Right now, Quantum Computing's market cap is around $1.4 billion. This means that even though you're buying shares for the seemingly low price of $11, you're actually investing in the company at a valuation north of $1 billion.

This is what's happening on Wednesday, as quantum computing investors cheer some kind words from Microsoft's strategic missions and technologies chief, Mitra Azizirad, who last night urged quantum investors to get ready, because "we are right on the cusp of seeing quantum computers solve meaningful problems and capture new business value."

D-Wave Quantum's valuation model suggests potential 25-35% annual returns in base and bull cases. See why we are neutral on QBTS stock.