Rigetti Computing (RGTI), a key player in the quantum computing sector, saw its stock soar 5.00% in pre-market trading on Wednesday. This surge comes as investors continue to grapple with valuing pure-play quantum computing stocks, which have become one of the hottest trends on Wall Street.

The pre-market rally follows a period of extreme volatility for Rigetti and its peers, collectively known as the "Quantum 4". These stocks, including IonQ, D-Wave Quantum, and Quantum Computing Inc., have seen their shares skyrocket by 100% or more this year alone. Rigetti's stock, in particular, has experienced a meteoric rise from $1.06 to a recent high of $58, before settling around $38.

Recent developments in the quantum computing space may be fueling investor optimism. Last month, JPMorgan Chase announced plans to invest up to $10 billion in strategically important sectors, including quantum computing. Additionally, IBM and HSBC's recent unveiling of a quantum-based algorithmic bond trading platform has reignited interest in the sector. However, analysts remain divided on the valuation of these futuristic companies. While some maintain "buy" ratings, others express caution about the "premium valuations" and potential headwinds from government shutdowns. As the quantum computing race heats up, investors are betting on the technology's potential to revolutionize fields ranging from cryptography to drug discovery, despite the uncertainty surrounding its near-term commercial viability.