Planet Labs shares surge 10.85% intraday after securing multi-year 9-figure satellite deal with Sweden.

Planet Labs PBC surged 10.85% intraday following the announcement of a multi-year, low nine-figure contract with the Swedish Armed Forces to deliver satellites, space-based data, and intelligence solutions. The deal, marking the company’s third major satellite services agreement in 12 months, includes Sweden owning a customized suite of Planet’s satellites and accessing high-resolution imagery, reinforcing demand for its defense and security solutions. The news aligns with broader momentum, as Planet has secured over $500 million in satellite contracts in the past year, including partnerships with Japan and Germany. The agreement, expected to generate revenue over several years without altering Q4 guidance, underscores the company’s growing market leadership in geospatial technology and its ability to secure large-scale government contracts, directly driving the intraday price rally.