Quantum computing has attracted increased attention in the last years, with significant private and public investment going into the development of fault-tolerant quantum computers. While it is undisputed that achieving this goal would be a major scientific breakthrough for the 21st century, questions about the practical applications and benefits in relation to classical (super)computing remain. What applications of quantum computing should be anticipated in the current development phase of this new technology, and what governance questions and approaches would be suitable to steer the use of the technology towards the common good? In this panel, we will take stock of the state of play in quantum computing research and development and discuss some of the main governance challenges related to this new technology.