Planet Labs Jumps Most Since IPO on Heightened Europe Demand
A rendering of a Pelican satellite that is used for Planet Labs imaging.
Source: Planet Labs PBCEarth imaging company Planet Labs PBC’s shares soared as profit beat expectations following Europe’s defense spending hike in response to the United States pulling back from the continent.
Shares gained as much as 48% in early trading in New York, the most since Planet Labs went public in 2021, after the company’s CEO said European demand for satellite data is higher now than it was at the outset of the war in Ukraine.