Planet Labs PBC (NYSE: PL), Rocket Lab Corporation (NASDAQ: RKLB), and AST SpaceMobile (NASDAQ: ASTS) have each shed more than half their value from highs reached in late May.
The broad retreat across these three space names comes as SpaceX continues to cast a long shadow over the sector, dampening enthusiasm for smaller rivals.
Planet Labs hit a high of nearly $52 in late May before entering a prolonged decline, and the stock now trades around $20, representing a drop of more than 60% from that peak.
The satellite imaging company reported 42% revenue growth in early June, with its top line reaching $94 million, a result that initially drew investor interest before sentiment turned sharply negative.
Despite that revenue momentum, profitability remains out of reach, and Planet Labs carries a market valuation of more than $7 billion, a figure that leaves little margin for error at current price levels.
Rocket Lab’s stock similarly peaked around late May, touching a high of $151 before retreating to approximately $64 on Tuesday, a decline of roughly 58% from that level.
The company’s earlier surge was fueled by a strong first-quarter earnings report, which included revenue of $200 million, up 64% year over year, along with a record backlog of $2.2 billion.
Rocket Lab’s dual business model, spanning spacecraft manufacturing, satellite components, and launch services, gives it broader commercial exposure than pure-play launch competitors.
AST SpaceMobile rounds out the trio with shares now trading around $57, down approximately 57% from a high of just under $134 also reached in late May.
The company posted revenue of $14.7 million in the first three months of the year, a meaningful improvement over the prior-year period, though the figure remains modest relative to its ambitions.
AST SpaceMobile is pursuing a space-based cellular broadband network, putting it in direct competition with Starlink, the satellite internet service operated by SpaceX.
The stock currently trades at close to 190 times its trailing revenue, a stretched valuation that, combined with heavy capital investment requirements and intensifying competition, raises serious questions about near-term upside.
Across all three names, the pattern is consistent: a powerful rally into late May followed by an equally sharp reversal, leaving investors to weigh whether the selloffs represent genuine opportunity or a reset to more realistic valuations.
