Space Data Stocks Plummet Over 7% Ahead of Market Close, 1 Trillion Won Vanishes in a Day

Planet Labs PBC (PL) tumbled 7.55% on the New York Stock Exchange on the 26th, closing at $32.70. In a single session, the company erased roughly $740 million in market value (about KRW 1 trillion), bringing its total market capitalization to approximately $10.5 billion (around KRW 14 trillion). More than 8.11 million shares changed hands, marking unusually heavy trading.

Earlier this month, Planet Labs was named a prime contractor under the U.S. Missile Defense Agency’s SHIELD IDIQ program—potentially worth up to $151 billion—and in its recently released Q4 and fiscal 2026 results the company reported record revenues and backlog, reaffirming its growth trajectory. Thanks to this major defense and intelligence award and strong financial performance, the stock rallied more than 20% on March 20 to set an all-time high, prompting some investors to take profits after the sharp run-up.

Based in San Francisco, Planet Labs is a commercial Earth-observation firm operating a fleet of over 200 small satellites that capture near-daily imagery of the entire planet. It monetizes these images and geospatial data through subscription services. Key customers include the U.S. government and its allies, as well as companies in agriculture, insurance and energy. By combining AI-based analytics with satellite imagery, Planet Labs delivers insights for reconnaissance, defense and intelligence, disaster monitoring, crop management and other applications—rapidly expanding its footprint in the defense and security sector.