New York, June 12, 2026, 07:49 EDT
- Planet Labs ended Thursday at $34.17, gaining 11.23%. In early premarket action Friday, it was quoted at $34.73.
- Traders shifted into commercial space stocks ahead of SpaceX’s upcoming Nasdaq IPO after Reuters said SpaceX raised $75 billion at a $1.77 trillion valuation.
- Planet’s strong revenue and backlog make up the bull case. But the bears focus on dilution risk tied to its $1.5 billion at-the-market stock program, as well as ongoing GAAP losses.
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. Reuters
Planet is leaning on its own numbers for a bull argument. The company posted fiscal Q1 revenue of $94.2 million, climbing 42% from a year ago. Backlog jumped 72% to over $906 million. Backlog is business under contract not yet reported as revenue. Adjusted EBITDA showed a $1.0 million loss. Cash, cash equivalents and short-term investments finished the quarter at $730.8 million. CEO Will Marshall said the results showed the “mission-critical nature of our data.” Business Wire
Planet is under pressure to show it can turn its backlog into profit. The company now expects fiscal Q2 revenue between $102 million and $107 million, adjusted EBITDA from $0 to $5 million, and capital expenditures of $21 million to $27 million. For the full year, Planet forecast revenue in the $425 million to $441 million range and adjusted EBITDA profit between $0 and $10 million. The next thing for investors is seeing how close Planet gets to breakeven EBITDA while spending on satellites and data infrastructure.
Dilution is the worry. Planet’s June 5 SEC filing lets it sell as much as $1.5 billion in Class A common stock through an at-the-market program. That setup means Planet can sell shares at going market prices as it chooses. The filing notes Planet doesn’t have to hit a target amount, but the company cautions that stock sales and possible forward deals could cut earnings per share and hurt the share price.
Planet’s stock can go up on growth, but it’s still a risky bet. In the first quarter, the company reported a GAAP net loss of $138.9 million, in part from warrant-liability revaluation. GAAP net loss per share was $0.40. On a non-GAAP basis, loss per share was $0.03. Bulls cite defense orders, steady revenue streams and AI-powered analytics satellites. Bears look at losses, big capex bills, more share issuance ahead, and a stock moving with the sector rather than on new Planet news.
Planet ended Thursday with a market cap near $11.8 billion, which comes out to about 27 times the midpoint of its 2027 revenue guidance. That means the price-to-sales ratio is steep. At current levels, PL does not look like a clear value; the company is posting fast growth, but investors are already pricing in strong performance. Any stumble in SpaceX’s launch, a negative ATM sales update, or weaker demand from defense or commercial clients could hit the stock.
