Quantum computing could change just about everything. Not only can it solve complex calculations at high speeds, it could help speed up drug development, improve financial models and boost the power of electric vehicle batteries. It may even be able to help with climate change issues. And it may just produce a batch of millionaire-maker quantum computing stocks, much like we’ve seen with artificial intelligence.
Even better, IDC says the market for quantum computing could grow to $8.6 billion in 2027 from about $412 million in 2020, with a CAGR of more than 50%. The firm points to major industry breakthroughs, maturing quantum computing as a service and the growth of computing workloads could drive a significant chunk of the quantum computing market. We also have to consider that a lot of potential millionaire-maker quantum computing stocks are already on the move.
That being said, here are three top stocks that could turn out to be your next millionaire-maker quantum computing stocks in the making.
IonQ (IONQ)
The first time I mentioned IonQ (NYSE:IONQ) back in March, it traded at $4.56. Today, it’s up to $14.40, and could easily see higher highs. Helping its rise, the company just increased its 2023 bookings estimates by 25% to a new range of $45 million to $55 million. At the midpoint, the company expects more than 100% growth in bookings year-over-year. This follows news of IONQ’s deal to install two quantum systems in Europe.
At the moment, the company is working with Switzerland, which currently lags behind most other European countries with quantum computing. However, that could change with IonQ and QuantumBasel partnering to establish a European quantum data center.
Even more exciting, the partnership could enhance the drug discovery process, potentially leading to treatments for diseases once thought to be incurable. With quantum computers, drug developers can build predictive models, which can identify which molecules are likely to create effective drug candidates. That alone could be a massive game-changer for medicine.
Rigetti Computing (RGTI)
There’s also Rigetti Computing (NASDAQ:RGTI), a small, but explosive quantum computing stock. Over the last several weeks, RGTI ran from about 36 cents to a high of $2.37, before dropping to support at $1.72. From here, I’d like to see it eventually refill its bearish gap around $4.15. While it’ll take some patience, it’s doable with the quantum computing story gaining momentum.
Earnings haven’t been too shabby either. In its first quarter, the company’s GAAP EPS came in at a loss of 19 cents, which beat expectations by two cents. Revenue was up nearly 5% to $2.2 million, which beat estimates by $1.88 million.
Defiance Quantum ETF (QTUM)
Or, if you just want to diversify with all of the quantum computing heavyweights, you can invest in the Defiance Quantum ETF (NYSEARCA:QTUM). With an expense ratio of 0.40%, the ETF tracks the BlueStar Quantum Computing and Machine Learning Index, which tracks about 71 related stocks. Some of its top holdings include IonQ, Rigetti Computing, Nvidia (NASDAQ:NVDA), and NXP Semiconductors (NASDAQ:NXPI) to name a few of the leading quantum computing stocks.
Since May, the ETF ran from about $43 to a recent high of $51.19. However, as more investors wake up to this opportunity, and as it helps advance things, such as drug development, I strongly believe QTUM could double from current prices.
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
