Planet Labs (PL) shares fell 8% to $18.48 on Thursday, despite the company announcing a new European defense contract and receiving a "Buy" rating from Berenberg. Investors viewed the seven-figure contract as smaller than previous eight- and nine-figure contracts.

Meanwhile, Intuitive Machines (LUNR) shares dropped 2% to $14.52, and AST SpaceMobile (ASTS) shares fell 1% to $61.78, failing to participate in the day's broader market rally. The entire commercial space sector experienced a pullback on Thursday morning. Planet Labs is expected to report earnings after market close.