Quantum computing has the potential to accelerate how companies and scientists process data, which could lead to more advanced artificial intelligence, better weather predictions, and medical breakthroughs.
The long-term potential for quantum computing stocks is significant, and McKinsey estimates the market could reach up to $2 trillion by 2035.
Competition is already heating up, with many companies taking a unique approach to developing their quantum computers. One such company is IonQ (NYSE: IONQ), a leading manufacturer of quantum computing systems. But is the stock a buy right now? Let’s take a closer look.
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One thing that makes IonQ unique is its quantum computer creation method. Instead of using more traditional quantum computers that include “loops of supercooled superconducting wire or intentional imperfections crystalline silicon,” IonQ uses trapped ions instead.
The company says the trapped ions can be used to create a linear chain of ions that can be used for quantum processors with the potential for 100+ qubits (the unit of processing measurement for quantum computers). The result is a high-powered quantum computer with the potential for far fewer errors than the competition.
One of the biggest hurdles for quantum computing is using it for practical purposes. However, IonQ is already growing its customer list, with the automaker Hyundai, industrial equipment company Caterpillar, and the U.S. military as customers.
IonQ’s management said in the recent quarterly earnings call that biopharmaceutical drug discovery and computer-aided simulations for the engineering and manufacturing industries are two of the company’s primary focuses for practical quantum computing applications. The company recently tapped into some of this market potential by announcing a new partnership with AstraZeneca to speed up innovation in biopharmaceuticals.
IonQ also offers access to some of its quantum computing via public cloud networks, including Microsoft, Amazon, and Alphabet‘s Google. These partnerships could help further practical…
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