Quantum computing is a technology that's coming quicker than most expect, and it could cause some industry stocks to skyrocket, outperforming big tech by a wide margin over the next few years. If that's the case, then investors would be smart to start scooping up some quantum computing stocks now, and one that's massively on sale is IonQ (IONQ -1.44%).
IonQ is generally recognized as a leader in quantum computing and has taken a unique approach that has attracted several clients recently. This makes IonQ a smart stock pick for the quantum revolution, and it could lead to incredible returns over the next few years.
Image source: The Motley Fool.
IonQ is rapidly expanding
The quantum computing field is still fairly immature, and several approaches are being pursued to determine which is the best option. The most popular is superconducting, which involves cooling a chamber containing a particle to nearly absolute zero, then using its quantum mechanics for calculations. IonQ is taking a slightly different approach: It uses a laser to pinpoint and cool a particle, then an electromagnetic trap to perform quantum computing.
One of the major problems with quantum computing is that it isn't as accurate as traditional computing, and errors can compound, wrecking calculations. However, IonQ's technique is the most accurate in the world, as it holds the world record for the highest two-qubit gate fidelity at 99.99% -- a commonly used industry metric. It also has a blueprint for building a 10,000-qubit computer on this technology, which would lead to a commercially viable computer that could revolutionize computing.
NYSE: IONQ
Key Data Points
If IonQ can do this, then it will be a wildly successful company, and its stock could easily skyrocket over the next few years. Because quantum computing is such an early-stage technology, the success of stocks within that industry is mostly dominated by the market's risk appetite. Currently, the market has no such appetite for risk, and the stock is down over 50% from its all-time high. This makes right now the perfect buying opportunity.
During Q1, IonQ's revenue grew by an incredible 755% year over year, and if it can keep that up for a bit longer, it will be a great investment pick if it can develop a viable technology. There's still no guarantee that IonQ's approach to quantum computing is the right one, but with a solid strategy, a plan to produce a commercially viable computing platform, and increasing early-stage customers, I think IonQ is one of the top investment options to consider in this space.
