IonQ, Inc. (IONQ)

IonQ builds quantum computers from ions held in an electromagnetic field.

The approach differs from the superconducting one pursued by large technology companies: instead of cooling to near absolute zero, individual atoms are held in a trap and controlled by laser. Such qubits hold their state longer and connect to each other better, but operations run more slowly.

Revenue is small and consists of research contracts and cloud access to the machines; no one yet has a useful application where a quantum computer beats a conventional one on a practical task. The stock's valuation is therefore a bet on the distant future rather than on results. Funding comes from share issuance. The company pays no dividend.