Stocks Plunge After Hitting $40... $800 Million Vanishes from Space Data Market Cap in a Day

Planet Labs PBC (PL), a space data company, saw its shares plunge 7.5% on June 16 on the New York Stock Exchange, closing at $28.29. Its market capitalization fell to about $9.4 billion (roughly KRW 12.7 trillion), wiping out approximately $660 million (around KRW 890 billion) in a single day.

After reaching an all-time high of $46.96 at the end of May, the stock has been under pressure as investors took profits and competition heated up across space-related equities following SpaceX’s listing. In its first quarter of fiscal 2027, announced on June 4, Planet Labs reported a loss of $0.03 per share, beating market expectations. The company also projected full-year 2026 revenue of about $308 million and recorded its first non-GAAP profit, prompting analysts such as Craig Hallum to raise their price targets to $49 and issue positive assessments.

Planet Labs operates hundreds of small satellites to capture imagery of the entire Earth every day, selling satellite images and analytical data to customers in agriculture, climate, defense, and intelligence. Founded in 2010 by former NASA engineers, the company went public in 2021 via a SPAC merger and has since been building its growth story by expanding its defense and intelligence data platforms and AI-driven analytics services.