Shares of biotech-turned-AI company Rocket One jumped around 60% in premarket trading on Thursday, as the stock began trading under ​its new name and ticker for the first time.

Formerly called ‌Hoth Therapeutics, the company had announced earlier this month that it would re-brand itself to Rocket One Inc and restructure its business to pursue opportunities in ​AI infrastructure, semiconductor technologies and AI computing.

Hoth Therapeutics had been ​developing an experimental skin treatment drug, but the company was ⁠yet to report any revenue from its operations and reported ​a loss of 17 cents per share in the March quarter. It ​aims to continue its biotech business under a separate subsidiary.

In a statement on Wednesday, the company said it will focus on developing space-based AI systems for satellites.

Space ​exploration has garnered huge investor interest after Elon Musk's rocket company ​SpaceX unveiled its filing for an initial public offering (IPO) last week, which saw smaller space ‌stocks ⁠including Rocket Lab (RKLB.O) and Intuitive Machines (LUNR.O) rally.

While the hype for the space economy is relatively new, AI has been a dominant theme on Wall Street for some time now. Last month, footwear maker ​Allbirds (BIRD.O) and social ​media firm Myseum (MYSE.O) ⁠announced a sudden re-brand with a new AI-related identity, which saw their shares jump sharply in a sign ​of investor mania.

Several small companies whose legacy businesses ​have no ⁠connection to AI have announced a pivot, underscoring how the sector's status as a magnet for investment capital can also provide firms a ⁠chance ​to raise funds.

Rocket One had a market ​capitalization of just over $26 million as of last close. Its shares were up 58.1% ​to $2.15 on Thursday.