Planet Labs Stock Rises Premarket After Data Supply Agreement With The European Space Agency: Retail Turns More Bullish
The company’s PlanetScope satellite imagery and high-resolution SkySat imagery will serve as complementary data to ESA’s existing offerings.
FollowPlanet Labs (PL) stock rose 8.1% in pre-market trade on Wednesday after the company signed a multi-year agreement with the European Space Agency (ESA) to contribute satellite data to Europe’s Copernicus services.
“Through this contract, Planet’s near-daily PlanetScope satellite imagery and high-resolution SkySat imagery will serve as complementary data to ESA’s existing, robust data offerings,” the company said in a statement.
The Copernicus contributing missions consist of ESA, its member states, Eumetsat, and other international mission operators who share a wide range of data, including land and ocean temperature and air quality.
Planet Labs, founded by three NASA scientists in 2010, has been working with ESA for the past decade.
The announcement comes days after the company appointed General John Raymond, the former chief of Space Operations of the U.S. Space Force, to its board.
Retail sentiment on Stocktwits remained in ‘bullish’ (74/100) territory, albeit with a higher score, compared to a day ago, while retail chatter rose to ‘extremely high.’
PL’s Sentiment Meter and Message Volume as of 07:57 a.m. ET on Jan. 29, 2025 | Source: Stocktwits
Users on Stocktwits were seen praising the company.
Planet Labs has been rapidly expanding its operations and had launched its high-resolution Pelican-2 satellite to orbit on Jan. 14.
Over the past year, the stock has more than doubled in value. In January, it has gained 37.5%, aided by optimism around the space sector following President Trump’s inauguration.
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