We present the model of a quantum dot (QD) consisting of a spherical core-bulk heterostructure made of 3D topological insulator (TI) materials, such as PbTe/Pb$_{0.31}$Sn$_{0.69}$Te, with bound massless and helical Weyl states existing at the interface and being confined in all three dimensions. The number of bound states can be controlled by tuning the size of the QD and the magnitude of the core and bulk energy gaps, which determine the confining potential. We demonstrate that such bound Weyl states can be realized for QD sizes of few nanometers. We identify the spin locking and the Kramers pairs, both hallmarks of 3D TIs. In contrast to topologically trivial semiconductor QDs, the confined massless Weyl states in 3D TI QDs are localized at the interface of the QD and exhibit a mirror symmetry in the energy spectrum. We find strict optical selection rules satisfied by both interband and intraband transitions that depend on the polarization of electron-hole pairs and therefore give rise to the Faraday effect due to Pauli exclusion principle. We show that the semi-classical Faraday effect can be used to read out spin quantum memory. When a 3D TI QD is embedded inside a cavity, the single-photon Faraday rotation provides the possibility to implement optically mediated quantum teleportation and quantum information processing with 3D TI QDs, where the qubit is defined by either an electron-hole pair, a single electron spin, or a single hole spin in a 3D TI QD. Remarkably, the combination of inter- and intraband transition gives rise to a large dipole moment of up to 450 Debye. Therefore, the strong-coupling regime can be reached for a cavity quality factor of $Q\approx10^{4}$ in the infrared wavelength regime of around $10\:\mu$m.