Key Points

Applied Digital has a huge growth opportunity with the explosion in demand for data centers. IonQ is a pioneer in the fast-growing quantum computing market. Summit Therapeutics has a promising cancer immunotherapy in late-stage development. 10 stocks we like better than Applied Digital ›

Everyone knows that it takes money to make money. However, you don't need much money to begin making money.

Many stocks with exceptional growth prospects have relatively low share prices. Got $100? Here are three top growth stocks to buy that could double your money.Image source: Getty Images.

1. Applied Digital

Applied Digital(NASDAQ: APLD) is small, with a market cap in the ballpark of $1.3 billion and a share price of below $6. However, the company has a huge growth opportunity with the explosion in demand for data centers and cloud infrastructure. Applied Digital designs, builds, and operates data centers that support artificial intelligence (AI), blockchain, and high-performance computing (HPC) applications.

This tech stock is up almost 60% over the last 12 months. However, it's still nearly 50% below the peak set in February 2025. Applied Digital would almost double its share price if it regains its previous high. I think this goal should be attainable, if not this year, within the next couple of years.

While Applied Digital is based in Dallas, Texas, it operates two custom-built HPC data centers and two blockchain data centers in North Dakota. The state is ideal for data centers because of its energy capacity, low electricity costs, and natural cooling due to its cold climate.

The company also operates four digital cloud data centers in Colorado, Minnesota, Nevada, and Utah. However, Applied Digital's board of directors recently approved a plan to sell the cloud services business. This should raise additional money for the company to invest in meeting the soaring demand for AI and HPC applications on top of two other recent financing deals.

2. IonQ

IonQ(NYSE: IONQ) is a pioneer in quantum computing technology. Quantum computing has the potential to revolutionize encryption, drug discovery, financial modeling, and more. IonQ pegs its total addressable market at $87 billion by 2035. The company's market cap currently hovers around $8.2 billion, with its share price a little over $33.

But quantum computing isn't just about the future. IonQ already markets the Forte Enterprise system. It's the only quantum hardware available on all three of the largest cloud providers -- Amazon Web Services, Microsoft Azure, and Alphabet's Google Cloud.

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There's a good reason why these cloud titans like IonQ. The company's trapped-ion architecture is faster than that of rival systems. IonQ's error correction process is more scalable and has the lowest overhead in the industry.

With growing interest in quantum computing, it isn't surprising that IonQ has attracted several large partners. The list includes South Korean telecommunications leader SK Telecom, Japanese conglomerate Toyota Tsusho, U.S. defense contractor General Dynamics, and powerhouse chipmaker Nvidia.

3. Summit Therapeutics

If you buy six shares of Applied Digital and one share of IonQ, you still have plenty of money left over from an initial $100 to scoop up a couple of shares of Summit Therapeutics(NASDAQ: SMMT). The drugmaker is the largest of these three growth stocks, with a market cap of roughly $17.2 billion. However, Summit has plenty of upside potential.

The company is evaluating a promising immunotherapy, ivonescimab, in late-stage clinical studies targeting non-small cell lung cancer (NSCLC). Summit expects to announce results from one of those studies with ivonescimab in combination with chemotherapy as a second-line treatment for NSCLC in mid-2025.

There's ample reason for optimism about the chances that Summit will win U.S. approval for ivonescimab. The company's partner, Akeso, has already won two approvals for the immunotherapy in China for treating NSCLC after conducting a clinical trial where ivonescimab beat Merck's blockbuster drug Keytruda in a head-to-head matchup.

Summit doesn't intend to stop with the NSCLC indication. The company is also targeting other types of cancer, including cutaneous squamous cell carcinoma and glioblastoma. If ivonescimab comes anywhere close to fulfilling its potential, this drug stock should more than double over the next few years.

Should you invest $1,000 in Applied Digital right now?

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Keith Speights has positions in Alphabet, Amazon, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Merck, Microsoft, Nvidia, and Summit Therapeutics. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

Got $100? 3 Top Growth Stocks to Buy That Could Double Your Money was originally published by The Motley Fool

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