Applied Digital shares jumped 16% on Friday after the company posted strong first-quarter revenue that was boosted by artificial intelligence data center demand, putting the stock up more than 350% for the year.

Here’s how the company did compared to LSEG estimates:

• Loss per share: Loss of 7 cents vs. a loss of 13 cents expected
• Revenue: $64.2 million vs. $50 million expected

First quarter revenue of $64.2 million was up 84% from a year ago, when it reported $34.85 million in revenue.

The data center company reported earnings after the bell on Thursday.

During the quarter, Applied Digital built on its $7 billion lease agreement with CoreWeave that was announced in June for another 150 megawatts at the firm’s Polaris Forge 1 campus in North Dakota. The additional capacity brings the anticipated contracted lease revenue for the project up to $11 billion.

“With hyperscalers expected to invest approximately $350 billion into AI deployment this year, we believe we are in a prime position to serve as the modern-day picks and shovels of the intelligence era,” CEO Wes Cummins said in a release.

The new 150 MW building will join two other data cell blocks, each hosting 100 MW and 150 MW. The company noted that one building is nearly complete and construction will begin on the other.

Applied Digital also secured funding from Macquarie Equipment Capital for a second campus in North Dakota, dubbed Polaris Forge 2. The estimated $3 billion factory will hold two 150 MW buildings, bringing the total leased capacity to 600 MW across both campuses.

An initial 200 MW of power is expected to come online in 2026 and reach full capacity in 2027, the company said.

The company had a net loss of $18.5 million in the first quarter, a loss of 7 cents per share. A year ago, the company posted a net loss of $4.29 million, a loss of 3 cents per share.

Analysts polled by LSEG expect a loss of 15 cents per share for the second quarter on revenue of $76 million.

Rocket Lab shares have added more than a quarter in value this week as the aerospace company inked new launch deals in the burgeoning space tech industry.

The stock was flat on Friday, but has surged over 20% this week. Shares were up nearly 50% over the last two weeks and traded near fresh highs on Friday.

The stock has nearly tripled since the start of the year.

On Friday, the company said it secured two launches with the Japan Aerospace Exploration Agency, scheduled for December and in 2026.

Earlier in the week, Rocket Lab announced a multi-launch agreement with Japanese space start Q-shu Pioneers of Space. That’s on top of four contracted missions.

Late last month, the company also secured 10 additional launch missions for Synspective, bringing its total with the Japanese satellite company to 21. The first is scheduled for later this month.

Rocket Lab’s extreme stock movement could also be a result of some short covering, which occurs when short sellers buy a security to close a position and mitigate losses. Short interest accounted for nearly 14% of Rocket Lab’s float at the end of September.

Investors have poured more money into the space sector this year as the government greenlights more contracts and funding.

The space sector, currently dominated by billionaire-backed ventures like Elon Musk‘s SpaceX, has also seen a wave of initial public offerings this year from the likes of Firefly Aerospace, Voyager Technologies and Karman Holdings.

Campus, a college startup backed by Sam Altman, has hired Meta‘s former AI Vice President Jerome Pesenti as its technology head, the company announced Friday.

As part of the deal, Campus will buy Pesenti’s artificial intelligence learning platform Sizzle AI for an undisclosed amount and integrate its personalized AI-generated educational content already used by 1.7 million people.

The acquisition advances the company’s “roadmap” by two to three years and helps the platform cater learning toward individual student needs, said Tade Oyerinde, Campus founder and chancellor.

“This is a game changer,” he told CNBC.

Campus was founded to disrupt the community college system by “maximizing access to world-class education,” according to its website. It offers accredited associate degrees taught by adjunct professors from the likes of Stanford, Princeton and New York University.

The platform has over 3,000 enrolled students, charges $7,320 per academic year and accepts Pell Grants, according to its website. It also provides attendees with a laptop, mobile Wi-Fi pack, personal success coach and 24/7 tutoring access. Professors make upwards of $8,000 per course.

Campus has raised over $100 million from the likes of Peter Thiel’s Founders Fund, General Catalyst, NBA star Shaquille O’Neal, venture capitalist and Palantir co-founder Joe Lonsdale and Figma CEO Dylan Field.