Why Is Planet Labs Stock Gaining Friday?

Planet Labs PBC (NYSE:PL) stock is trading higher Friday after the company announced the successful launch of 20 satellites, including a prototype developed with Google. The spacecraft launched aboard Space Exploration Technologies Corp.’s (NASDAQ:SPCX) Transporter-18 rideshare mission from Vandenberg Space Force Base in California. Planet said the mission included the first demonstration satellite for Google’s Project Suncatcher, its Tanager-2 hyperspectral satellite and 18 SuperDove satellites. Google Project Tests AI Chips In Space Planet developed the Project Suncatcher satellite with Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) subsidiary Google. The mission will conduct the first test of Google’s Tensor Processing Units, or TPUs, in space. The project is exploring whether machine learning computing systems can operate in orbit. TechCrunch reported that the project is part of a longer-term effort to build infrastructure for future space-based artificial intelligence workloads. According to TechCrunch, the company ultimately envisions an orbital data center consisting of 81 satellites flying in close formation and processing AI workloads in parallel. Planet said it established initial contact with the Suncatcher prototype, Tanager-2 and two SuperDoves. The company expects to contact the remaining 16 SuperDoves after their scheduled deployment from a D-Orbit orbital transfer vehicle. The launch marked Planet’s 40th successful mission. The company has now built and delivered 718 satellites to orbit. See More: Top Value Stocks Tanager-2 Targets Methane, Rare Earths Planet developed Tanager-2 with Carbon Mapper. The hyperspectral satellite can collect imagery across 426 spectral bands. Planet said the technology can support methane detection, rare-earth element identification, water-quality monitoring and agricultural analysis. Planet plans to build and deploy at least three additional Tanager satellites after Tanager-2. Meanwhile, the 18 SuperDoves will expand PlanetScope, the company’s near-daily global Earth-monitoring system. Planet serves commercial, government, defense and intelligence customers with satellite imagery and geospatial data. The company said additional launches are planned as it expands its satellite fleet to meet demand for Earth-observation data, satellite services and geospatial intelligence products. PL Price Action: Planet Labs shares were up 7.96% at $17.42 at the time of publication on Friday, according to Benzinga Pro data. Image via Shutterstock Read Also: Fed Hike Odds Collapse to 16% on Prediction Markets After Soft Jobs Report