Electric motors powered by lithium cells can deliver power-to-weight ratios similar to high performance gasoline engines.
Drag races last around ten seconds so battery range is not an issue.
A number of electric dragbikes and dragsters (cars) are competing with Top Fuel classes.
[1] Electric dragbike tend to use lithium-ion or nickel-metal hydride cells due to their higher energy density which means they are less bulky to carry.
In addition fewer cells are needed compared to a car as the "payload" of bike and rider is lighter.