This is a promising quantum computing stock, but should you buy it now?

Quantum computing has the potential to speed up how companies and scientists process data, which could lead to more advanced artificial intelligence, better weather predictions, and medical breakthroughs.

Long-term potential for Quantum computing stocks Importantly, McKinsey estimates that the market could reach $2 trillion by 2035.

Competition is already fierce, with many companies taking a unique approach to developing quantum computers. One of these companies is ion (NYSE: IONQ)a leader in quantum computing systems. But is the stock a buy now? Let’s take a closer look.

One thing that makes IONQ unique is the way the quantum computer is created. Instead of using traditional quantum computers that involve “loops of superconducting wire or intentional defects in crystalline silicon,” Ionq uses trapped ions instead.

The company says the trapped ions can be used to create a linear chain of ions that can be used for quantum processors with the potential for 100+ Qubits (the unit of measurement for processing for quantum computers). The result is a high-powered quantum computer with the potential for far fewer errors than the competition.

One of the biggest hurdles for quantum computing is using it for practical purposes. However, IONQ is already growing its client list, with the automaker HyundaiIndustrial Equipment Company CaterpillarAnd the US Army as agents.

IONQ management said in a recent quarterly earnings call that biopharmaceutical drug discovery and computer-aided simulation for the engineering and manufacturing industries are among the company’s primary focuses for practical quantum computing applications. The company recently tapped into some of this market potential by announcing a new partnership with Astrazeneca To accelerate innovation in biopharmaceuticals.

IONQ also provides access to some quantum computing via public cloud networks, including… Microsoftand Amazonand alphabetGoogle. These partnerships could help with more practical uses of quantum computer processing as demand grows.

Even with its great potential in quantum computing, I don’t think IONQ stock is a buy right now for most investors.

First, quantum computing is highly speculative. Sure, there are some practical applications, but investing in this technology is essentially a bet that quantum computing will one day change how businesses do business. It’s an unproven market, and trying to pick a winner early seems nearly impossible.

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