Quantum Computing Stocks in Canada: Top Choices in 2024

Are you looking to cash in on the quantum computing bonanza? Well, the good news is that Canada offers some great opportunities for investors looking to get in on the action.

To help you narrow down your choices, we’ve put together a list of the best Canadian quantum computing stocks for you to consider. 

Let’s get started!

What Are the Top Canadian Quantum Computing Stocks in 2024?

The Best Canadian Quantum Computing Stocks

We’ll be taking a closer look at a few companies leading the charge in this rapidly growing industry, factoring in things like market potential, recent developments, and overall financial stability.

1. Microsoft

• Founded: 1975
• 2021 gross revenue: $115.86 billion
• Ticker: MSFT

Microsoft is one of the global leaders in quantum computing, with a team of dedicated researchers working on advancements in the field. They have been working on quantum computers for over a decade now, and they are one of the few companies with a viable commercial product in this space. 

Microsoft quantum computing products include the Quantum Development Kit (QDK), a set of tools and libraries for quantum computing development, and the Azure Quantum platform, which offers cloud-based services. 

Recently, there has been a breakthrough in developing a new type of qubit, called topological qubits. These are more stable and resistant to errors, which is a big step forward for all quantum computing companies.

Their average stock prices certainly back up their impressive quantum computing advancements. In June 2020, the stock prices traded at a solid $195.15. These numbers grew steadily over the coming months, reaching a cumulative price of $309.42 in March 2022. 

2. Amazon

• Founded: 1994
• 2021 gross revenue: $469.8 billion
• Ticker: AMZN

While Amazon might not be the first name that comes to mind when you think of quantum companies, they are one of the most prominent players in this space. Even though their quantum computing products are still in their infancy, they have made some impressive advancements in the field. 

Their offering, called Amazon Bracket, is a cloud-based service that provides developers with access to quantum computers. The platform is designed to make quantum computing more accessible and allow businesses to develop new applications. 

In addition, Amazon has developed a quantum machine learning algorithm that can be used to improve the overall efficiency and productivity of businesses. Seeing as Amazon is a big data company, it’s no surprise that they are turning to the technological sector to help them further their empire. 

Those looking to make quantum investments might want to keep an eye on Amazon. In June 2020, their stock prices traded at $2,863, which is a decent number. Since then, their prices have undergone continuous growth, reaching a cumulative price of $4,053 in March 2022. 

3. IBM

• Founded: 1911
• 2021 gross revenue: $57.71 billion
• Ticker: IBM

IBM is another big name in the quantum AI trade, with a long history of research facility developments related to the field. In fact, they are often credited with being the first company to develop a working quantum computer. As the pillars of the community, IBM has been working hard to advance quantum computing for both government and commercial use.

One of their most notable contributions is the IBM Quantum Experience, a cloud-based platform that allows businesses and developers to access quantum computers. It gives users the ability to run experiments, develop applications, and learn about this cutting-edge technology. 

Moreover, IBM has also developed the Quantum Information Software Kit (QISKit), an open-source software development kit for quantum computing.  

Among quantum computing companies, IBM stock fare well in terms of price. In June 2020, their prices were trading at $137.78, and they have continued to grow steadily since then. As of March 2022, the cumulative price has reached $194.16, which is an admirable increase in that span of time.

4. Alphabet

• Founded: 2015
• 2021 gross revenue: $146.69 billion
• Ticker: GOOG

Google’s Alphabet has developed many new technologies over the years, and quantum computing is no different. The company owns numerous internet-based platforms and services, which gives them a significant advantage in the market. Despite its quantum production being in its early stages of development, the brand has made some impressive advancements in recent years.

Their Google Quantum AI lab is one of the leading research and development facilities for quantum computing. The team at Google has developed a number of new chips, often referred to as Sycamore. These chips boast impressive processing power and can sift through large quantities of data in mere seconds. This makes Alphabet one of the leading quantum computing stocks to buy right now.

When getting into brokerage specifics, Alphabet’s quantum computing stocks come with a decent price tag. In the past two years, their prices have been on an upwards trend, and as of March 2022, the average price was $2,368. This is a significant boost from their June 2020 price of $1,545 per share.

