WhiteFiber shares rose after second-quarter revenue increased and the company said it is negotiating a financing agreement for its flagship data center campus.

The stock climbed 14% to $27.55 in premarket trading Wednesday. Through the prior close, shares were up 44% this year.

The artificial-intelligence infrastructure company said revenue jumped 54% to $28.8 million in the second quarter. Cloud services revenue increased 43% while colocation revenue nearly tripled.

Due to higher expenses, WhiteFiber's loss widened to $15 million, or 39 cents a share, from a loss of $8.83 million, or 33 cents a share.

Initial billing has commenced at its data center campus NC-1, where the company has moved from construction to customer deployment. WhiteFiber expects to reach full contracted run-rate billing across the 40 megawatts later this month.

The flagship data center site has the potential to scale toward about 300 gross megawatts over time.

WhiteFiber also entered into exclusivity with a consortium of lenders for a proposed secured financing for NC-1. If completed, the financing is expected to return a significant portion of the company's invested capital to the balance sheet and allow it to recycle the funds into future development, it said.

Over the past quarter, WhiteFiber has signed several cloud services agreements representing more than $500 million of aggregate contract value over their initial terms.