Is IonQ Stock Your Ticket to Becoming a Millionaire?

Investors are always looking for the next big thing. While we are in the middle of one of the biggest technological innovations of our time with artificial intelligence (AI), technological progress is happening at a brisk pace, and the next biggest advancement might be right around the corner. Right now, quantum computing looks like it may be the next big tech innovation that could help change the world.

Quantum computing offers the possibility of creating supercomputers that are exponentially faster than anything we have today. This could help revolutionize industries, such as drug discovery and aerospace, helping solve problems that are near impossible to unravel today. The biggest issue with the technology so far, though, is that it is highly error-prone.

The accuracy issues of quantum computing stem from these systems using qubits instead of classical computing bits, which are fixed to 0 or 1. Qubits, on the other hand, can potentially be either and are sort of like spinning coins until acted upon. However, this leaves these systems vulnerable to outside forces, including simple things like vibrations or temperature changes.

One of the companies at the forefront of quantum computing accuracy is IonQ (NYSE: IONQ).

An accuracy leader

IonQ has become a leader in quantum accuracy through its trapped-ion technology, which uses real atoms that are identical in nature and are thus more stable than the fabricated qubits most competitors use. Meanwhile, its acquisition of Oxford Ionics last year gave it electronic qubit control (EQC) technology that it could build into its chips, which allowed it to move away from less reliable and bulky, vibration-sensitive lasers. This helped it achieve a leading 99.99% 2-qubit gate fidelity, while also giving it the tech to shrink its machines and be less temperature sensitive.

That gives the company a nice edge up in the race to build a fault-tolerant quantum computer that can eventually be scaled. The Oxford Ionics acquisition was incredibly important, and IonQ has shown a penchant to make acquisitions in the space in order to control the entire quantum ecosystem. With the company well-funded, this makes sense. Meanwhile, IonQ recently made the move to acquire quantum foundry SkyWater.

Image source: Getty Images.

By vertically integrating and having its own manufacturing capabilities, IonQ will be able to more quickly test prototypes and move faster in developing new quantum chips. It will also give it the ability to scale more quickly. While using outside foundries is smart for more mature markets, like logic chips, doing in-house manufacturing can be a real advantage for emerging technologies.

While IonQ is a speculative stock, it does have the potential to become a future leader in quantum computing and may aid the journey to becoming a millionaire. As such, investors can take small positions looking to score big over the long term. However, picking a single growth stock like IonQ to reach millionaire status isn't wise investing. Instead, it should be seen as part of a diversified portfolio of stocks.

Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ and SkyWater Technology. The Motley Fool has a disclosure policy.