Shares of Quantum Computing Inc. (QUBT) soared 5.10% in pre-market trading on Tuesday, following a significant upgrade from Wall Street. The surge comes after Ascendiant analyst Edward Woo raised the price target for QUBT to $40, nearly doubling the previous target of $22.

The dramatic increase in the price target reflects growing optimism about Quantum Computing Inc.'s potential in the rapidly evolving quantum computing sector. This upgrade could signal increased confidence in the company's technology and market position, driving investor enthusiasm in early trading.

However, investors should note that while the stock is experiencing a notable pre-market rally, the company recently announced plans to raise $750 million through a private placement. This capital raise, involving the sale of over 37 million shares to institutional investors, may have implications for the stock's performance in the coming days as the market digests this news alongside the bullish analyst outlook.