Quantum computing is still years away from becoming practical for mainstream use, but we're seeing incredible progress in the industry.

There's massive long-term potential in quantum computing, and the technology could impact our daily lives in many ways. Quantum computers could eventually enable processing speeds orders of magnitude greater than today's computers can manage.

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While it's far too early to know which specific companies will be the biggest quantum computing winners, some are already taking steps to become future leaders in the industry. Many have been beaten down lately on fears of AI disruption of the software industry, but that has created opportunities for investors to add shares of excellent businesses at bargain valuations. Here are two in particular that could be worth a closer look right now.

International Business Machines (NYSE: IBM), better known as IBM, is often dismissed as a legacy tech company. But that would be a mistake. IBM has spent much of the past decade or so pivoting away from legacy technologies and reinventing its business around opportunities in cloud computing and AI.

The company has also emerged as an early leader in quantum computing. IBM launched its quantum computing division a decade ago and has already had some big wins, especially in improving the reliability and real-world usefulness of quantum processors (QPUs). The company has hit every milestone on the quantum roadmap it published five years ago and aims to build the first fault-tolerant quantum computer by the end of the decade.

IBM's stock has been under pressure lately, with the latest decline driven by fears that Anthropic's Claude Code tool could disrupt its COBOL modernization, a significant part of IBM's business. But I believe these fears are overblown, and with shares down more than 20% so far this year and trading for less than 19 times earnings, IBM looks like a bargain.

Quantum computing has the potential to do a lot of good for the world, but it is also going to create some big cybersecurity challenges. As quantum processing starts to realize its true potential, modern encryption methods could become vulnerable.

Zscaler (NASDAQ: ZS) has been preparing for the quantum shift for some time, and already offers some post-quantum cryptography (PQC) methods. With PCQ estimated to be a market opportunity of more than $300 billion within a decade, this could be a big driver of growth as quantum computing technology evolves.

Like other cybersecurity stocks, Zscaler has declined significantly amid AI fears, down more than 55% from its 52-week high. But AI will create a greater need for trusted cybersecurity platforms, and Zscaler could be a bargain for patient investors at this price.

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Matt Frankel, CFP has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends International Business Machines and Zscaler. The Motley Fool has a disclosure policy.

Want to Invest in Quantum Computing? 2 Stocks That Are Great Buys Right Now was originally published by The Motley Fool