NEW YORK, June 7, 2026, 15:56 EDT
- Planet Labs finished Friday at $32.22, down 26%. The stock dropped about 37% compared to last Friday’s close.
- The stock fell after a filing for an at-the-market stock sale program allowing sales of up to $1.5 billion in new shares over time.
- This week is about dilution risk, demand for space stocks, and if big revenue forecasts can keep the tape steady.
Planet Labs PBC shares are sliding as the week starts, after dropping 25.98% to $32.22 on Friday. Investors sold off the stock despite a strong quarterly report, weighed down by concerns over a possible $1.5 billion equity program that could mean new shares and dilution. Volume cleared 40 million shares, well above normal.
Planet shares tumbled hard this week. The stock finished at $32.22 Friday, down from $51.14 at the May 29 close—a sharp fall for what’s recently been a popular space play.
NYSE trading picks up again Monday at 9:30 a.m. ET and runs through 4 p.m., according to posted core hours. Now the market faces a clearer question: did Friday just reset capital for the space-data stock, or are traders starting to reprice the whole high-growth sector?
Planet has set up an equity distribution plan with a group of banks to sell as much as $1.5 billion in Class A shares, according to a June 5 filing. The agreement names Goldman Sachs, Morgan Stanley, Barclays, Citigroup, Deutsche Bank, BofA Securities, Needham, Wedbush and more. Planet said there is no obligation to sell shares through the program.
An at-the-market offering allows a company to sell new shares straight into normal trading rather than in one go like a standard follow-on. The approach gives flexibility to raise cash, but it brings a basic investor concern: more shares could dilute future earnings and ownership over a bigger shareholder pool.
Planet posted record fiscal Q1 revenue at $94.2 million, rising 42% from last year. The company also listed remaining performance obligations of $816 million, backlog above $906 million, and $730.8 million in cash, cash equivalents and short-term investments. CEO Will Marshall said it was an “excellent start.” CFO Ashley Johnson highlighted “visibility and predictability” for future growth. The filing followed the results. Q4 CDN
Planet is looking for second-quarter revenue in a range of $102 million to $107 million and told investors it expects adjusted EBITDA between $0 and $5 million. EBITDA—earnings before interest, taxes, depreciation and amortization—is a figure some investors use to estimate operating cash profit before certain costs.
Some analysts had a positive read on the quarter. Dan Ives at Wedbush called it “beats across the board,” pointing to backlog and execution, Barron’s said. Wall Street looked for sales near $90 million and a bigger adjusted EBITDA loss than Planet reported, according to the same Barron’s story. Barron’s
The wider market struggled. Reuters said the S&P 500 dropped 2.64% Friday, and the Nasdaq Composite sank 4.18%. A U.S. jobs print beat expectations, adding to worries the Federal Reserve could stay hawkish, setting up pressure on growth stocks with high valuations.
Other space and geospatial stocks took big hits too. BlackSky Technology slid 12.4% Friday, Satellogic lost 12.7%, and Spire Global dropped 14.4%. Planet’s equity filing was the most direct trigger, but the selloff spread through the group.
Government and defense demand is still driving the business. In the quarter, Planet reported a $21.9 million contract extension for maritime surveillance from the National Geospatial-Intelligence Agency, set for one year. The U.S. Navy also renewed a vessel-detection agreement, six months, valued at $7.5 million, for parts of the Pacific.
The risk section isn’t short. Planet’s prospectus flagged sales tied to the offering and more stock sales down the line could hit the share price, and warned investors about possible dilution. The company also says its backlog numbers count contract value that depends on customers not terminating deals and on government funding decisions.
Monday’s open is the first real test. Bulls are watching revenue growth, cash reserves, and government orders. But some are questioning the plan to seek approval for up to $1.5 billion in stock sales, even with over $700 million cash on hand. They’ll also be looking at whether the move in space stocks has gotten ahead of itself.
