Quantum computing is hot right now. Shares of pure play quantum computing stocks have been soaring, and the hype train has clearly left the station. Investors should know, however, that quantum computers have never been used to solve a real-world problem faster than a traditional computer and that useful quantum computers could very well be decades away.

The stock market roared higher last year, and some of the biggest gainers operate in one specific field: artificial intelligence (AI). The technology promises to revolutionize many industries -- from healthcare to automobiles -- with innovations such as AI-powered medical devices and autonomous driving systems.

Quantum computing has the potential of being the next big innovation. At the right size and the right price, it might even be investable.

Competition is already heating up, with many companies taking a unique approach to developing their quantum computers. One such company is IonQ ( IONQ -1.43%), a leading manufacturer of quantum computing systems. But is the stock a buy right now? Let's take a closer look.

D-Wave Quantum's stock dips 2.10% despite raising $150 million through an equity offering to support its quantum computing advancements.

Following tech giants such as Amazon (AMZN) and Nvidia (NVDA), enterprise software major SAP (SAP) has also joined the voices making a case for quantum computing. Sounding bullish about the technology,

Many quantum computing stocks have risen well above Wall Street's price targets, but this one still has room to climb.