Planet Labs Rallies on Renewed Optimism in Space Stocks Following the Rocket Lab-Iridium Partnership

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Planet Labs shares surged 15.55% in a single session, joining a broader space-sector rally sparked by Rocket Lab's $8 billion cash-and-stock deal to acquire Iridium Communications. The transaction, announced on June 29, valued Iridium at a 24% premium and sent Rocket Lab up 15.93% and Iridium up 25.44%, reversing a recent 30–45% slump in space stocks after SpaceX's IPO. Planet Labs, which operates a large Earth-observation satellite fleet, reported April-quarter revenue of $94.15 million, up 42% year-over-year, and holds a backlog of roughly $906 million, up about 72% year-over-year. The company also secured a one-year $22 million option under the National Geospatial-Intelligence Agency's Luno B framework for maritime domain awareness and is preparing to launch its Pelican 11 tech-demo satellite on a SpaceX mission. Analysts have a Moderate Buy consensus rating on Planet Labs with an average price target of $41.00, implying roughly 23.76% upside, and the company guided second-quarter revenue between $102 million and $107 million, suggesting around 42% year-over-year growth.

Impact on stocks 5

Space Economy▲ · 4 stocks
Planet Labs PBC
PL
▲ PositiveDemandrelevance

Revenue up 42% YoY, backlog up 72% YoY, and $22 million NGA option

Artificial Intelligence▲ · 1 stocks

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