Although it still has a long way to go, quantum computing is poised to revolutionize the world of computing. If you’re interested in investing in this ground-breaking technology, you’re in the right place – we’re highlighting the best quantum computing stocks in 2024.
We’ve made sure to include both companies that are exclusively focused on quantum computing, as well as tech giants that are making significant investments in quantum computing technology. To provide a diverse range of investing options, we’re also highlighting a quantum computing ETF as well as multiple smaller quantum companies that are hovering around the penny stock range.
The best quantum computing stocks in 2024
Without further ado, let’s take a closer look at each company that made our shortlist of the best quantum computing stocks in 2024.
1. IONQ
IonQ is a company specifically focused on quantum computing that went public through a SPAC merger in 2021. This United States-based company uses trapped ion technology to power its quantum computing solutions, which includes quantum computers themselves as as cloud products that allows customers to access quantum computing power from the cloud.
According to IonQ, trapped ion technology provides benefits in scalability, accuracy, predictability over other physical qubit types used in quantum computing.
The company has multiple contracts with other institutions related to the design and development of quantum computing systems, and also provides consulting services focused on quantum computing algorithms.
At the time of writing, IonQ has a market capitalization of roughly $1.7 billion. IonQ is still a highly speculative investment, as the company has brought in $11.4 million in revenue in Q2 2024. For what it’s worth, the figure represents a 106% YoY growth in revenue.
2. NVIDIA
Although NVIDIA is primarily making headlines as an AI stock, the tech giant is also involved in quantum computing. NVIDIA is playing a key role in the development of quantum computers by utilizing its GPUs, maintaining its position at the forefront of advanced circuitry design.
In March 2023, NVIDIA debuted DGX Quantum, which is the world’s first GPU-accelerated quantum computing system. In May 2024, NVIDIA announced that its CUDA-Q platform will be used to provide acceleration to quantum computing projects operated by national supercomputing centers.
NVIDIA is also using its GPU software expertise to support quantum computing advancements. The company has introduced cuQuantum, a software development kit (SDK) aimed at assisting developers in building workflows for quantum computing applications. This toolkit helps streamline the development process, enabling more efficient progress in the quantum computing field.
Thanks to NVDA stock’s powerful rally in 2024, NVIDIA has established itself in the top echelon of the world’s most valuable companies. At the time of writing, NVIDIA commands a market capitalization of $2.83 trillion, which makes it the third most valuable company in the world.
3. Alphabet
Google’s parent company Alphabet is one of the leaders in quantum computing. Google has a division called Google Quantum AI which develops both software and hardware designed to allow researchers to conduct work that wouldn’t be possible with classical computing.
In terms of hardware, Google has created a 53-qubit quantum processor called Sycamore. According to the company, the processor was capable of solving a particular problem that would take a classical supercomputer more than 10,000 years to complete in just 200 seconds.
Google’s quantum computing and AI division has also developed a software stack which includes open-source tools that enable the development of quantum circuits, as well as error correction and calibration.
The long-term goal of Google’s quantum computing efforts is to create a fault-tolerant quantum computer that can solve complex problems across various fields, including materials science, chemistry, and artificial intelligence, which are currently beyond the reach of classical computing.
4. IBM
US-based IT heavyweight IBM is one of the leaders in quantum computing, introducing its first commercial quantum computer, the IBM Q System One, in 2019. The company also offers a service which allows clients to access quantum computing power through the cloud.
In December of 2023, IBM announced the IBM Quantum Heron, which is described as a “utility-scale quantum processor” that provides the highest performance and lowest error rates among all quantum processors developed by IBM thus far. At the same time, the company also unveiled the IBM Quantum System Two, which is IBM’s first modular quantum computer.
IBM also provides an open-source SDK for quantum computing called Qiskit that can be used with quantum computers based on the superconducting qubits and trapped ion technologies.
In addition, IBM collaborates with academic institutions, governments, and industry partners through initiatives like the IBM Quantum Network to advance quantum research and its potential applications in areas like chemistry and cryptography.
5. Honeywell
Although Honeywell is primarily known for its industrial manufacturing operations, the company is also present in the quantum computing industry, which could make it a compelling choice for those who want some exposure to quantum computing
Honeywell established its own quantum computing division, which was spun off and merged with the start-up Cambridge Quantum Computing in January 2024 to form a new independent entity called Quantinuum.
Now operating its second-generation quantum computer, Quantinuum still benefits from Honeywell's majority ownership. Honeywell also provides Quantinuum with essential hardware and software to support the advancement of its quantum computing technology.
Quantinuum is especially focused on developing new cybersecurity solutions and exploring applications in chemistry through quantum computing.
6. Defiance Quantum ETF
Although this article is focused on quantum computing stocks, we believe that it’s also worth highlighting the Defiance Quantum ETF, which is aimed at investors seeking diversified exposure to quantum computing.
This ETF, which trades under the ticker QTUM, has an expense ratio of 0.40% and is based on a passive approach. QTUM is designed to track the performance of the BlueStar Quantum Computing and Machine Learning Index, which consists of roughly 70 global stocks. The components of the index are reviewed on a semi-annual basis, and the holdings of the QTUM ETF are adjusted accordingly.
At the time of writing, the QTUM ETF’s biggest holdings are Fujitsu Limited, IBM, Lockheed Martin and Accenture.
7. Quantum computing penny stocks
To finish out our shortlist of the best quantum computing stocks, let’s very briefly highlight three companies in the penny stock territory which are focused on quantum computing. Investing in these companies is highly risky, but we believe it’s worthwhile to know all the options available on the market:
D-Wave Quantum ($202 million market cap)
Rigetti Computing ($165 million market cap)
Quantum Computing Inc ($65 million market cap)
The bottom line
Investors who want to get exposure to quantum computing have plenty of options to consider – more conservative investors will likely opt for established tech companies that are investing in quantum computing, while those who are willing to take on more risk will be more interested in pure play quantum stocks.
Keep in mind that quantum computing technology still has a long way to go before it’s viable for mainstream use, and practically all companies that are exclusively focused on quantum computing are highly speculative investments at the moment.
If you’re also interested in exploring the stock market at large, make sure to take a look at our list of the best stocks to buy right now.