IonQ and SkyWater Technology announced they have entered into a definitive agreement for IonQ to acquire SkyWater in a cash-and-stock transaction that values SkyWater at approximately $1.8 billion in equity and is intended to create what the companies call the only vertically integrated, full-stack quantum platform company.
Under the terms of the deal, SkyWater shareholders would receive $35.00 per share, comprised of $15.00 in cash and $20.00 in IonQ common stock, subject to a collar mechanism tied to IonQ’s trading price near closing. The companies said the offer represents a 38.0% premium to SkyWater’s 30-day volume-weighted average price as of the January 23, 2026 market close.
IonQ said the acquisition is designed to accelerate its roadmap toward fault-tolerant quantum computing by embedding access to a trusted U.S. semiconductor foundry and tightening control over design, packaging, and fabrication.
The company said functional testing for its 200,000-qubit quantum processing units is expected to begin in 2028, enabling more than 8,000 ultra-high-fidelity logical qubits, and that the transaction could push forward development milestones for a 2,000,000-qubit chip by up to a year.
SkyWater is expected to continue operating as a wholly owned subsidiary under the SkyWater name, with CEO Thomas Sonderman leading the unit and reporting to IonQ CEO Niccolo de Masi. The companies said SkyWater will continue serving customers as a pure-play semiconductor foundry and merchant supplier across its Advanced Technology Services, Wafer Services, and Advanced Packaging Services, and that SkyWater’s headquarters will remain in Bloomington, Minnesota. SkyWater’s facilities in Minnesota, Florida, and Texas are expected to serve as regional quantum production hubs in the near future.
The companies positioned the combination as a move to strengthen IonQ’s standing with government and defense customers, citing SkyWater’s DMEA Category 1 trusted accreditation and IonQ’s recently launched federal division. They also said the combined company would be positioned to deliver quantum computing, networking, sensing, and security technologies across applications spanning land, sea, air, and space, while continuing to support SkyWater’s aerospace, defense, and commercial foundry customers.
Boards of directors at both companies unanimously approved the transaction. The deal is expected to close in the second or third quarter of 2026, subject to SkyWater shareholder approval, regulatory clearances, and other customary conditions. SkyWater said it will not hold its previously scheduled investor day in March 2026, and the combined company expects to hold an investor event in the third quarter of 2026.
IonQ also updated its 2025 financial outlook, saying it expects to deliver full-year 2025 revenue results at or above the high end of its previously announced range of $106 million to $110 million when it reports fourth-quarter and full-year results next month. The companies said they will host a joint webcast at 8:30 a.m. ET to discuss the transaction.
KEY QUOTES
“This transformational acquisition enables IonQ to materially accelerate its quantum computing roadmap and secure its fully scalable supply chain domestically. With secure, U.S.-based design, packaging and chip fabrication – IonQ will benefit from vertical integration across our increasingly interlinked quantum computing, quantum networking, quantum security, and quantum sensing applications for land, sea, air, and space.”
“We are confident that uniting our revolutionary quantum platform with SkyWater’s leading capabilities in parallel innovation, engineering, and manufacturing, will accelerate America’s ability to deploy quantum technology for mission critical applications. This historic transaction will significantly accelerate commercialization of our fully fault-tolerant quantum computers and benefit our nation’s broader quantum industry, enhancing our national security, economic strength, and technological superiority.”
“SkyWater is an unrivaled technology innovation partner, and with IonQ’s existing quantum sensing and quantum networking capabilities it will become the preeminent quantum merchant supplier under the continued leadership of Thomas Sonderman. Together, we remain committed to redefining what is possible for business, government, and society in the quantum era while unlocking long-term value for shareholders of both companies.”
Niccolo de Masi, Chairman and Chief Executive Officer, IonQ
“This combination marks a pivotal moment in SkyWater’s evolution. As the largest pure-play semiconductor foundry based in the U.S., SkyWater is already the partner of choice for advanced development and manufacturing services in both the public and private sectors as quantum computing and manufacturing increasingly align. Joining forces with IonQ will accelerate multiple engineering pathways for next-generation quantum chips, delivering speed, precision, and scale. Importantly, SkyWater remains fully committed to all of our semiconductor foundry customers and will continue as the quantum merchant supplier of choice with an even broader set of quantum sensing and quantum networking solutions for all of our customers and partners.”
Thomas Sonderman, Chief Executive Officer, SkyWater Technology
