Bad news, investor: Planet Labs is probably not the space stock you're looking for anymore.

Once upon a time, Planet Labs (NYSE: PL) was a growth stock -- and boy oh boy was it ever growing fast!

Preparing for its December 2021 coming public via a special purpose acquisition company (SPAC) transaction, the owner of the world's largest constellation of Earth observation satellites laid out a story of consistent and enduring growth as it put its new IPO money to work. Accelerating from a mid-teens growth rate pre-IPO, Planet Labs would grow its sales at an annual compound rate of about 44% over a five-year time span. It would expand its non-GAAP gross-profit margins from 40% to 74%, turn free-cash-flow positive by 2024, and generate positive free cash flow of 20% or more.

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Source Fool.com