Planet Labs Pbc's stock soared 9.87% in pre-market trading on Wednesday, as the space technology company benefited from renewed sector optimism and partnership expectations.

The surge follows SpaceX's 12th test flight of its massive Starship rocket, which launched recently and demonstrated engine upgrades while successfully deploying dummy satellites. This event has boosted sentiment across the broader commercial space sector, validating industry potential and attracting increased investor attention to satellite and space technology companies like Planet Labs.

Additionally, market optimism is building around Planet Labs' role as a key partner in Google's Project Suncatcher initiative, which aims to deploy data centers in Earth orbit. Google is reportedly negotiating rocket launch agreements with SpaceX to advance this project, with Planet Labs expected to be responsible for building related equipment. The company's previously successful launch of its AI-equipped Pelican satellite also continues to draw institutional buyer attention, reinforcing confidence in its growth trajectory.