Earth observation (EO) satellites produce massive streams of multispectral image time series, posing pressing challenges for storage and transmission. Yet, learned EO compression remains fragmented, lacking publicly available pretrained models and misaligned with advances in compression for natural imagery. Image codecs overlook temporal redundancy, while video codecs rely on motion priors that fail to capture the radiometric evolution of largely static scenes. We introduce TerraCodec (TEC), a family of learned codecs tailored to EO. TEC includes efficient image-based variants adapted to multispectral inputs, as well as a Temporal Transformer model (TEC-TT) that leverages dependencies across time. To overcome the fixed-rate setting of today's neural codecs, we present Latent Repacking, a novel method for training flexible-rate transformer models that operate on varying rate-distortion settings. Trained on Sentinel-2 data, TerraCodec outperforms classical codecs, achieving 3-10x stronger compression at equivalent image quality. Beyond compression, TEC-TT enables zero-shot cloud inpainting, surpassing state-of-the-art methods on the AllClear benchmark. Our results establish bespoke, learned compression algorithms as a promising direction for Earth observation. Code and model weights will be released under a permissive license.
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