Oracle’s stock price soared 28% after hours despite an earnings and revenue miss. Analysts hailed Oracle’s forward-looking numbers, projecting a massive growth trajectory in cloud infrastructure and artificial intelligence deals. Oracle’s market cap is set to surpass $870 billion, with cloud revenue projected to jump to $144 billion by fiscal 2030.

CEO Safra Catz announced four multibillion-dollar contracts and a partnership with OpenAI to develop U.S. data center capacity. Oracle’s remaining performance obligations skyrocketed to $455 billion, up 359% from the previous year. Catz highlighted Oracle’s unique technology and networking capabilities compared to competitors.

D.A. Davidson analyst Gil Luria praised Oracle’s projected cloud revenue growth as “absolutely staggering” but cautioned that businesses are using Oracle due to hyperscalers offloading their capacity. Oracle’s stock was up 46% for the year heading into the earnings report, outperforming the Nasdaq’s 13% gain.

Read more at CNBC: ‘We’re all kind of in shock.’ Oracle projections analysts slackjawed