Yes, but not necessarily new knowledge.

It means extending/expanding something, but the information is based on the current data.

In computer games, extrapolation is finding the future position of an object based on the current position, velocity and time wanted. We do have some "new" position, but the sistem entropy/information is the same.

Or if we have a line, we can expand infinitely and get new points, but this information was already there in the y = m * x + b line formula.