The race for quantum computing dominance is on.

In fact,according to SDXCentral.com, the U.S. and China are neck and neck at the moment. The U.S. has already committed $3 billion in funding for quantum computing, with another $12 billion coming from the National Quantum Computing Initiative. China is committing about $15 billion over the next five years. This is all great news for quantum computing stocks.

Even the U.K., Canada, Israel, Australia, Japan, and the European Union are jumping into the quantum computing market. As the race picks up, the quantum computing market could grow from $928.8 million this year to more than $6.5 billion by 2030,as noted by Fortune Business Insights.

All of this could be a substantial catalyst for the following quantum computing stocks.

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Earlier this month, IonQ (NYSE:IONQ), trading at $10.27, was highlighted.

While its up slightly at $10.87, give this one a good deal of patience. On Feb. 1, the company just boosted itsfull-year revenue guidanceto a range of $21.2 million to $22 million from its prior range of $18.9 million to $19.3 million. It also boosted its full-year bookings to a new range of $60 million to $63 million from a prior range of $49 million to $56 million.

Quantum computing has the potential to be a game changer it can help us create new drugs and fight disease, turbocharge clean energy alternatives, and improve food production,according toWashington State U.S. Senator Maria Cantwell, as quoted in a IONQ press release.

Further, IonQ just opened its firstquantum computing manufacturing facility in Washington.

The company inaugurated the first U.S.-based factory producing replicable quantum computers for client data centers, enhancing technology innovation and manufacturing in the Pacific Northwest. CEO Peter Chapman highlighted IonQs commitment to commercializing quantum computing,added Investorplace contributor Chris MacDonald.

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Recently reported, D-Wave Quantum(NYSE:QBTS) traded at 85 cents. Yet, after hitting a high of $2.08 on Feb. 15, its now back to $1.74 and is still a strong opportunity.

Forcing QBTS higher, the company said its1,200+ qubit Advantage2 prototypewas now available. Also, it partnered with industrialgenerative AI company Zapata AI. It will develop and market commercial applications, combining the power of generative AI and quantum computing technologies.In addition, it just announced that it andNEC Australiaare teaming to release two new quantum services in the Australian market.

Source: Bartlomiej K. Wroblewski / Shutterstock.com

Recently, Rigetti Computing(NASDAQ:RGTI) popped from about $1.20 to $1.69 a share on heavy volume. For example, last Friday, volume spiked to 19.24 million, as compared to daily average volume of 3.86 million shares.

Further, the company wasawarded a Small Business Research Initiative (SBRI)grantfrom Innovate UK and funded by the National Quantum Computing Centre(NQCC) to develop and deliver a quantum computer to the NQCC.

The proposed system will feature the hallmarks of Rigettis recently launched 84-qubit Ankaa-2 system, including tunable couplers and a square lattice, as noted in a company press release. This new chip architecture enables faster gate times, higher fidelity, and greater connectivity compared to Rigettis previous generations of quantum processing units (QPUs).

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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3 Quantum Computing Stocks That Could Be Multibaggers in the Making: February Edition - InvestorPlace