Oracle Corp. today disclosed that it has won a cloud contract worth more than $30 billion annually. Shares of the company jumped almost 9% on the news at one point. It ended the trading session up 4%.

Oracle Corp. said on Monday it has signed a cloud services deal that it expects to contribute over $30 billion in annual revenue starting in the fiscal year 2028. In a regulatory filing, Oracle Chief Executive Officer Safra Catz said revenue from Oracle’s namesake database that runs on other clouds continues to grow more than 100%.

Oracle shares soared to a record high, as the database giant announced a $30bn cloud computing contract worth nearly triple the annual revenue it generates from its fastest-growing division. The tech group,