Planet Labs Pbc's stock soared 5.01% during the night session, as the broader space sector rallied following SpaceX's latest Starship rocket test.

The surge in Planet Labs shares came amid a sector-wide uptick, with multiple space stocks posting gains. Market sentiment was buoyed by SpaceX's 12th test flight of its massive Starship rocket, which launched on Friday evening. The successful demonstration of engine upgrades and satellite deployment, despite some expected challenges, has renewed investor enthusiasm for the commercial space industry.

SpaceX's continued advancements are seen as validating the broader sector's potential, attracting increased investor attention to companies like Planet Labs that operate in satellite and space technology markets.