Russell Rebalancing Ends… Space Data Stocks See Market Cap Surge of 3 Trillion Won in Just One Day

Space imagery data company Planet Labs PBC (NASDAQ: PL) surged 17% on the New York Stock Exchange on June 28, closing at $31.69. Trading volume topped 7.85 million shares, and its market capitalization swelled to about $10.5 billion (roughly KRW 16 trillion), with a one-day gain in market value of around $2.2 billion (approximately KRW 3 trillion).

On June 4, the company reported first-quarter results for fiscal 2027 that beat revenue expectations and raised its guidance. It also secured several defense and government contracts, including a roughly $22 million maritime surveillance extension with the U.S. National Geospatial-Intelligence Agency (NGA). Earlier that month, the announcement of a share issuance program of up to $1.5 billion (about KRW 2 trillion) had sent the stock tumbling as much as 26%. However, expectations of passive‐fund inflows following the annual Russell index rebalancing have fueled a technical rebound and renewed trading momentum.

Headquartered in San Francisco, Planet Labs operates hundreds of small satellites to capture daily images of the world’s landmasses, selling that data to government and commercial clients. A public benefit corporation listed on the NYSE via a SPAC merger in 2021, it gained prominence as a security and reconnaissance infrastructure provider—most notably restricting regional imagery at the U.S. government’s request during the 2026 Iran War—and is now widely viewed as a beneficiary of growing defense and intelligence demand.