Planet Labs Soars to Record as Pelican Satellites Deliver First Images and European Orders Flow

Planet Labs shares surge 10% to €46 after releasing first images from new Pelican satellites with Nvidia AI, securing multi-million contracts and benefiting from SpaceX IPO buzz, but RSI signals overbought.

A double dose of catalysts has propelled Planet Labs shares into uncharted territory. The Earth-imaging specialist’s stock surged to a fresh all-time high of €46.00 on Wednesday, a gain of roughly 10%, after the company released the “first light” images from its new Pelican satellite constellation. The rally extended a blistering run that has seen the stock more than double since the start of the year, climbing 164% — though one day earlier the shares had closed at €41.80, already a 52-week high and up 14% over the prior seven days.

The Pelican fleet now comprises nine high-resolution satellites, each equipped with Nvidia AI processors that enable intensive data analysis directly in orbit. That capability far surpasses the older SkySat series, offering better image quality, additional spectral bands, and lower latency. In a test, Pelican-4 identified aircraft in real time with an 80% hit rate — a performance that has drawn interest from defense agencies. Among the first images delivered is one from the initial satellite built for the Swedish armed forces, marking a strategic milestone for the company.

Demand for these advanced capabilities is translating into concrete revenue. Planet Labs secured a multi-million-euro contract with the Czech agricultural fund, using satellite data and AI to monitor some 25,000 farms over a two-year period. Separately, its German subsidiary signed another multi-million deal with the Greek government, brokered by the European Space Agency, to help build out Greece’s national satellite program. These government contracts, with their multi-year terms and high margins, are central to Planet Labs’ strategy of shifting from project-based work to recurring revenue streams.

Beyond the company’s own achievements, the broader space sector has provided tailwinds. SpaceX’s filing of its S-1 registration for an initial public offering has lifted the entire industry, with investors betting that the commercialization of space is accelerating. Planet Labs, as an established constellation operator, is seen as a natural beneficiary of that trend. The company has also deepened its work with Carbon Mapper and NASA’s Jet Propulsion Laboratory on specialized methane-detection satellites, a field facing growing regulatory pressure.

Yet the rally has not been without caveats. The relative strength index (RSI) at 72 signals that the stock is technically overbought, and analyst opinions are split. The consensus rating is “Hold,” with price targets ranging widely. Wedbush maintains an “Outperform” rating and a $50 target, now only just above the current level. Insiders sold shares earlier this spring, a move that has given some market participants pause. The company is not yet profitable, and heavy investment in AI and new satellites will take time to pay off. The next quarterly results, due in June, will test whether the backlog of orders is translating into top-line growth — and whether the sky-high valuation can be backed by fundamentals.