Every investor is always looking for the next multibagger. This pulls from a baseball analogy, and one "bag" indicates a stock doubling. So, a multibagger investment doubles multiple times. Unlike baseball, where the maximum is four bags from a home run, stocks technically have unlimited upside, and several 100-baggers exist.
One field where investors are looking for the next multibagger is in quantum computing. While quantum technology isn't yet widely used, it's rapidly progressing to the point where it could see mainstream usage by 2030. That's not that far away, and investors should position themselves accordingly if quantum computing lives up to the hype.
One popular investment choice in this industry is IonQ (IONQ +3.31%). IonQ is a leader in the quantum computing realm and has captured the attention of the investment community. But is it the next multibagger? Let's take a look.
Image source: The Motley Fool.
IonQ has the most accurate platform available
The question is not if one can do quantum computing. Quantum computing technology is widely available today and can be used right now. The biggest issue is whether one can trust the results that quantum computers produce. These systems are prone to errors, and if users cannot trust that the system is outputting, then their advantages are practically useless.
IonQ is a popular quantum computing stock pick right now because it holds the world record for the most accurate quantum computer. Back in October 2025, it established a new record of 99.99% two-qubit gate fidelity, a measure of how accurate a calculation is after passing through two processing gates. Most other companies have struggled to achieve 99.9% fidelity, which is still a long way off from where IonQ currently is.
NYSE: IONQ
Key Data Points
IonQ has achieved this through its specialized trapped ion technology, which trades accuracy for processing speed. Time will tell if this strategy pans out or if other companies with technology that has a much faster processing speed can close the accuracy gap. But for right now, it seems to be working out just fine for IonQ.
There is growing demand for early-stage quantum computers as well as rising interest in partnerships. This has translated into excellent revenue growth for IonQ, which delivered 429% year-over-year growth in Q4. Still, IonQ isn't profitable and is burning cash to fund operations. However, it's well funded and could easily raise more money if it needed to due to its leadership position.
Should IonQ's quantum technology pan out, the upside could be immense.
Quantum computing is a massive potential market
Another question surrounding IonQ and its quantum computing peers is how large the market could be. McKinsey & Company offered a bold prediction that could lead to impressive performance for IonQ's stock. By 2035, they believe the quantum computing market will be worth up to $72 billion annually.
That's a huge market to capture, but it's unlikely that IonQ can capture all of it. Let's say that it can corner 10% of the market. If it can covert 30% of that $7.2 billion in revenue into profits, that would lead to $2.2 billion in net income. At a 30 times earnings multiple, that's a $65 billion market cap.
Right now, IonQ has a market capitalization of $10 billion. If this projection pans out, IonQ's stock would deliver 6.5x returns from here -- easily placing itself into multibagger territory. However, none of that is guaranteed, so investors need to be careful with how they invest in IonQ. Faster processing speed computers with similar accuracy could easily dethrone IonQ's technology. That would spell disaster for the IonQ investing thesis and likely lead to the stock heading to zero.
By keeping your portion sizing low, you can balance risk and reward. Currently, I think the reward for investing in IonQ stock is far greater, which is why I think it's a great long-term pick to become the next multibagger stock.
