Planet Labs PBC shares fell 8.77% on Friday following the SpaceX Initial Public Offering on June 12, 2026. Investors divested from existing space-related stocks to reallocate capital toward the newly public industry leader. This sector-wide capital rotation created significant headwinds for Planet Labs and its industry peers.
The SpaceX debut overshadowed Planet Labs' record first-quarter revenue reported on June 4. Persistent net losses continue to weigh on investor sentiment despite the strong earnings report.
The company also filed a new at-the-market equity offering for up to $1.5 billion. This filing contributed to investor caution during the broader sector repricing.