D-Wave Quantum Inc. (QBTS) stock soared 5.2% in the pre-market trading session on Tuesday, following a recent rally as investors grew more optimistic about the potential for quantum computing technology.

The surge came after Needham raised its price target on QBTS to $8.50 from $2.25, citing recent technical milestones, contract wins, and increased awareness among investors about the disruptive potential of quantum computing in the $1 trillion computing market.

Needham's analyst noted that the rising valuations of quantum computing companies reflect growing recognition that the technology could meaningfully disrupt the computing market over the next decade. The firm maintained a "Buy" rating on QBTS shares.