At the turn of the century, it seemed unimaginable that the majority of citizens would one day be carrying around a miniature super computer in their pockets, using it to manage all aspects of their lives from making payments to messaging friends to Googling every question that popped into their heads.

Then Apple released the iPhone in 2007. Today, many consumers are grappling with the idea of artificial intelligence (AI) and how it can radically disrupt nearly every industry and life as we know it. One potentially enormous disruption is the idea of quantum computing, which leverages AI to solve calculations and complete tasks way beyond that of ordinary computers.

One company attempting to commercialize quantum computers is IonQ (IONQ -1.57%). Could this innovative company be your ticket to becoming a millionaire by 2030?

A promising company with many challenges ahead

IonQ believes that quantum computing can one day change the world. Currently, it sees strong potential for quantum computing to create advanced simulations in chemistry, finance, and optimization, specifically when many scenarios must be considered before making the best choice.

The company has certainly accomplished a lot already and made much progress toward wide-scale quantum computers. In its 2024 annual report, IonQ said that it sells quantum computing hardware and access to several quantum computers it has developed through Amazon's Amazon Web Services, Amazon Braket, Microsoft's Azure Quantum, Google's Cloud Marketplace, and to some customers through its cloud service.

IonQ's approach involves trapping qubits in a vacuum. Qubits are essentially more powerful versions of bits, the smallest units of data in a computer (eight bits is a byte). The company then has lasers interact with the qubits to perform more intricate calculations and simulations than any quantum computer before it with fewer mistakes. Demonstrations of its products have impressed, with one of its recent systems being able to consider over 68 billion different scenarios at one time. The technology, progress, and partnerships with major cloud providers is very impressive.

However, many challenges still remain in perfecting the technology, and most experts still think that widespread quantum computing is several years away. Furthermore, while doubling revenue through the first nine months of 2024 to over $31 million compared to the same time last year, IonQ's losses grew to over $129 million. The company has announced several contracts, including a $54.5 million deal with the U.S. Air Force Research Lab in the third quarter.

In early January, CEO Peter Chapman said he is seeing good momentum in the business and projected $1 billion of revenue by 2030.

But there could also be competition along the way. Google said it plans to release quantum computing applications at commercial scale within the next five years. Other companies exploring quantum computers include Intel, Amazon, and IBM.

Could IonQ make you a millionaire by 2030?

If IonQ can successfully commercialize the use of quantum computers and put them in every house in America and all over the world, then the stock will obviously perform very well, especially if the company is an early mover, which it looks to be right now. However, there is substantial risk in investing in a company this early that's still losing a significant amount of money, especially with a stock that has already hit a $7.5 billion market cap. I'm not saying Quantum computing can't succeed and make you a millionaire. However, a lot can happen between now and then. As it is with autonomous vehicles, we don't know how long it will take for quantum computing to become mainstream, so I recommend that investors size their positions appropriately.