NEW YORK, Jan 26, 2026, 10:18 EST
- IonQ will acquire U.S. semiconductor foundry SkyWater Technology in a cash-and-stock transaction worth roughly $1.8 billion
- SkyWater shareholders will get $35 per share, paid as $15 in cash plus $20 in IonQ stock
- Companies say the deal could accelerate IonQ’s efforts to develop larger quantum processors, aiming to test 200,000-qubit systems by 2028
Quantum computing company IonQ announced Monday it plans to acquire chipmaker SkyWater Technology for roughly $1.8 billion. The deal aims to bring semiconductor production under IonQ’s control, boosting its development of next-gen quantum processors. IonQ’s stock climbed about 4% in early trading, while SkyWater’s shares surged nearly 8%.
The timing is key since building larger quantum machines is becoming more of an engineering and supply-chain challenge than just a lab issue. IonQ is banking on owning a U.S. foundry—a chip-making factory—to gain tighter control over everything from design to packaging as it ramps up projects for government and defense clients.
IonQ announced that the merged company plans to start functional testing of 200,000-qubit quantum processors by 2028. They also aim to accelerate the development of a 2,000,000-qubit chip by up to a year. A qubit is the fundamental unit of quantum information, while “logical qubits” refer to error-corrected units designed for practical workloads. IonQ
SkyWater shareholders will get $35 per share: $15 in cash plus $20 in IonQ stock. The companies say this values SkyWater at a 38% premium over its 30-day volume-weighted average price as of Jan. 23. The stock portion includes a “collar” — meaning the share exchange ratio shifts within set limits if IonQ’s average price changes — which means SkyWater investors should end up owning roughly 4.4% to 6.7% of the merged company. Stock Titan
Once the deal closes, SkyWater will keep its name and operate as a fully owned subsidiary under CEO Thomas Sonderman, reporting directly to IonQ’s Niccolo de Masi, the companies confirmed. SkyWater plans to maintain its wafer services, advanced packaging, and components like atomic clocks for aerospace, defense, and commercial clients. Its Minnesota, Florida, and Texas sites will shift to regional quantum production hubs. IonQ also raised its full-year 2025 revenue forecast, targeting the upper end or above its previous $106 million to $110 million range.
“This transformational acquisition enables IonQ to materially accelerate its quantum computing roadmap and secure its fully scalable supply chain domestically,” de Masi said in a statement. Sonderman added that SkyWater “remains fully committed to all of our semiconductor foundry customers.” Help Net Security
IonQ stands among a small group of publicly traded pure-play quantum firms, including Rigetti Computing and D-Wave Quantum, all aiming to convert early contracts into steady revenue streams. Having its own chip fab might speed up hardware development, but it also means taking on a capital-intensive manufacturing operation—something investors often overlook, still valuing IonQ as if it were a fast-growing research lab.
SkyWater’s current angle is that it remains a merchant foundry, not merely IonQ’s in-house fab. In other words, it still depends on external clients to keep its equipment running.
The merger still requires approval from SkyWater shareholders and antitrust clearance. Both parties have linked the closing to an effective registration statement and the NYSE listing of new shares. The agreement sets a hard deadline of Jan. 25, 2027, includes a $51.6 million termination fee under certain conditions, and mandates a $100 million share purchase by IonQ if the deal falls through due to antitrust issues.
IonQ’s bet is straightforward: by producing more of the stack in-house—from chip fabrication to packaging—they aim to make quantum hardware easier to ship, not just showcase. The real challenge lies in whether this “easier” timeline holds up.
