Planet Labs Gets a Lift After SpaceX IPO, Space Stocks Back in Play
Planet Labs PBC ended Thursday at $34.17, climbing 11.23% after a turbulent stretch for the Earth-imaging stock. The share price had dropped after earnings and a financing update last week. The rebound lined up with a fresh round of buying in commercial space stocks as investors searched for exposure before SpaceX’s Friday debut. Planet’s stock is reacting mainly to sentiment right now. Investors push stocks higher if they expect more growth, but new risks drag valuations down. Reuters said SpaceX raised $75 billion, calling it the largest IPO ever, with shares sold at $135 and a $1.77 trillion valuation. “SpaceX is going to be the bellwether,” Mark Klein, CEO and president of SuRo Capital, told Reuters. What happens in SpaceX’s first day of trading could be the next big move for Planet and other space companies as the market sets new multiples.