Planet Labs Shares Climb After Satellite Launch
Dow Jones2022-01-14
Planet Labs PBC's shares took flight Friday following the successful launch of 44 of the company's satellites into orbit.
In morning trading, the shares were nearly 10% higher at $6.15.
Planet Labs late Thursday said 4X Flock, which consists of 44 SuperDove earth-monitoring satellites, went into orbit on a SpaceX Falcon 9 rocket. It said it established contact with all of the satellites, many within two minutes of final deployment.
The satellites join Planet Lab's existing fleet of about 200 satellites in orbit. The latest launch was the first with Elon Musk's SpaceX under a multiyear, multi-launch agreement signed last year.
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