Planet Labs (NYSE: PL) stock rocketed 7.6% through 10:25 a.m. ET Monday.

The small-cap space stock announced this morning that it has been "selected" to participate in NASA's "Commercial SmallSat Data Acquisition Program (CSDA) On-Ramp1 Multiple Award contract" to "provide commercial data in support of the agency's Earth science research" in a contract worth up to $476 million.

Basically, NASA has hired Planet to work as a photographer. That's good news, but before you get too excited, here are some details.

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Source Fool.com