John DiFucci from Guggenheim Securities said he was “blown away.” TD Cowen’s Derrick Wood called it a “momentous quarter.” And Brad Zelnick of Deutsche Bank said, “We’re all kind of in shock, in a very good way.”

That’s how the analysts opened their comments and questions during Oracle’s quarterly earnings call on Tuesday, as the company’s stock price was in the midst of a 28% after-hours rally. The software vendor had just reported an earnings and revenue miss, but nobody was paying attention to that.

Wall Street was singularly focused on Oracle’s forward-looking numbers and a massive growth trajectory that the company now sees thanks to its booming cloud infrastructure business and a host of new artificial intelligence deals.

“There’s no better evidence of a seismic shift happening in computing than these results that you just put up,” Zelnick said on the earnings call.

Analysts are often effusive in their praise of companies on their earnings calls after results beat expectations or a forecast is particularly impressive. Executives are used to being congratulated on an excellent quarter.

But the latest Oracle call was different, and investors knew why.

Based on its post-market move, Oracle’s stock is poised to surge more on Wednesday than it has in any single session since the dot-com boom in 1999. And the shares, trading at $310 in extended trading, are set to zoom past their record close of $256.43, which they hit last month. Oracle’s market cap would jump past $870 billion.

The excitement is mostly around cloud infrastructure, where Oracle competes with Amazon, Microsoft and Google. Oracle said that revenue this fiscal year in that business will jump 77% to $18 billion from $10 billion in the last year.

In fiscal 2027, the figure will almost double to $32 billion, before reaching $73 billion, $114 billion and $144 billion in the subsequent three years.

CEO Safra Catz said in the earnings statement that the company signed four multibillion-dollar contracts with three different customers in the quarter. OpenAI said during the quarter that it agreed to to develop 4.5 gigawatts of U.S. data center capacity with Oracle.

Oracle’s remaining performance obligations, a measure of contracted revenue that has not yet been recognized, soared to $455 billion, up 359% from a year earlier.

Wood from TD Cowen said the RPO figure is “just really amazing to see.” He asked Catz for more clarity on how much it was going to cost the company to build out the infrastructure needed to service those customers.

Catz said that one difference between Oracle and some of its rivals is in the way it deals with the property that houses data centers.

“I know some of our competitors, they like to own buildings,” she said. “That’s not really our specialty. Our specialty is the unique technology, the unique networking, the storage — just the whole way we put these systems together.”

In an interview with CNBC’s “Fast Money” after the report, D.A. Davidson analyst Gil Luria called Oracle’s projected cloud revenue figure “absolutely staggering,” and said it represents a tenfold increase in the next five years.

But he also had a word of caution. The big hyperscalers like Microsoft and Google, he said, have instituted a strategy of “offloading their capacity to other data center providers.” That’s leading businesses to use Oracle.

“These are not organic customers to Oracle,” said Luria, who recommends holding the stock. “This is Microsoft, Google and Amazon’s customers that will use Oracle capacity.”

Heading into Tuesday’s report, Oracle shares were up 46% for the year, while the Nasdaq had gained 13%.

WATCH: Luria on Oracle’s ‘staggering’ numbers

Online lender Klarna priced its IPO at $40 per share on Tuesday, above its expected range, in a deal that values the Swedish company at about $15 billion.

Klarna, known for its popular buy now, pay later products, said it raised $1.37 billion for the company and existing shareholders, who are looking to exit a portion of their long-held positions. The company will list its shares on the New York Stock Exchange under the symbol “KLAR.”

The public markets have shown an increased appetite for tech IPOs of late, with companies like crypto firm Circle and software vendor Figma soaring in their highly anticipated debuts. Klarna, which competes with Affirm, was initially aiming to go public earlier this year, but put its plans on hold due to U.S. President Donald Trump’s April announcement of reciprocal tariffs on dozens of countries.

Widely known for its short-term, interest-free financing products, Klarna has attempted in recent months to rebrand itself as more of a digital retail bank. Its IPO will be a test of Wall Street’s excitement about the direction of its business.

Klarna disclosed a net loss of $53 million in the second quarter, widening from $18 million in the same period a year go. Revenue climbed 20% from a year earlier to $823 million over the stretch.

Klarna makes money by charging merchants that use its online payment tools a small fee on every transaction. It also generates income from interest on longer-term financing products and late fees.

Of the total amount being raised, $1.17 billion is going to shareholders with just $200 million going to the company.

WATCH: Everything you need to know about Klarna’s IPO

Oracle shares spiked 22% in extended trading on Tuesday after the database software maker indicated hefty growth prospects due to new cloud contracts, even as earnings and revenue missed estimates.

Here’s how the company did in comparison with LSEG consensus:

• Earnings per share: $1.47 adjusted vs. $1.48 expected
• Revenue: $14.93 billion vs. $15.04 billion expected

Revenue increased 12% from $13.3 billion a year earlier during the quarter, which ended on Aug. 31, according to a statement. Net income was about flat at $2.93 billion, or $1.01 per share, compared to $2.93 billion, or $1.03 per share, in the same quarter last year.

Oracle said its remaining performance obligation, a measure of contracted revenue that has not yet been recognized, now stands at $455 billion, up some 359% from a year earlier. During the quarter OpenAI said it signed an agreement with Oracle to develop 4.5 gigawatts of U.S. data center capacity.

Alongside larger cloud providers such as Microsoft, Oracle has been one of the big winners of the artificial intelligence boom, due to its cloud infrastructure business and its access to Nvidia’s graphics processing units (GPUs) needed for large workloads. CEO Safra Catz said in the statement that the company signed four multibillion-dollar contracts with three different customers in the quarter.

Also in the quarter, Oracle said cloud rival Google’s Gemini AI models would become available on Oracle’s cloud infrastructure.

In the statement, Larry Ellison, Oracle’s co-founder, chairman and technology chief, said that in October the company will bring out an Oracle AI Database service that will allow for running AI models from OpenAI and other companies atop client data stored in Oracle databases. The effort would deepen Oracle’s product integration with OpenAI. In August, Oracle said it has brought OpenAI’s new GPT-5 AI model to its cloud applications.

Oracle’s generated $3.3 billion in revenue from cloud infrastructure, up 55% from a year earlier. The growth rate was 52% in the fiscal fourth quarter.

According to the statement, Oracle now sees $18 billion in cloud infrastructure revenue in the 2026 fiscal year, according to the statement. That suggests 75% growth from the $10.3 billion total in fiscal 2025. The company called for the sum to reach $32 billion, $73 billion, $114 billion and $144 billion in 2027, 2028, 2029 and 2030 fiscal years.

Kirk Materne, an Evercore analyst with the equivalent of a buy rating on Oracle stock, said in a note to clients that he had anticipated $108 billion in fiscal 2029 cloud infrastructure revenue.

In July, Microsoft said it produced $75 billion in revenue from its Azure cloud infrastructure in the past 12 months. Market leader Amazon’s cloud revenue in the same period approached $112 billion.

Oracle shares hit a record last month and are up 45% in 2025 as of Tuesday’s close, while the S&P 500 index has gained 11%.

A gain of 22% or better on Wednesday would represent the best day for the stock since the dot-com boom of 1999 and its third-sharpest rally ever. It would also lift the company’s market cap past $800 billion.

Executives will discuss the results and issue guidance on a conference call starting at 5 p.m. ET.

This is developing news. Please check back for updates.

— CNBC’s Ari Levy contributed to this report

WATCH: Oracle shares spike more than 12% despite earnings and revenue miss