril II UGP LLC, the general partner of Mithril GP LP 08/11/2025 Mithril II UGP LLC /s/ Ajay Royan Ajay Royan, Managing Member 08/11/2025 Ajay Royan /s/ Ajay Royan Ajay Royan 08/11/2025 Peter Thiel /s/ Peter Thiel Peter Thiel 08/11/2025