What Is One of the Best Quantum Computing Stocks to Buy Now?

Quantum computing stocks have garnered significant investor attention this year, but even among a crowd of gainers, IonQ's (NYSE: IONQ) performance certainly stands out. The stock is up by more than 600% over the past three years, even after its recent steep pullback.

IonQ has been investing in developing quantum computing technology for over 30 years. It's now a clear frontrunner to win a sizable share of this important emerging industry.

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Why buy IonQ stock

Quantum computing is an early-stage technology; all of the pure-play companies in the space are high-risk investments. However, they also have the potential for significant returns over time.

Investors today are betting that IonQ will eventually be the leader in this industry. It now has the highest market capitalization among pure-play quantum computing stocks such as Rigetti Computing and D-Wave Quantum. IonQ has also inked valuable partnerships with leading tech companies, and in Q3, its revenue grew 222% year over year to $40 million, significantly exceeding expectations.

The chief value of quantum computing is that, for certain unusual types of extremely complex calculations, it can deliver results dramatically faster than classical supercomputers. Earlier this year, IonQ's research partnership with AstraZeneca, Nvidia, and Amazon showed that its quantum computer could accelerate a key step in the drug development process by a factor of 20 -- shrinking the time involved from months to days.

This technology has long-term value to accelerate research across multiple industries. IonQ is building valuable relationships with leading companies across healthcare, semiconductor, and cloud services.

IonQ has a robust patent portfolio and has attracted top talent. Management aims to scale its quantum computing system up to 80,000 logical qubits by 2030, which is expected to keep it ahead of rivals.

The stock is trading at an extremely high valuation, so investors should expect serious volatility in the share price. Still, it's not unreasonable to expect significant upside even from its already elevated level, considering that according to a forecast from McKinsey, the quantum computing market could be worth $1 trillion by 2035.

John Ballard has positions in Nvidia. The Motley Fool has positions in and recommends Amazon, IonQ, and Nvidia. The Motley Fool recommends AstraZeneca Plc. The Motley Fool has a disclosure policy.