WS Investor
26 Jan 2026, 16:46
IonQ announced that it has entered into a definitive agreement to acquire SkyWater Technology in a cash-and-stock transaction valuing SkyWater at approximately $1.8 billion, or $35.00 per share.
The transaction will create the only vertically integrated, full-stack quantum platform company, giving IonQ embedded access to a trusted, exclusively U.S.-based semiconductor foundry. IonQ expects the acquisition to materially accelerate its roadmap toward fault-tolerant quantum computing, including functional testing of 200,000-qubit quantum processing units in 2028, enabling more than 8,000 ultra-high-fidelity logical qubits, and advancing a planned 2,000,000-qubit chip by up to one year.
Under the terms of the agreement, SkyWater shareholders will receive $15.00 in cash and $20.00 in IonQ stock per share, subject to a collar. Following completion, SkyWater will operate as a wholly owned subsidiary under its existing name and will continue to serve customers as a pure-play semiconductor foundry and merchant supplier. The transaction is expected to close in the second or third quarter of 2026, subject to shareholder and regulatory approvals.
IonQ stated that the acquisition strengthens its position as a strategic partner to the U.S. government and allies by enabling secure, end-to-end domestic design, manufacturing, and deployment across quantum computing, networking, sensing, and security technologies. IonQ also reaffirmed that it expects full-year 2025 revenue to come in at the high end or above its previously announced $106 million to $110 million range.
The transaction will create the only vertically integrated, full-stack quantum platform company, giving IonQ embedded access to a trusted, exclusively U.S.-based semiconductor foundry. IonQ expects the acquisition to materially accelerate its roadmap toward fault-tolerant quantum computing, including functional testing of 200,000-qubit quantum processing units in 2028, enabling more than 8,000 ultra-high-fidelity logical qubits, and advancing a planned 2,000,000-qubit chip by up to one year.
Under the terms of the agreement, SkyWater shareholders will receive $15.00 in cash and $20.00 in IonQ stock per share, subject to a collar. Following completion, SkyWater will operate as a wholly owned subsidiary under its existing name and will continue to serve customers as a pure-play semiconductor foundry and merchant supplier. The transaction is expected to close in the second or third quarter of 2026, subject to shareholder and regulatory approvals.
IonQ stated that the acquisition strengthens its position as a strategic partner to the U.S. government and allies by enabling secure, end-to-end domestic design, manufacturing, and deployment across quantum computing, networking, sensing, and security technologies. IonQ also reaffirmed that it expects full-year 2025 revenue to come in at the high end or above its previously announced $106 million to $110 million range.
