From Six Figures to Seven: 3 Quantum Computing Stocks Set to Make Millionaires

Industry Overview - The quantum computing market was valued at $713.4 million in 2022 and is projected to grow to $6.5 billion by 2028, with a compound annual growth rate (CAGR) of 48.1% [1] - Significant investments have been made by governments, including €100 million by the European High Performance Computing Joint Undertaking and $844 million by the National Science and Technology Council in the U.S. for FY23 [1] Company: Honeywell International Inc. (HON) - Honeywell has developed the world's most powerful quantum computer with a quantum volume of 64, which was twice as powerful as alternatives at the time of its announcement [3] - The company utilizes Microsoft's Azure Quantum to enhance its applications in materials and chemistry sciences [3] - In January 2024, Honeywell raised $300 million for its quantum computing subsidiary, Quantinuum, which is valued at $5 billion [4] - For Q4 2023, Honeywell reported earnings per share (EPS) of $2.6 and revenues of $9.44 billion, aligning with market forecasts [4] Company: Arqit Quantum Inc. (ARQQ) - Arqit focuses on encryption services and offers platform-as-a-service (PaaS) for secure communications using quantum computing [5] - The quantum cryptography market is expected to grow from $128.9 million in 2023 to $455.3 million by 2030, at a CAGR of 19.8% [5] - For FY23, Arqit reported an operating loss of $84.4 million and had $44.5 million in cash, a 9% decrease from 2022 [5] - The stock is up 60% year-to-date, boosted by a reseller agreement with Total Computers [6] Company: IonQ, Inc. (IONQ) - IonQ has advanced the commercialization of quantum computing by offering hardware, software, licensing, training, and leasing services [7] - The company reported $22 million in revenue and $65.1 million in bookings for Q4 2023, representing a 166% annual growth [7] - IonQ experienced a net loss of $157.8 million and ended the period with $455.9 million in cash [8] - The stock is down 21% year-to-date, with an average price target of $16.63 compared to the current price of $9.54 [8]