Planet Labs Stock Takes Off On Satellite Launch Announcement With SpaceX

Planet Labs PBC PL shares are surging in Thursday’s after-hours session after the company announced its first hyperspectral satellite launch with SpaceX.

What To Know: After the market close on Thursday, Planet Labs said its Tanager-1 satellite, along with 36 SuperDoves, will launch on the Transporter-11 Rideshare mission with SpaceX on Friday.

Tanager-1 is expected to expand Planet Labs’ capabilities by adding more than 400 spectral bands of data and capturing phenomena that are invisible to the human eye. The satellite will launch from Vandenberg Space Force Base in California. The launch window opens at 2:20 p.m. E.T. on Friday.

Tanager’s hyperspectral data will also be made commercially available to Planet customers for multiple applications, including defense and intelligence monitoring, biodiversity assessments, mineral mapping and water quality assessments.

The 36 SuperDoves are expected to help contribute to Planet’s flagship global monitoring mission PlanetScope. The company noted that hundreds of customers are currently using PlanetScope data to take informed action and better contextualize events happening on the ground.

See Also: Musk’s SpaceX Plans To Launch The World’s Largest Rocket 44 Times A Year In A Crowded Area – Its 600,000 Residents Don’t Get A Say

PL Price Action: Planet Labs shares were up 3.69% after hours at $2.25 at the time of publication, per Benzinga Pro.

Photo: rafapress from Shutterstock.