Why Planet Labs Is Skyrocketing Today

Stock Performance - Planet Labs' stock gained 5 9% as of 2 p m ET and was up as much as 12 6% earlier in the day [1] - The stock's rise occurred as the S&P 500 gained 0 4% and the Nasdaq composite was flat [1] New Deal Announcement - Planet Labs announced a $230 million deal with an unnamed Asia-Pacific commercial partner to develop and manage a new fleet of high-resolution Pelican satellites [1] - The company will reserve a portion of the network's capacity for the partner while having additional capacity to serve other clients [1] - This deal is the largest the company has entered to date [2] CEO's Perspective - CEO Will Marshall described the deal as a significant milestone and a major step forward in a large market opportunity for satellite services [2] - He emphasized the symbiotic nature of such partnerships, highlighting benefits for both partners and Planet Labs [2] Industry Context - The news coincides with the new administration prioritizing space exploration, including President Donald Trump's intention to put Americans on Mars [3] - This focus on space exploration has given a lift to space-related stocks, including Planet Labs [3]