3 Monster Stocks That Are More Than Doubling Their Revenue

In today's market, there are countless companies that are delivering incredible growth. Some are even doubling their revenue year over year. That's major growth, and those are some of the best investments to make, as business growth usually translates to stock price growth.

Let's take a closer look at three companies that are more than doubling their revenue year over year, and learn a bit more about why each could be a great stock to buy.

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Micron Technology

Micron (NASDAQ: MU) has become one of the hottest investments in the artificial intelligence (AI) realm. Its stock has been an absolute rocket ship, rising over 700% in the past year. It's rare to find a stock like that, especially one that has now reached a nearly $1 trillion valuation.

Micron is benefitting greatly from the memory shortage that's hit the AI industry. Because demand for memory chips (which Micron produces) is so high, prices are skyrocketing, which is boosting Micron's revenue growth. Micron's revenue nearly tripled year over year in its most recent quarter, and Wall Street analysts project it will grow at a similar rate again next quarter.

Data by YCharts.

If the memory chip shortage persists (which it's projected to do for several years), this could lead to several years of Micron's revenue more than doubling year over year. That means the party could just be getting started for Micron's stock. So, even if you missed the initial run-up, there could be more outsized share price returns ahead.

Nebius Group

If you were impressed by Micron, wait until you see Nebius Group (NASDAQ: NBIS). Nebius is a neocloud company that's focused on providing best-in-class hardware to AI developers. Its full-stack setup has attracted clients of all sizes, but some of its biggest deals were signed with Meta Platforms. Nebius is seeing incredible demand and is rapidly building out its data center footprint to meet it.

As a result, its revenue growth is soaring, and it delivered a jaw-dropping 684% year-over-year growth in Q1. Few companies can match that growth rate, and with massive AI demand from multiple clients, I won't be surprised if that growth persists for several years. Wall Street analysts project 545% growth in 2026 and 219% in 2027, so Nebius will likely be putting up impressive growth figures for a long time. If Nebius can reach full profitability after the initial build-out is done, this stock could be one of the greatest success stories of the AI build-out, and it's not too late to take a position now to get in on this major winner.

IonQ

Last is IonQ (NYSE: IONQ), which is operating in an emerging technology field. While quantum computing hasn't become mainstream, IonQ's finances paint a different picture. IonQ is the fastest growing of the trio, which is saying a lot. In Q1, its revenue soared 755% year over year. This revenue growth was due to several factors. First was increased research and partnership activities. Quantum computing isn't a viable technology on its own. Still, many companies and institutions see the advantages quantum computing offers, so they are partnering with IonQ now to better understand the technology. That way, when viable quantum computers arrive, they can hit the ground running.

However, IonQ is also selling some early-stage systems, including its first 256-qubit computer. That shows the world is getting closer to widespread, useful quantum computing, and once the technology reaches that mark, IonQ could experience even bigger, explosive growth. By 2035, McKinsey & Company projects that quantum computing will be a $72 billion industry. If IonQ can capture a nice segment of that market, the growth it will put up over the next decade will be nothing short of incredible. Time will tell whether IonQ can capture that market, but I'm confident it will be a winner based on its leading technology.

Keithen Drury has positions in IonQ, Meta Platforms, and Nebius Group. The Motley Fool has positions in and recommends IonQ, Meta Platforms, and Micron Technology. The Motley Fool has a disclosure policy.