The race for quantum computing dominance is heating up, creating big opportunities for related quantum computing stocks.

Right now, China and the U.S. appear to be neck and neck. In fact, GlobalData Principal Analyst Isabel Al-Dhahir, said:

“In 2024, the two countries stand almost neck-and-neck, albeit with very different strategies. Private companies lead the way in the U.S., while in China, expertise is increasingly concentrated within state institutions.” 

So far, the U.S. committed about $3 billion in funding for quantum projects. Another $1.2 billion came from the National Quantum Computing Initiative. And even more money is likely to flow in from the Pentagon. Meanwhile, China has committed about $15 billion.

We also have to consider that quantum computing often lands on the U.S. critical and emerging technologies list, which adds technologies that could potentially impact national security with its ability to solve complex problems.

With the race for dominance only set to heat up, here are just a few top quantum computing stocks you may want to invest in today.

IonQ (IONQ)

After dropping from about $15.50 to less than $10, IonQ (NYSE:IONQ) is starting to bounce.

Last trading at $9.95, I’d like to see it initially retest $15.50, and eventually $21.60, as quantum computing stocks start to gain momentum.

While its EPS loss of 20 cents missed by three cents, revenues of $6.1 million were up 60.1% year over year. Analysts were looking for a loss of 17 cents on revenue of $5.76 million. Also, it’s full-year 2023 revenue of $22 million and bookings of $65.1 million was up 98% and 166%, respectively, year over year.

For 2024, IONQ expects revenue of $37 million to $41 million, which is year-over-year growth of 68.2% and 86.4%, respectively. 

Moving forward, the company could do even better with the artificial intelligence boom. “By shifting AI workloads to our increasingly powerful quantum computers, IonQ can help address the world’s next great computing challenge,” says CEO Peter Chapman.

D-Wave Quantum (QBTS)

We can also look at quantum computing stocks like D-Wave Quantum (NYSE:QBTS).

When I first mentioned QBTS on February 1, it traded at around 90 cents. Today, after hitting a high of $2.44, it’s at $2.01 and still a strong opportunity.

Helping, QBTS and Zapata AI, a generative artificial intelligence software company, announced a collaboration to combine quantum computing and generative AI. And if all works out well, it could create a sizable profit opportunity for all involved.

Dr. Alan Baratz, CEO of D-Wave, said:

“Our agreement with Zapata AI marks a significant step toward realizing the potential of combining two of today’s most transformative technologies — generative AI and quantum computing — to help tackle our society’s most computationally complex problems… Our companies share a common vision — to accelerate exploration, adoption and commercial use of emerging technologies to fuel innovation and transformation. Together, we believe D-Wave and Zapata AI will usher in the commercial era of quantum machine learning.”

Defiance Quantum ETF (QTUM)

Or, if you’d rather diversify at a low cost, there’s the Defiance Quantum ETF (NYSEARCA:QTUM), which has been in a strong uptrend since November. From its current price of $61.38, I’d eventually like to see the QTUM ETF race to about $80 a share.

With an expense ratio of 0.40%, the ETF is exposed to companies at “the forefront of machine learning, quantum computing, cloud computing and other transformative computing technologies,” as noted by DefianceETFs.com. It also tracks the BlueStar Quantum Computing and Machine Learning Index, with about 71 holdings.

Some of its top holdings include Nvidia (NASDAQ:NVDA), Marvell Technology (NASDAQ:MRVL) and Advanced Micro Devices (NASDAQ:AMD).

What’s nice about this ETF is that we can buy 100 shares of it for about $6,100 at the moment. All while gaining exposure to some of the biggest tech companies in the world. That’s a lot less expensive than buying 100 shares of NVDA for $9,000 a pop, which is just one of the fund’s top 71 holdings. 

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.