Here's My Top Quantum Computing Stock to Buy in October

Quantum computing is coming faster than most realize. While 2030 was the arrival date marked by many companies, several leaders in the industry have accelerated that timeline to 2029, including my favorite, IonQ (NYSE: IONQ). This could be a huge revolution for computing, as the promises of quantum computing are downright incredible.

I think IonQ looks like a very attractive stock to buy in October, and with it down significantly from its all-time highs, it could be a genius investment.

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IonQ's technology sets it apart from its peers

IonQ isn't taking the same approach to quantum computing as many of its competitors. This could be a good or bad thing, but it is for sure different. Instead of using a superconducting approach, it utilizes trapped-ion technology. Both of these techniques involve cooling a particle to near-absolute zero temperatures.

However, IonQ does it in a more controlled manner. This leads to superior quantum computing accuracy, but at the cost of processing speeds. With quantum computing accuracy being the biggest hurdle these companies must clear before becoming technologically relevant, this advantage cannot be understated. In fact, IonQ holds the world record for the most accurate quantum computing technology.

This gives IonQ an advantage over its peers, and we're already starting to see it show up in its financial results. In the second quarter, IonQ realized $80 million in revenue, up 287% year over year. Some of that revenue came from acquisitions, but it still expects to grow its organic revenue at greater than a 100% year-over-year pace for the full year. Few other quantum computing companies of its size can claim that level of growth, which also leans more toward an IonQ bull case.

The big product for IonQ is its upcoming release of a 256-qubit system, which is slated to start commissioning units early in 2027. These units are expected to provide early use-case quantum computing, and could be the product launch that brings the stock back into the mainstream.

Currently, IonQ's stock is down around 50% from its all-time highs established at this time last year. There isn't really a lot of optimism in the stock now, but that could easily change if it starts selling a lot of quantum computers.

Regardless, I'm not expecting the stock to do a whole lot over the next few years as we inch closer to quantum computing relevance. However, once it hits mainstream, IonQ's stock could go ballistic, and the shares I purchased early on will deliver huge returns. I'm still bullish on IonQ, but I'll have to stay patient to see the returns that I want.

Keithen Drury has positions in IonQ. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.