Planet Labs PBC shares climbed on Thursday as investors rotated into commercial space stocks ahead of SpaceX's historic IPO. The stock gained 9.18% to $33.54, driven by traders seeking public-market exposure to the space economy before the offering, which is expected to value SpaceX at about $1.75 trillion. This move reverses recent pressure on the company's valuation, which had previously compressed to $11.5 billion from $18.4 billion amid sector volatility.

Financial Performance and Outlook

Planet Labs reported strong top-line growth for the quarter, with revenue rising 42% to $94.2 million. The company's backlog surged 72% to $906 million, indicating robust future demand. Adjusted EBITDA was a loss of $1 million. Management expects second-quarter revenue to range between $102 million and $107 million, with projected capital expenditures estimated between $21 million and $27 million.

Sector Context and Investor Rotation

Because SpaceX is still private until Friday, traders are turning to public companies like Planet Labs. Large firms including Alphabet and Bank of America already own SpaceX stock, but for direct exposure to the satellite and data sector, Planet Labs has become a natural target. The surge in demand is lifting peers such as AST SpaceMobile and Rocket Lab, creating a "SpaceX IPO basket" effect.

Key Technical Levels

Technical indicators suggest the stock is rebounding within a short-term downtrend. Planet Labs remains 21.1% below its 20-day simple moving average (SMA) at $42.37 and 13.7% below its 50-day SMA at $38.76. However, the broader trend remains constructive, with shares sitting 44.4% above the 200-day SMA at $23.16. The MACD sits below its signal line with a negative histogram, signaling that upside pressure has cooled compared to the prior advance.

Traders are watching key resistance at $37.00, near the 50-day SMA zone, while support lies at $32.00, just above the 100-day SMA at $32.32. The stock is digesting its run to the May swing high of $51.76.