Forget the Anthropic IPO. Here Are 6 Stocks Worth Watching.
Many investors are paying close attention to a possible initial public offering (IPO) by Anthropic. But they should also watch companies that are already publicly traded and could do well.
IonQ (IONQ +3.26%), Archer Aviation (ACHR -2.76%), AST SpaceMobile (ASTS -0.56%), SoundHound AI (SOUN -1.92%), D-Wave Quantum (QBTS +2.72%), and Redwire (RDW +3.13%) are six stocks worth watching.
Let's look at what each company would need to do for its stock to double by 2028, which is only 14 months away, and how likely that goal is.
Image source: Getty Images.
IonQ must show that quantum computing can become a real business
IonQ has a market value of about $12.5 billion. For that value to reach $25 billion, investors must believe its technology can become a successful business. But quantum computing is still at an early stage of development, so this could take years.
IONQ IonQ
NYSE · As of 4:00 PM ET 10/21/26
Key data points
Investors should watch how IonQ turns its $485 million in remaining performance obligations (RPO), or work it has agreed to do but has not yet counted as revenue, into actual revenue. The company expects about half of this amount to become revenue within a year. IonQ also has about $2.1 billion in cash and short-term investments, enough to fund its spending for roughly four years at its current rate.
However, the company has been raising money, including through a $2 billion stock offering this month. This could reduce existing shareholders' ownership percentage by adding more shares, so the risk of dilution is real.
Can Archer's air taxis move beyond test flights?
Archer Aviation wants to change how people travel by offering air taxis.
For Archer's market value to double from $3.1 billion to more than $6 billion, the company must get regulatory approval for its electric aircraft, start making them, and begin operating its business commercially. Its progress in getting the business ready makes this goal more believable.
ACHR Archer Aviation
NYSE · As of 4:00 PM ET 10/21/26
Key data points
Archer also has $1.6 billion in cash and short-term investments, enough to fund its spending for about two and a half years at the current rate.
Still, shareholders could face dilution if research and development (R&D) costs grow beyond the company's available funding. If customers are slow to adopt its services, the chances of success could also fall.
AST SpaceMobile wants to bring satellite broadband to regular smartphones
AST SpaceMobile hopes to change how people connect to the internet and communicate.
For its market value to double from about $15.8 billion to more than $32 billion by 2028, the company must reach two key goals: put its satellite network in place and earn money through agreements with mobile network operators.
ASTS AST SpaceMobile
NASDAQ · As of 4:00 PM ET 10/21/26
Key data points
The company is working toward both goals, but there is still a significant risk that it may not carry out its plans successfully. This makes the case for the stock less certain.
AST has $2.3 billion in cash, enough for about one year of spending at its current rate. Building its satellite network will require a lot of money, so shareholders face a major risk of dilution.
SoundHound's voice AI could become a major source of growth
SoundHound AI uses voice artificial intelligence (AI) to help businesses offer voice-powered services.
For SoundHound's market value to double from $2.1 billion to more than $4 billion, it needs to win more large business customers. Its revenue is growing quickly as more businesses use its OASYS platform, making the case for the stock's growth more convincing.
Investors should watch how quickly the company turns its $60 million in contracted business into revenue. SoundHound expects $37.3 million of that amount to become revenue within a year.
SoundHound has $202.8 million in cash and cash equivalents, enough to fund its spending for more than a year and a half at the current rate. However, paying for its operations still creates a meaningful risk of dilution for shareholders.
D-Wave must turn access to quantum computing in the cloud into steady revenue
D-Wave is starting to bring quantum computing to real business uses.
Its market value could double from $4.5 billion to more than $9 billion by 2028 if more businesses begin using its technology. However, quantum computing is still at an early stage, and the technology is not yet truly ready for widespread commercial use. Reaching that point could take longer than expected.
Investors should watch D-Wave's recurring revenue from cloud access. This revenue rose to $1.9 million in the second quarter, up from $1.2 million in the same quarter a year earlier. The company also has $40.7 million in contracted business that has not yet become revenue, and it expects about 57% of that amount to turn into revenue within a year.
D-Wave has $546.2 million in cash and marketable securities, enough for nearly four years of spending at its current rate. Even so, investing in its quantum technology could lead to further dilution for shareholders.
Demand for space and defense technology could help Redwire grow its revenue
Redwire expects demand for space and defense technology to increase.
For its market value to double from $2.1 billion to more than $4 billion by 2028, the company must turn its $542.1 million backlog of orders and contracts into strong revenue growth. Its backlog has been growing, and its rising revenue makes the case for future growth stronger.
Redwire also has $557.7 million in cash, cash equivalents, and restricted cash. At its current rate of spending, this could cover more than eight years of operations. However, the company still faces risks in carrying out its contracts and may need to issue more shares to fund its operations, which could dilute existing shareholders' ownership.
Can these six stocks double by 2028?
Having promising technology is one thing. Turning it into strong returns for shareholders is another.
Redwire and SoundHound have the most realistic chances of doubling in value by 2028 and may be the safer choices among these six stocks. Archer Aviation and AST SpaceMobile look riskier because their success depends heavily on carrying out their plans. IonQ and D-Wave appear less likely to deliver strong returns for shareholders, because quantum computing may take longer than expected to become commercially useful on a large scale.