Planet Labs PBC (NYSE:PL) stock is rallying sharply on Tuesday, hitting a fresh 52-week high. The vertical move comes as retail traders pile into the space sector, catalyzed by monumental news surrounding Elon Musk's rocket and satellite venture.

SpaceX IPO Filing Lights A Fire Under Space Stocks

The primary catalyst driving Tuesday’s upward price action is the massive hype surrounding the initial public offering of SpaceX. On Wednesday, SpaceX officially filed its S-1 prospectus for a long-awaited public debut on the Nasdaq under the ticker SPCX.

According to a Reuters report, the rocket-launch giant is looking to raise approximately $75 billion at a valuation of nearly $1.75 trillion. This monumental filing has reignited aggressive investor appetite for peer space-focused equities.

Short Interest Drops Sharply For PL Stock

Beyond industry tailwinds, internal technical dynamics are amplifying the surge for Planet Labs. Market data reveals that short interest in the satellite imaging company decreased significantly during the last reporting period.

Short positions fell from 39.11 million shares to 32.19 million shares, leaving 11.19% of the company’s publicly available float held short.

Based on Planet Labs’ recent average daily trading volume of 10.38 million shares, it would take short holders roughly 3.1 days to fully close out their defensive positions.

Critical Support and Resistance Levels for PL Stock

The bigger-picture trend remains firmly bullish: PL is trading 20.9% above its 20-day SMA ($40.08), 34.1% above its 50-day SMA ($36.13), 60% above its 100-day SMA ($30.28), and 128.3% above its 200-day SMA ($21.22).

From a trend-structure standpoint, the 20-day SMA is above the 50-day SMA (bullish), and the 50-day SMA is above the 200-day SMA—confirming the golden-cross backdrop that first appeared in June 2025.

Key turning points also line up with the current run: the most recent swing low formed in March, followed by a swing high in May and a 52-week high in May that's now been exceeded.

PL Stock Price Activity: Planet Labs shares are enjoying a boost, up 14.16% to $50.63 at the time of publication on Tuesday, according to Benzinga Pro data.

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