Quantum computing, along with other forms of innovative technology such as AI, has attracted attention from investors due to its increased potential of exponential growth within the near to distant future. Some companies are popping up that are working exclusively on quantum computing technology, such as IonQ (NYSE:IONQ) mentioned below. These are some of the best quantum computing stocks.
Other well-established tech companies, such as Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), and Amazon (NASDAQ:AMZN), have many avenues for tech innovation, and quantum computing is just one of them.
The tech helps produces more efficient outcomes for problem-solving methods than normal computer technology using the advantages of quantum mechanics. Quantum mechanics focuses on the behavior of various particles at the atomic and subatomic levels. Quantum mechanics and computing are complicated concepts, but it is easy to see the new abilities and advantages that this expanding field of technology has over normal computing power.
Below I will discuss quantum computing stocks that are making headway and offer a bright future in the field of quantum computing.
IonQ (IONQ)
IonQ is one of those computing stocks based in College Park, Maryland, that provides quantum computing access through Amazon Web Services (AWS), Microsoft Azure, and other cloud platforms. IonQ was founded in 2015, and in October of 2021, the company started trading publicly as the first pure-play quantum computing company through a special purpose acquisition company (SPAC) merger with dMY Technology Group.
The company has multiple products on offer. Their flagship model is their IonQ Forte quantum computer with new and improved gate fidelity through ion trap technology, creating a much more efficient system.
Year-to-date IonQ stock price has grown by 300% due to a number of factors, including their recent slate of partnership agreements with BearingPoint, a management firm located in Europe, and the United Arab Emirates Quantum Research Center. They also announced that their expecting booking to double from last year to between $45 and $55 million.
Rigetti Computing (RGTI)
Rigetti Computing (NASDAQ:RGTI) builds quantum computers and related processors; their machines can access the various cloud systems through Quantum Cloud Services. The company is headquartered in Berkeley, California, and they also have operations in London, U.K., and Sydney, Australia.
In Early October of 2021, Rigetti Computing was trading on the NASDAQ through a (SPAC) merger with Supernova Partners Acquisition Company, and year-to-date, the company’s stock price is up by 110%.
From their first-quarter earnings release, they stated a 5% increase in revenue and a net loss that expanded by 32% compared to last year.
Rigetti’s next-generation 84-qubit system, the Ankaa-1 system, began testing in March and is expected to roll out amongst select customers in mid-2023. And also mentioned in the earnings release is that the company anticipates additional funding will be needed by late 2024 to early 2025 to reach business goals.
International Business Machines (IBM)
International Business Machines (NYSE:IBM)offers a hybrid cloud platform and servers as well as technology infrastructure, and they have also expanded into the AI and quantum computing fields. The company provided multiple products revolving around quantum computing, including Qiskit Runtime, a service that offers more efficient algorithms for completing tasks, and Quantum-Safe, which is yet to be released, gives users the ability to improve cybersecurity capabilities alongside the growing industry of quantum technology.
IBM reported their first-quarter earnings back in April, with their revenue revolving around software rising by three year-over-year. They announced in late June plans to deploy the first IBM Quantum System One to Rensselaer Polytechnic Institute located near Albany, New York, as part of the development of IBM’s Quantum Computational Center. It is expected to be operational sometime in 2024.
On the date of publication, Noah Bolton did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
