What Happened?
Shares of earth imaging satellite company Planet Labs (NYSE: PL) jumped 4% in the pre-market session after the company announced the successful launch of two high-resolution, AI-enabled satellites, Pelican-3 and Pelican-4.
The satellites were launched aboard a SpaceX Falcon 9 rocket from Vandenberg Space Force Base in California. The Earth observation company confirmed it has successfully established contact with both satellites and has begun the commissioning process. These new additions join Planet's growing fleet of next-generation tasking satellites, with more launches planned for later this year. A key feature of the new satellites is their on-orbit computing capability, enabled through a partnership with NVIDIA, which equips them with Jetson AI platforms. This successful launch represents a significant operational update for the company, building on recent positive momentum.
After the initial pop the shares cooled down to $6.99, up 0.1% from previous close.
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What Is The Market Telling Us
Planet Labs’s shares are extremely volatile and have had 60 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 7 days ago when the stock dropped 3.4% on the news that the major indices continued to pull back, with technology stocks accounting for most of the market's largest decliners. A key reason for this trend is that much of the recent market gains were concentrated in the "AI trade," which includes these large technology and semiconductor companies. So this could also mean that some investors are locking in some gains ahead of more definitive feedback from the Fed.
Despite the downturn, some analysts viewed this as an opportunity to own some of the "Core AI winners." Dan Ives of Wedbush Securities commented, "In our view, the tech bull cycle will be well intact for at least another 2-3 years, given the trillions being spent on AI infrastructure/software/chips/power/apps looking ahead. This remains our tech playbook and investor roadmap." Additionally, mixed earnings reports from retailers, such as Target, have added to the market's weakness. Investors are closely monitoring these reports for insights into the broader economic health and the potential impact of new tariffs on inflation.
Planet Labs is up 76% since the beginning of the year, and at $6.99 per share, it is trading close to its 52-week high of $7.06 from August 2025. Investors who bought $1,000 worth of Planet Labs’s shares at the IPO in April 2021 would now be looking at an investment worth $705.66.
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