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Benzinga
Benzinga
Business
Adam Eckert

EXPLAINED: Why is planet labs stock surging today - The Real Truth

Planet Planet Labs NRO

Planet Labs PBC (NYSE:PL) shares are trading higher Wednesday after the company announced it was awarded an Electro-Optical Commercial Layer contract by the U.S. National Reconnaissance Office (NRO).

The contract will allow the NRO to access Planet's high and medium resolution, daily satellite imagery for an initial period of up to five years, with options to extend the contract up to a total of 10 years.

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