IonQ strikes $1.8B acquisition of SkyWater Technology
IonQ, a Maryland-based quantum computing company, has agreed to acquire Minnesota semiconductor foundry SkyWater Technology in a cash-and-stock transaction valued at about $1.8 billion. The companies say the combination will create the “first vertically integrated, full-stack quantum computing platform,” pairing quantum system development with a U.S.-based manufacturing footprint.
Under the terms announced, IonQ will pay $35 per share for SkyWater. The deal has been approved by both boards and is expected to close in the second or third quarter of 2026, subject to shareholder and regulatory approvals.
Why IonQ wants a foundry
The acquisition is designed to give IonQ embedded access to a trusted, domestic semiconductor foundry—an increasingly strategic asset as governments and enterprise customers scrutinize supply-chain security for advanced computing.
By bringing foundry capacity closer to its product roadmap, IonQ aims to tighten control over key steps in the hardware pipeline, including chip design, fabrication, packaging, and eventual deployment. The company says the move will accelerate work toward fault-tolerant quantum computers, a long-standing goal in the sector that requires improved reliability, error correction, and scalable manufacturing.
Roadmap implications: 200,000-qubit testing and beyond
IonQ said it expects to begin functional testing of its 200,000-qubit quantum processing units in 2028. Those systems are intended to support more than 8,000 ultra-high-fidelity logical qubits, a metric the industry uses to describe error-corrected, usable computational capacity rather than raw physical qubits alone.
The company also indicated the transaction could pull forward development of its planned 2-million-qubit chip by as much as one year, suggesting that tighter integration between R&D and manufacturing could shorten iteration cycles for next-generation designs.
Executive comments emphasize domestic supply chain
Niccolo de Masi, chairman and chief executive officer of IonQ, framed the purchase as both a technology and national-capacity play.
“This transformational acquisition enables IonQ to materially accelerate its quantum computing roadmap and secure its fully scalable supply chain domestically,” de Masi said, adding that U.S.-based design, packaging, and fabrication would support a broader portfolio spanning quantum computing, quantum networking, quantum security, and quantum sensing for “land, sea, air, and space.”
Thomas Sonderman, chief executive officer of SkyWater Technology, said the combination would expand engineering options for next-generation quantum chips while maintaining the company’s foundry commitments.
“Joining forces with IonQ will accelerate multiple engineering pathways for next-generation quantum chips, delivering speed, precision, and scale,” Sonderman said. He also emphasized that SkyWater “remains fully committed” to existing foundry customers and intends to continue operating as a merchant supplier.
SkyWater to remain a standalone foundry brand
Following the acquisition, SkyWater will continue to operate as a pure-play semiconductor foundry serving commercial and public-sector customers. The business will run as a wholly owned subsidiary under the SkyWater name, led by Thomas Sonderman, who will report to Niccolo de Masi.
IonQ said SkyWater facilities in Minnesota, Florida, and Texas are expected to become regional hubs for quantum-related production. The companies positioned the geographic footprint as a way to support domestic manufacturing capacity and reduce reliance on overseas supply chains for sensitive workloads.
Government alignment and “Trusted Foundry” accreditation
A central theme of the announcement was the combined company’s intent to become a key quantum partner for the U.S. government and allied nations. SkyWater holds DMEA Category 1 Trusted Foundry accreditation, a designation that can be important for programs requiring secure manufacturing and controlled supply chains.
The companies said an end-to-end U.S.-based approach could help support sensitive federal initiatives and address national security concerns tied to advanced computing capabilities and specialized chip production.
Deal terms: cash, stock, premium, and ownership
SkyWater shareholders will receive $15 in cash and $20 in IonQ stock for each share they own, subject to a price collar. The offer represents a 38% premium to SkyWater’s 30-day volume-weighted average share price as of January 23, 2026, according to the companies.
After the transaction closes, SkyWater shareholders are expected to own between 4.4% and 6.7% of the combined company, depending on the final stock-price mechanics at closing.
Outlook and next steps
IonQ also reaffirmed its 2025 revenue outlook, saying it expects results at the high end or above its previously stated $106 million to $110 million range. The companies are scheduled to discuss the acquisition in more detail during a joint webcast.
If completed as planned, the deal would mark one of the more consequential efforts in the U.S. quantum sector to pair a quantum computing roadmap with domestic semiconductor manufacturing—an approach increasingly shaped by competitive pressures, customer requirements, and government interest in secure, advanced technology supply chains.
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