Like a rocket that must eventually come back down to Earth after takeoff, space and satellite stock Planet Labs PBC (NYSE: PL) has plummeted from its heights. Through the end of May, PL had risen nearly 160%. The stock had reached a market capitalization of more than $18 billion, despite generating sales of only $307 million in the last 12 months at that point.
Shares have now declined even faster than they rose at the start of the year. Planet Labs’ 2026 gains have completely vanished, with shares now down roughly 15% year-to-date. Compared to its 2026 high, Planet Labs has fallen more than 60%.
