Planet Labs Pbc (PL) soared 5.17% intraday on Thursday, as the company's strategic move into the defense industry fueled investor optimism.

According to recent reports, Planet Labs is storming into the defense sector, with Wall Street taking notice of this expansion. The company, previously known primarily as a leading satellite imagery provider, is now leveraging its technology for defense applications, which is seen as a significant growth driver.

This shift into defense is expected to open new revenue streams and enhance the company's market position, contributing to the positive stock movement during the trading session.