Possibly the greatest development in the broader digitalization sphere, quantum computers feature the potential to change everything we know about machine-driven calculations, thus auguring very well for cheap quantum computing stocks. Essentially, the transition is the rough equivalent of a combustion car versus an electric vehicle. Rather than cycling through each gear as velocity increases, an EV battery provides a constant “stream” of acceleration.

Fundamentally, cheap quantum computing stocks leverage the underlying principle of quantum theory. In other words, this industry involves the utilization of subatomic particles such as electrons or photons. Quantum bits or qubits allow these particles to exist in more than one state at the same time.

In contrast, traditional computers deploy a stream of electrical impulses, represented by a binary code of 1s and 0s. These bits can only exist as one state at one time; as in either a 1 or 0, but not both. Therefore, classical computational processes – as advanced as they are today – feature linear, one-dimensional processes. In contrast, quantum computers represent multidimensional operations, making them far more superior.

While the segment is risky, these cheap quantum computing stocks could amass significant profitability over the long run.

Microsoft (MSFT)

Starting off this list of cheap quantum computing stocks, I’m going with consumer technology giant Microsoft (NASDAQ:MSFT). To be clear, MSFT isn’t cheap from an absolute standard. Rather, this market idea offers a fundamentally undervalued profile, making it attractive for various reasons. Sure enough, the company’s vast business footprint also incorporates quantum computers through its Azure Quantum platform.

According to the company’s website, Azure Quantum “brings together the most innovative quantum computing and optimization solutions into a single cloud service.” Specifically, the open ecosystem enables developers to “write and run code on a diverse selection of today’s quantum hardware.” As well, the company boasts a future-proof framework to facilitate the development of durable applications.

According to Gurufocus.com, MSFT rates as a modestly undervalued opportunity. Against a longer-term period, the underlying tech firm commands excellent growth and profitability metrics. As well, Microsoft aligns with multiple relevant industries, such as business-centric software and communication platforms — and even video games.

Amazon (AMZN)

Again, e-commerce and tech giant Amazon (NASDAQ:AMZN) doesn’t immediately conjure up an image of being one of the cheap quantum computing stocks. However, the company took an uncharacteristic beating so far this year, down 27%. Still, from a contrarian perspective, AMZN may represent a discounted buying opportunity.

In October 2021, Amazon announced the opening of the AWS Center for Quantum Computing. Per the press release, “This new building is dedicated to our quantum computing efforts, and includes office space to house our quantum research teams, and laboratories comprising the scientific equipment and specialized tools for designing and running quantum devices.”

In addition, the e-commerce stalwart features the Amazon Bracket platform, which is a “fully managed quantum computing service designed to help speed up scientific research and software development for quantum computing.”

Gurufocus.com labels AMZN as significantly undervalued. Against a multi-year framework, Amazon enjoys excellent growth and profitability metrics.

Honeywell (HON)

A multinational conglomerate, Honeywell (NASDAQ:HON) largely generates attention for its building technologies and performance materials arms. However, the company also features innovations in advanced digitalization, making it one of the cheap quantum computing stocks to consider. As with the blue chips above, HON isn’t cheap based on absolute standards. Still, with shares down 15% year to date, it could be a name to pick up on discount.

According to the conglomerate’s website, Honeywell Quantum Solutions and Cambridge Quantum “combined to form Quantinuum – the world’s largest integrated quantum computing company.” Through the adoption of this groundbreaking technology, Honeywell aims to impart several efficiencies.

For instance, in the pharmaceutical space, quantum computers can help improve the efficiency of early phase drug design and discovery. For its aerospace and defense arm, the underlying innovation can support the development of new aircraft materials and military technology.

To be fair, Gurufocus.com labels HON as fairly valued. However, the company features strong profitability metrics, such as a 17.3% operating margin that exceeds the industry median of 5.51%. Therefore, HON could be very intriguing over the long run.

Quantum Computing (QUBT)

As wonderful as advanced computing technologies are, modern supercomputers tend to impose significant demands for cooling and power. For instance, some of the most powerful machines require direct water-cooling solutions, which is simultaneously innovative yet frustrating. Simply put, smaller enterprises may not have access to such administrative protocols.

That’s where Quantum Computing (NASDAQ:QUBT) could help shift the paradigm. One of the more compelling cheap quantum computing stocks available, the company specializes in a platform known as Quantum Photonic System or QPS. It leverages “pure, non-linear, optical properties to create a core quantum photonics technology that can be deployed at room temperature, in virtually any environment. QPS methods and apparatus deliver high precision measurement, computations and imaging results.”

Essentially, the tech firm brings practical applications of quantum computing through practical means. Still, QUBT is a speculative idea. Priced at $2.55 following the close of the Sept. 19 session, QUBT is effectively a penny stock.

Rigetti Computing (RGTI)

A Berkeley, California-based developer of quantum integrated circuits used for quantum computers, Rigetti Computing (NASDAQ:RGTI) aims to solve complex problems through powerful computing. Through infusing artificial intelligence and machine learning, Rigetti is on the frontlines in helping address the world’s most pressing concerns.

Further, the company builds quantum computers and the underlying superconducting quantum processors for some of the top organizations. These include government agencies such as NASA, and academic institutions such as The University of Edinburgh. In addition, Rigetti partners with blue chips like Amazon and Microsoft.

Notably, Rigetti’s Quantum Cloud Services (QCS) platform enables its machines to be integrated into any public, private or hybrid cloud. Put another way, cheap quantum computing stocks are more than aspirational – they underline “real” businesses.

Interestingly, TipRanks notes that RGTI features a strong buy consensus rating among three analysts. While the company enjoys a $9.67 average upside target, it’s worth noting that at a price tag of $2.06, RGTI presents significant risks.

IonQ (IONQ)

Among the growing number of cheap quantum computing stocks generating significant buzz, IonQ (NYSE:IONQ) earlier this year announced the introduction of its next-generation quantum computer called the IonQ Forte. Featuring substantial improvements in flexibility, precision and performance, the Forte can deliver rapid-fire calculations while also minimizing distractions such as noise and unintended residual light.

Further, IonQ delivers platform flexibility. Thanks to its partnership with Amazon, Microsoft and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), the tech firm can meet people and organizations right where they are.

Although it’s one of the high-risk, high-reward opportunities, IONQ stock rates relatively highly among analysts. According to TipRanks, two market experts rate shares as a buy while one analyst says it’s a hold. Further, the consensus price target for IONQ is $10, representing 92% upside from the time-of-writing price of $5.23.

Still, investors must acknowledge the risks with IONQ. Featuring limited revenue, the underlying company sustained a loss of nearly $152 million on its retained earnings line item.

D-Wave Quantum (QBTS)

As exciting as they may be, one of the fundamental problems with advanced tech firms is that they tend to be so aspirational and theoretical that they can’t facilitate practical solutions. Thankfully, for D-Wave Quantum (NYSE:QBTS), its narrative runs in the opposite direction. As it states on its website, D-Wave’s ethos is all about unlocking the power of practical quantum computing today.

What does that look like on paper? D-Wave presents several successful use cases. For instance, levering the D-Wave platform, certain financial managers were able to craft an optimized portfolio featuring a 60% return on investment at lower risk. Additionally, D-Wave helped research and development regarding Covid-19 mitigation efforts.

While the company still presents risks – trading under $6 per share at time of writing – QBTS also rates highly among bullish analysts. According to TipRanks, of the three covering QBTS, all of them rate it as a buy. Moreover, the consensus price target of $13.33 implies an over 120% upside from current levels.

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Read More: Penny Stocks — How to Profit Without Getting Scammed 

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.