Planet Labs PBC (NYSE:PL) shares are climbing Thursday. The stock is participating in a massive sector-wide rally.

SpaceX IPO Buzz Lifts Sector Sentiment

The move is being fueled by reports that SpaceX has confidentially filed for an initial public offering, potentially targeting a June debut at a valuation north of $1.75 trillion. If realized, it would mark the largest IPO on record—sparking expectations of fresh capital inflows and renewed investor focus across the space economy.

M&A Chatter Adds Momentum

Additional upside is coming from deal speculation surrounding Globalstar Inc. (NYSE:GSAT), which is reportedly in acquisition talks with Amazon.com Inc. (NASDAQ:AMZN), according to Benzinga Pro. The headlines are lifting space-linked names broadly, with sentiment also supported by NASA's Artemis II mission.

Short Interest Eases

Recent data shows short interest in Planet Labs decreased. Shorted shares fell from 37.48 million to 35.18 million. Currently, 12.44% of the company's float remains short. Based on average volume, it would take 3.57 days for shorts to cover.

Planet Labs Technical Analysis

At $35.77, the stock is trading 24.8% above its 20-day simple moving average (SMA), the stock's average price over the last 20 sessions. It's 64.1% above its 100-day SMA.

Moving average structure stays constructive, with the 20-day SMA above the 50-day SMA, and the 50-day SMA above the 200-day SMA. That said, moving average convergence divergence (MACD), a trend/momentum measure, is slightly bearish with the MACD at 1.5791 below the 1.6557 signal line.

The stock is sitting just below its 52-week high of $37.05 after a massive 882.68% run over the past 12 months.

  • Key Resistance: $37.00
  • Key Support: $28.50

PL Stock Price Activity: Planet Labs shares were up 16.67% at $35.83 at the time of publication on Thursday, according to Benzinga Pro data.

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