Planet Labs PBC (PL) shares experienced a significant surge in after-hours trading on Thursday following the company’s announcement of its first hyperspectral satellite launch in collaboration with SpaceX.
The company revealed that its Tanager-1 satellite, alongside 36 SuperDoves, will be launched on SpaceX’s Transporter-11 Rideshare mission on Friday. Tanager-1 is poised to significantly enhance Planet Labs’ capabilities by incorporating over 400 spectral bands of data. This advanced technology allows for the detection and analysis of phenomena that are invisible to the human eye.
The launch will take place from Vandenberg Space Force Base in California with a launch window opening at 2:20 p.m. E.T. on Friday.
Tanager’s hyperspectral data will be commercially available to Planet’s clientele, catering to diverse applications including defense and intelligence monitoring, biodiversity assessments, mineral mapping, and water quality assessments.
The 36 SuperDoves are expected to contribute to Planet’s flagship global monitoring mission, PlanetScope. The company emphasizes that hundreds of customers currently utilize PlanetScope data to make informed decisions and gain a deeper understanding of events happening on the ground.
This launch marks a pivotal moment for Planet Labs, showcasing its commitment to pushing the boundaries of satellite technology and providing valuable data for a wide range of industries. The company’s stock price reflected the positive sentiment, rising by 3.69% after hours to $2.25 at the time of publication.
