On July 8, Planet Labs fell 5.06% in pre-market trading, trading at approximately $27.3/share, with turnover of $312,700, extending the prior session's decline.

On the news front, the company announced the successful deployment of its Pelican-11 technology demonstration satellite into orbit aboard a SpaceCX rocket launched from California. However, the company explicitly stated that the unit will serve strictly as an engineering test and is not expected to gather useable data for commercial sale, triggering a classic sell-the-news reaction.

While the second-generation Pelican satellites are expected to achieve 0.3-meter imaging resolution — a significant upgrade from the current 0.5-meter capability — and the company plans to launch multiple second-generation units over the coming year to expand its high-resolution AI Earth-monitoring constellation, the lack of near-term revenue contribution from this milestone has prompted investors to lock in profits. The stock had already declined 5.18% during the prior regular session on the same catalyst.

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