Investors should keep their eyes on the global nanotechnology market, which was valued at USD 3.78 billion in 2022 and is expected to reach USD 74.1 billion by 2032, growing at a CAGR of 34.5% during the forecast period. The growth is attributed to the increasing adoption of nanotechnology in various industries such as electronics & semiconductor, automobiles, and more, leading to a boom for nanotech stocks.

The nanodevice segment dominates the market with a 53.6% revenue share, while the healthcare & pharmaceuticals segment accounts for the largest revenue share of 32.8%. North America leads the market with a 34.7% share, followed by Asia Pacific, which is expected to grow at the fastest rate moving forward.

Given the fast-growing nature of the industry, I believe there are some nanotech stocks that could make lucky investors millionaires overnight. These firms are deniably risky and speculative, but they could pay off in spades if the right conditions are met.

So here are three nanotech stocks that could mint new millionaires overnight.

NanoViricides (NNVC)

NanoViricides (NYSE:NNVC) develops antiviral therapies utilizing nanotechnology. The company reported the successful completion of its Phase 1a/1b clinical trial for NV-CoV-2, its broad-spectrum antiviral drug. The trial, focusing on COVID-19 treatment, showed no adverse events.

In 2024, NanoViricides aims to continue advancing NV-CoV-2 through further clinical trials, expanding its treatment capabilities to address unmet medical needs. The company’s stock has seen moderate volatility, with analysts setting a price target of $6.50, which is more than a 400% implied upside at the time of writing.

Additionally, NanoViricides has expanded its pipeline, developing therapies for various viral infections, including respiratory syncytial virus (RSV), shingles, and other enveloped viruses​. The biotech industry is volatile and risky enough without throwing nanotech into the mix, but it may also significantly enhance NNVC’s upside.

These firms are all or nothing proposition, exactly what an investor wants in a company for this type of risk.

Luna Innovations (LUNA)

Luna Innovations (NASDAQ:LUNA) focuses on advanced technology solutions, including fiber optic sensing systems and nanotechnology for various industries.

The company reported revenue growth, with total revenue for the nine months ended Sept. 30, 2023, increasing to $84.9 million, up 9% from the previous year. However, net loss from continuing operations was $1.9 million, though adjusted EBITDA was $7.8 million, indicating some operational progress​.

For 2024, Luna aims to strengthen its technological advancements in fiber optic sensing systems and other areas, reaffirming its position in the market​.

This nanotech stock has shown volatility, but analysts forecast a positive outlook, with a consensus price target of $10. This gives it an upside of over 380% at the time of writing.

Furthermore, its tiny market cap of just $69 million and negative earnings makes it especially risky. However, its also that needed juice required to mint new millionaires overnight.

Nano Dimension (NNDM)

Nano Dimension (NASDAQ:NNDM) provides 3D printing solutions for electronics, incorporating nanotechnology for innovative manufacturing.

3D printing was all the rage before AI swept up the speculative dollars flowing into it. NNDM could still be a multibagger, and it’s a slightly less speculative company compared with the other firms listed.

The company’s revenue for 2023 reached $56.3 million, marking a 29% increase compared to 2022​. In Q1 2024, Nano Dimension reported consolidated revenues of approximately $13.2 million. The company also achieved a significant reduction in cash burn, decreasing by 75% compared to Q1 2023.

Nano Dimension has been expanding its strategic initiatives, particularly through mergers and acquisitions, while also pursuing share repurchase programs​. For 2024, the company aims to continue consolidating its position in the additive manufacturing market, with a focus on improving its operational efficiency and profitability. This includes plans for continued growth in its core business areas and capital allocation to support its multi pronged strategy.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.