Across many disciplines spanning from neuroscience and genomics to machine learning, atmospheric science, and finance, the problems of denoising large data matrices to recover hidden signals obscured by noise, and of estimating the structure of these signals, is of fundamental importance. A key to solving these problems lies in understanding how the singular value structure of a signal is deformed by noise. This question has been thoroughly studied in the well-known spiked matrix model, in which data matrices originate from low-rank signal matrices perturbed by additive noise matrices, in an asymptotic limit where matrix size tends to infinity but the signal rank remains finite. We first show, strikingly, that the singular value structure of large finite matrices (of size ∼1000) with even moderate-rank signals, as low as 10, is not accurately predicted by the finite-rank theory, thereby limiting the application of this theory to real data. To address these deficiencies, we analytically compute how the singular values and vectors of an arbitrary high-rank signal matrix are deformed by additive noise. We focus on an asymptotic limit corresponding to an extensive spike model, in which both the signal rank and the size of the data matrix tend to infinity at a constant ratio. We map out the phase diagram of the singular value structure of the extensive spike model as a joint function of signal strength and rank. We further exploit these analytics to derive optimal rotationally invariant denoisers to recover the hidden high-rank signal from the data, as well as optimal invariant estimators of the signal covariance structure. Our extensive-rank results yield several conceptual differences compared to the finite-rank case: (1) as signal strength increases, the singular value spectrum does not directly transition from a unimodal bulk phase to a disconnected phase, but instead there is a bimodal connected regime separating them; (2) the signal singular vectors can be partially estimated even in the unimodal bulk regime, and thus the transitions in the data singular value spectrum do not coincide with a detectability threshold for the signal singular vectors, unlike in the finite-rank theory; (3) signal singular values interact nontrivially to generate data singular values in the extensive-rank model, whereas they are noninteracting in the finite-rank theory; and (4) as a result, the more sophisticated data denoisers and signal covariance estimators we derive, which take into account these nontrivial extensive-rank interactions, significantly outperform their simpler, noninteracting, finite-rank counterparts, even on data matrices of only moderate rank. Overall, our results provide fundamental theory governing how high-dimensional signals are deformed by additive noise, together with practical formulas for optimal denoising and covariance estimation.