If you’re searching for undervalued quantum computing stocks to add to your portfolio this month, look no further. Never before in human history has technology progressed at the rate seen today. In just two decades, human civilization went from miniaturizing the computer to AI software aggregating data across the internet. With advancements in physics, humanity now harnesses the computational power of the smallest subatomic particles.

These breakthroughs enable the current state of  quantum computing, where the limitations of processing hardware are pushed every single day. As a technology, however, quantum computing still has not found many mainstream applications, and thrives in the realm of research.

Yet the sheer level of investment by tech giants, such as Google (NASDAQ:GOOG, NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN), hints at its tremendous potential. Now, for investors, the key to success lies in finding the undervalued quantum computing stocks on the market today. Here are three stocks with strong potential, competing for a share of the $42 billion future of the quantum market.

Undervalued Quantum Computing Stocks: Rigetti Computing Inc. (RGTI)

One of the best ways to assess a company’s potential comes from predicting future applications of its current products. For Rigetti Computing (NASDAQ:RGTI), its focus on quantum integrated circuits means that it could become especially valuable. That’s because integrated circuits are essentially like specialized microchips, custom built to the computer they are installed on.

This approach means that Rigetti primarily focuses on developing research in hardware, software, and user interfaces for its products. As such, once Rigetti’s customer base grows alongside quantum computing demand, the company will have full-stack control over its products. Once customers begin rolling in, RGTI will be able to use this multi-layered approach to diversify its revenue streams.

Thanks to RGTI’s early presence in quantum computing, it stands ready for a potential boom, pending breakthroughs in the field. Moreover, with its current price around $2, RGTI could be one of the most undervalued quantum computing stocks available.

Quantum Computing Inc. (QUBT)

Specializing in a type of sensor computing known as integrated photonics, Quantum Computing, Inc. (NASDAQ:QUBT) occupies a niche of quantum mechanics. By leveraging the quantum mechanical properties of light, QUBT has positioned itself as a premier researcher with partners such as NASA and Los Alamos. 

The company’s small size and short tenure make adding it to an investment portfolio a serious decision. Much of the technology the company produces targets highly specific research rather than commercial applications. Therefore, the long-term growth of this company is more tied to government interest in spending on quantum mechanics research.

For investors however, this one is worth keeping an eye on. That’s because it is one of the few companies to offer a highly specialized product in a relatively new market. Despite operational losses and lacking experience, QUBT’s position could shift rapidly depending on the decisions of the U.S. government.

IonQ (IONQ)

Perhaps one of the best undervalued quantum computing stocks on the market today, IonQ (NASDAQ:IONQ) offers multiple commercially available quantum computers. Unlike other companies that focus on using light or superconducting qubits, IonQ uses atomic ions and electromagnetism to perform calculations.

By using this form of quantum computing, IonQ offers some of the most stable and maintainable quantum computing patterns. Thus, its products are capable of solving complex calculations over extended periods of time. Furthermore, this type of quantum computing is easier to scale than others. To customers, this means products custom tailored to the needs of different projects.

The company also offers software and training specific to all of the projects mentioned above. It also maintains $456 million cash balance as of March 2024, and customers across all major cloud computing services. Bearing all of this in mind, IonQ might just be the best of the undervalued quantum computing stocks today.

On the date of publication, Viktor Zarev 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.