5. Quantum Computing Inc.

• Founded: 2001
• 2021 gross revenue: $24.7 billion
• Ticker: QUBT

This next contender is mainly focused on developing commercial applications for quantum computers, with the end goal of helping businesses get the most out of this technology. They’ve implemented a number of different strategies to reach their target market, including partnering with other major quantum computers companies and research institutions.

One of their most notable contributions is the Q-Cloud service, which is a cloud-oriented platform that provides access to the quantum realm. This service is designed to be user-friendly and allow businesses to develop new applications without needing to invest in their own hardware.

This is quite convenient, and it’s one of the main reasons why Quantum Computing Inc is one of the top quantum stocks on the market.

The company’s quantum internet stocks have experienced a rollercoaster ride in the past few years due to multiple price fluctuation periods. Most notably, the figures peaked in January 2021 at $14.95 per share. However, the prices have experienced a slight decrease, reaching a value of $2.71 in March 2022.

6. Alibaba Group Holding Company

• Founded: 1999
• 2021 gross revenue: $109.48 billion
• Ticker: BABA

This multi-national holding corporation specializes in e-commerce, retail, and cloud technology. They are the largest online and mobile commerce company in the world, which gives them a significant advantage over relevant competitors.

In addition to their core businesses, they’ve also made forays into other industries, which includes them going head-to-head with some of the major quantum computers companies. 

Their full-stack quantum computing solution is one of the most comprehensive on the market. It includes an end-to-end system that can be used by businesses of all sizes. This system is designed to be scalable and easily accessible, which are two key factors in making quantum computing a success.

The data on Alibaba’s computer shares and stock pricing are quite encouraging. Despite experiencing a slight decline from the June 2020 high of $208.61, the prices have remained relatively stable. As of March 2022, the value was $186.09 per share.

7. Intel

• Founded: 1968
• 2021 gross revenue: $79 billion
• Ticker: INTC

Intel is one of the world’s leading semiconductor companies and they have a strong focus on research and development. This has allowed them to stay ahead of the curve in many different industries, including quantum computing. Their extensive experience with semiconductors sets them apart from other quantum computing companies.

The company has developed a number of different quantum chips, which are designed for various commercial applications. These chips are used to power a number of devices, including computers and phones.

Moreover, they have also created a Quantum Simulator, which is a software tool that allows businesses to test and develop new quantum algorithms. This simulator can be used to run multiple experiments in parallel, which is a major advantage.

Among the top quantum computing stocks, Intel’s prices have gone through a lot of ups and downs. Over the past three years, the numbers have peaked at $68.26 in April 2021 whereas the low point was reached in December 2020 at $43.03, which was expected given the nature of the economy at the time due to the COVID-19 pandemic. The latest stats from March 2022 show a median value of $51.83.

8. Baidu

• Founded: 2000
• 2021 gross revenue: $19.5 billion
• Ticker: BIDU

This Chinese conglomerate is commonly known as the “Google of China.” They are a leading technology company that focuses on various areas, including search engine services, artificial intelligence, and quantum computing. In terms of the latter, they are one of the most active companies in this domain.

They have made a number of significant contributions to the world of quantum computing, including the development of a number of different algorithms. Moreover, they’ve also created a quantum computer simulator that is available to anyone who wants to use it. This simulator is meant to be used for research and development purposes.

The quantum computing stocks of Baidu have had a volatile history on the Toronto Stock Exchange. The prices surged in February 2021 to $339.91 per share but then dipped significantly to $137.65 in August of the same year. However, the numbers have experienced a slight bump since, coming in at $153.7 in March 2022.

Finishing Thoughts

That wraps up our list of the best Canadian quantum computing stocks. These are all companies that are at the forefront of this exciting and burgeoning industry. As such, they offer investors a great way to get involved in this growing sector and potentially profit from its returns on investment.

If you’re thinking of investing in any of these stocks, be sure to do your own research first and consult with a financial advisor regarding your current financial situation.