Space stocks are having a moment. But as the Q1 earnings report for fiscal 2027 from Planet Labs PBC (NYSE: PL) shows, it may be a big, irrational moment.
When SpaceX's IPO became the most anticipated market event in years, investors did what investors always do—they got ahead of themselves. If you couldn't buy SpaceX directly, you'd buy the next best thing. Planet Labs, with its constellation of Earth-imaging satellites and genuine government contracts, became a proxy trade. The stock ran hard. Too hard.
