Quantum computing is an exciting space for investors. McKinsey is projecting that quantum computing revenue will jump from $4 billion in 2024 to as much as $72 billion by 2035.
One way to get exposure to the industry is by investing in tech companies with quantum computing segments, such as Alphabet. But if you're looking for growth potential and don't mind more risk, there's a different kind of quantum computing stock that's worth considering.
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IonQ is a leader among pure-play quantum computing companies
IonQ (IONQ -2.79%) is one of a few pure-play quantum computing companies, with the other notable examples being Rigetti Computing, D-Wave Quantum, and Quantum Computing. IonQ was the first to go public, and it also sets itself apart through its trapped-ion technology, which allows its quantum systems to operate at room temperature.
Of these companies, IonQ has also been the most successful so far and is the most reasonably priced. It has reported $52 million in revenue over the trailing 12 months, more than twice as much as any of its competitors. It's also trading at 319 times sales as of Oct. 3, and while that's high, it's less than the valuations on the rest of the aforementioned quantum computing companies.
The quantum computing industry is still in the early stages, and the value is largely theoretical. Still, the fact that IonQ has been able to turn its tech into earnings is a positive sign. To its credit, it has also been able to steadily grow its revenue, which increased by 82% year over year in its most recent quarterly earnings.
