Planet Labs Sinks 8% Despite New Defense Contract, Intuitive Machines Pulls Back, AST SpaceMobile Sits Out Broad-Market Rally

David Moadel

Thu, September 3, 2026 at 6:07 PM GMT+3 5 min read

Quick Read

Planet Labs sinks 8% as its new 7-figure European defense deal underwhelms next to prior 8- and 9-figure awards, while Intuitive Machines falls 2%.
SPY gains 0.4%, making space the lone laggard; Berenberg also initiated Rocket Lab at Buy alongside Planet Labs and AST SpaceMobile.
Planet Labs reports earnings after the close, and short-dated options activity tilting defensive signals traders expect a sharp move either way.
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Space and satellite names are pulling back Thursday morning even as major U.S. benchmarks climb, with a mix of company-specific catalysts failing to stem selling across the commercial space complex. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.6% to $769.76, tracking the S&P 500, so the risk-off in space is idiosyncratic to the sector rather than a reflection of the wider market.

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Planet Labs PBC (NYSE:PL) stock is down 8% to $18.48, even after the company announced a new European defense contract and picked up a fresh Buy initiation from Berenberg. Meanwhile, Intuitive Machines (NASDAQ:LUNR) stock is falling 2% to $14.52 as risk comes out of the space complex. AST SpaceMobile (NASDAQ:ASTS) stock is sliding 1% to $61.78, sitting out today's broad-market advance.

Contract and Buy Rating Fail to Lift Planet Labs

Planet Labs disclosed a seven-figure, one-year agreement with a European defense and intelligence customer covering Planet Mosaics imagery and dedicated professional services support, according to Planet Labs PBC. Jon Powers, its Vice President of Global Defense and Intelligence, stated, "Defense and intelligence organizations around the globe rely on Planet's high-frequency, scalable satellite solutions to address complex and fast-evolving security environments." That agreement extends Planet Labs's run of government wins from earlier this year, including deals with the National Geospatial-Intelligence Agency, the Swedish Armed Forces and the Defense Innovation Unit.

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Scale is the problem for bulls. A seven-figure deal is small next to the 8-figure and 9-figure awards Planet Labs has booked earlier this year, so it doesn't materially shift the revenue base or full-year guidance math.

The sell-side signal is more constructive. Rocket Lab (NASDAQ:RKLB) was named alongside Planet Labs and AST SpaceMobile in a Berenberg initiation, with analyst Michael Filatov launching coverage of all three at Buy and setting a $25 price target on Planet Labs stock, citing its daily whole-Earth imaging and multi-year imagery archive as a moat rivals would struggle to reproduce. Yet, that initiation isn't drawing buyers in Planet Labs stock during this session.

Sector Risk Comes Off Ahead of Results

Positioning offers the cleaner read. Planet Labs is scheduled to report quarterly results after the close, though the company hasn't confirmed the date, and short-dated options activity has tilted defensive into the release. That's a familiar setup for a name that's run hard.

The year-to-date figure sharpens the picture. Planet Labs stock was up 1% year to date through Wednesday's close despite a 201% advance over the past year, meaning the entire twelve-month gain predates 2026, and current holders have sat through eight quiet months.

The commercial space peers show the same tone. Intuitive Machines stock was down 8% year to date through the prior close, and AST SpaceMobile stock was down 14% year to date over the same span, extending an underperforming stretch even as the S&P 500 climbs. The yield on the 10-year Treasury note is down 4 basis points to 4.74%, a rate move typically supportive of long-duration growth names.

What to Watch

The immediate event is Planet Labs' scheduled results release. A quarterly print in line with the FY2027 revenue and adjusted EBITDA guide could unwind the day's de-risking. Any softness in backlog conversion or the current-quarter revenue outlook may confirm the caution the session is pricing in.

Peer-group price action matters, too. If Intuitive Machines and AST SpaceMobile stabilize while Planet Labs continues to lag, the move looks stock-specific rather than sector-wide. Should the whole space complex keep sliding, it points to broader rotation regardless of tonight's numbers.

Investors sizing their exposure into the release should calibrate their positions carefully given the volatility already visible in the session and in short-dated options activity. There's no shame in waiting for the report itself; the setup here is asymmetric only for holders willing to stomach a gap either way.

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