10 Best Quantum Computing Stocks To Buy According to Hedge Funds

6. IonQ, Inc. (NYSE:IONQ)

Number of Hedge Fund Holders: 17 

IonQ, Inc. (NYSE:IONQ) engages in the development of general-purpose quantum computing systems in the United States. The surging investor interest in quantum computing has helped push the shares up by close to 200% year-to-date. It is one of the best quantum computing stocks to buy according to hedge funds as it offers pure exposure to the quantum industry and has demonstrated stronger commercial traction. For example, in the third quarter, the company posted a revenue of $12.4 million, up more than 102% year-on-year.

This performance was driven by over $63 million in new bookings by the quantum computing firm, including a $54 million contract with the US Air Force Research Lab to develop networked quantum systems. The quantum computers marketed by the firm make use of trapped ion quantum computing technology. This offers high stability and connectivity between qubits. Unlike traditional computers, which use binary units to process data, qubits process the zeroes and ones of binary units simultaneously. This speeds up processing times. To put this into context, the latest Forte Enterprise system marketed by IonQ can process 34 billion scenarios simultaneously.

IonQ has also been expanding partnerships with major companies to gain mainstream recognition. For example, the firm recently announced that it would partner with pharma giant AstraZeneca to develop quantum applications for drug discovery and development. Earlier, it had also announced a deal with software firm Ansys to bring quantum applications to computer-aided engineering. Most recently, the quantum computing company revealed that it would be purchasing Qubitekk, a firm that designs, builds and integrates the hardware and software for quantum networks.