The stock market has historically delivered an average annual return of about 10% going back decades. To double your money in five years, you need a 15% annualized return. It can be easier to achieve than you think. To hit that rate of return, investors should focus on exceptional businesses that can maintain above-average growth for several years.

Here are two elite growth stocks that can do it.

1. Meta Platforms

Artificial intelligence (AI) has had a positive impact on Meta Platforms' (META -0.36%) leading social media platforms like Facebook and Instagram. The company has delivered impressive financial results, but despite the stock soaring over the last few years, it still trades at a reasonable valuation that could support more upside.

Revenue grew 22% in 2024, as advertisers continue to invest in getting their brands in front of more than 3.3 billion people who use the company's services every day. The Meta AI assistant has gained 700 million users, and management expects that number to reach 1 billion in 2025.

The success of Meta AI stems from the company's work on its Llama large language model. It doesn't rank as high as other models from OpenAI, xAI, or Alphabet's Google, but Meta has the resources to invest in the latest chips from Nvidia to push the capabilities of Meta AI over time. Meta plans to spend between $60 billion and $65 billion on capital expenditures for AI and other business needs this year.

As Meta AI gets smarter, it could unlock other revenue opportunities. For example, people already use Meta AI for writing, research, and recommendations. Right now, management is focused on offering the assistant for free to drive more time spent across its apps and, therefore, drive advertising growth, but management has hinted that paid services could be coming down the road.

Meta is already earning high margins despite spending billions on AI infrastructure. Once the company begins to introduce AI services that people pay extra for, it could further boost its profit margin, which would benefit earnings growth and the stock.

Analysts expect earnings to grow at an annualized rate of 18% in the coming years, yet the stock trades at a reasonable forward price-to-earnings ratio of 26. Assuming the stock continues to trade at the same earnings multiple, that's enough earnings growth to double the share price in five years.

2. Monday.com

Shares of Monday.com (MNDY -0.69%) have risen 126% since bottoming out in 2022. It is tapping into the growing demand for automated work management solutions, which is a huge opportunity.

Monday's customer count has grown at a 22% annualized rate over the last five years. It continues to maintain strong momentum, with revenue up 33% in 2024.

The company is just starting to tap the opportunities in AI. It is seeing strong initial demand for Monday Service, a new offering that uses AI to automate business operations. The company recently introduced a consumption-based pricing model for AI blocks on its platform, which should make it affordable for more customers to try while generating more revenue from larger businesses with greater needs.

As Monday continues to introduce more services and tools, it is gaining momentum in signing up larger enterprises. The number of customers with annual recurring revenue of more than $100,000 grew 45% last year, while its smallest customers, those with only 10 or more users, grew 10%.

The momentum in signing deals with large enterprises is great news for Monday's long-term prospects. Large companies have more complex needs than small businesses, and Monday is proving it can keep up.

Monday's long-term potential is reflected in its valuation, with the stock trading between 9 and 18 times sales since the end of 2022. If the stock continues to trade at around 10 times sales and the business continues to grow revenue at over 20% per year, the shares could double by 2030.