Shares of Planet Labs PBC (NYSE:PL) are trading higher on Monday after the company announced a multi-launch agreement with Stoke Space Technologies.
- Planet Labs stock is among today’s top performers. What’s behind PL gains?
Planet Labs Signs Multi-Launch Agreement With Stoke Space
Planet Labs signed an agreement with Stoke Space Technologies, a developer of fully and rapidly reusable launch vehicles, to expand launch capacity for its constellation fleet.
Under the agreement, Planet secured primary payload rights, giving it key scheduling flexibility to choose launch dates and target orbital planes for its satellites. The missions will fly on Nova, Stoke Space’s fully reusable rocket, from Space Launch Complex 14 at Cape Canaveral. The announcement did not include financial terms.
“We need launch partners who move as quickly as we do,” said Will Marshall, co-founder and CEO of Planet. “Stoke Space is building an exciting fully reusable launch capability, and we’re partnering to drive forward highly responsive launch options.”
Stoke Space co-founder and CEO Andy Lapsa called Planet an industry pioneer and said “dependable, customer-driven launch services” are at the core of what Stoke is building.
Planet’s Chief Space Officer James Mason will join a global space governance keynote panel at the Reuters Space & Satellite Summit at 11:55 a.m. ET Monday.
PL Shares Move Higher
PL Price Action: Planet Labs shares were up 13.39% at $14.23 at the time of publication on Monday, according to Benzinga Pro.
Planet Labs shares are now trading about 28% above their 52-week low of $11.01. The rally comes after a rough stretch for space stocks following the midterm elections.
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