TLDR
- IonQ will pay $1.8 billion for SkyWater Technology in cash and stock to control domestic chip production
- Deal values each SkyWater share at $35, a 38% premium over recent trading prices
- The acquisition lets IonQ manufacture quantum computing components without relying on outside foundries
- Testing of 200,000 qubit systems should begin in 2028 after the deal closes
- Both company boards approved the transaction pending shareholder and regulatory sign-off
IonQ just pulled off its largest acquisition. The quantum computing firm is buying SkyWater Technology for $1.8 billion to bring chip manufacturing under one roof.
The deal hands SkyWater shareholders $15 in cash plus $20 worth of IonQ stock per share. That works out to a 38% premium over where SkyWater traded in recent weeks. A collar mechanism limits exposure if IonQ’s stock price swings wildly before closing.
IonQ’s market cap sits above $16 billion. SkyWater was worth about $1.5 billion before the announcement. The transaction needs approval from SkyWater shareholders and regulators but both boards already gave it the green light.
Why IonQ Wants a Chip Factory
IonQ makes quantum computers using trapped-ion systems. These machines handle calculations traditional computers can’t touch. Applications range from pharmaceutical research to defense work.
SkyWater operates the biggest U.S. semiconductor foundry that doesn’t make its own branded chips. The company manufactures components for defense contractors, aerospace firms, and quantum technology startups.
CEO Niccolo de Masi said owning the foundry creates a “vertically integrated quantum platform business.” The move cuts production time and lowers costs. It also aligns with Washington’s push to boost domestic chip manufacturing.
IonQ already serves the Defense Department through a federal business unit launched last year. Adding SkyWater strengthens those national security ties. The foundry will keep its name and continue serving other customers after the deal closes.
Fast-Tracking Quantum Hardware
Thomas Sonderman stays on as SkyWater’s CEO and will report to de Masi. The foundry becomes a wholly owned subsidiary but maintains its neutral status for existing clients.
IonQ plans to start testing 200,000 qubit quantum processing units in 2028. Those systems would deliver over 8,000 ultra-high fidelity logical qubits. That’s a major leap in quantum computing power.
The company expects 2025 revenue to hit the high end or beat its $106 million to $110 million guidance range. Results come out next month. SkyWater posted $346.59 million in revenue over the past twelve months with a P/E ratio of 11.8.
IONQ shares dropped 4.22% to $47.25 on Friday. Analysts maintain a Strong Buy rating with a $74.50 price target, implying 57% upside. SkyWater fell 5.32% the same day.
The deal should close between April and September 2026. IonQ gains control over its supply chain while SkyWater gets access to capital and a committed customer. The transaction values SkyWater at roughly $1.8 billion including the premium paid to shareholders.
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