Planet Labs PBC (PL) shares soared 5.03% during intraday trading on Wednesday, driven by a combination of positive company-specific developments, sector-wide optimism, and a favorable analyst action.

The surge follows news that Planet Labs has begun recruiting for a new satellite manufacturing facility in Berlin. The expansion is expected to double production capacity for the company's next-generation Pelican satellite fleet and add up to 70 new employees to its Berlin team this year, signaling significant growth in its European manufacturing operations.

Sentiment across the space sector was also lifted by reports that SpaceX is aiming to file for its initial public offering as soon as this week, potentially raising over $75 billion. This news has buoyed shares of numerous space-related companies. Additionally, Morgan Stanley raised its price target on Planet Labs to $35 from $26, maintaining an Equal Weight rating, which provided further confidence to investors.