We’re not even halfway through the year, but a handful of growth stocks have already more than doubled. Here are three of the hottest around right now.
Up 124%
Let’s start with D-Wave Quantum (NYSE: QBTS). At the start of 2025, this quantum computing stock was changing hands for $8.40. Now it’s priced at just under $19 — a 124% gain.
Over one year, the share price is up a staggering 1,200%!
Quantum computers use qubits instead of classical bits, leveraging the principles of quantum physics that allow qubits to exist in multiple states at once (a bizarre phenomenon known as superposition). They can perform many calculations simultaneously, offering far more computational power.
While no commercially useful quantum computers exist today, D-Wave became the world’s first commercial supplier of one in February when it delivered its Advantage system to a European research institution. It will potentially enable breakthroughs in artificial intelligence (AI) and quantum optimisation.
So while quantum computers are prone to errors and not yet mainstream, they’re being used today for specific research purposes and applications. This system sale drove Q1 revenue of $15m — a year-on-year increase of 509%.
However, it’s worth noting that D-Wave faces formidable competition from deep-pocketed tech giants like IBM and Alphabet/Google.
Also, the stock’s price-to-sales ratio isn’t far off 200. This extreme valuation makes it very high risk.
Up 127%
Next up is Hims and Hers Health (NYSE: HIMS), a direct-to-consumer telehealth company offering online treatments for hair loss, mental health, weight management, and more.
The stock’s surged 127% year to date — and 1,240% over three years!
It hasn’t been a smooth ascent though, as the share price crashed 63% between February and April, before more than doubling. The reason for this volatility has basically come down to GLP-1 weight-loss drugs.
Due to a shortage, Hims & Hers was allowed to sell compounded versions — custom-made alternatives — at a lower cost than branded options like Wegovy. This helped revenue surge 69% to $1.5bn last year.
But in February, the regulator said the firm had to stop selling GLP-1 copycats, causing the crash. Then there was another twist in the tale in April when Novo Nordisk announced it would sell its blockbuster Wegovy to cash-paying US customers through three telehealth platforms, including Hims and Hers.
Up 130%
Finally, there’s Oklo, whose shares have surged 130% so far in 2025.
Oklo’s a nuclear energy start-up developing compact reactors for sites such as data centres and remote military bases. Its share price got a big boost earlier this month when President Trump signed an executive order to drive a US “nuclear energy renaissance“.
While Oklo has secured agreements with clients to supply power, it’s currently pre-revenue. This makes it too risky for me.
My pick
Of the three, Hims and Hers interests me the most. It’s building a personalised medicine platform, and in Q1, revenue rocketed 111% to $586m.
There was also a $49.5m net profit. Granted, the forward price-to-earnings ratio of 90 isn’t cheap. If growth decelerated sharply, the stock could get crushed. But the profitability is encouraging.
Looking ahead, management’s targeting at least $6.5bn in revenue and $1.3bn in adjusted EBITDA by 2030. As a growth stock, this ticks many boxes for me, so I’m watching it like a hawk.
