Planet Labs: Coming Back Down to Earth

Planet Labs delivered strong Q1 earnings with 42% YoY revenue growth to $94.2M and a $906M backlog, but the stock plunged 25% post-earnings as investors reassess valuations. The company's high price-to-sales and price-to-book multiples reflect momentum trading rather than fundamentals, with the SpaceX IPO excitement fading as the primary catalyst. While Planet Labs has real government contracts and solid execution, retail investors treating it like a meme stock create valuation risks.