IonQ shares rose 1.65% and SkyWater Technology stock climbed 8% on Monday after IonQ revealed an agreement to acquire SkyWater in a cash-and-stock transaction valued at approximately $1.8 billion.
The purchase price pegs SkyWater at $35.00 per share, representing a 38% premium to SkyWater’s 30-day volume-weighted average price as of January 23. Under the terms, SkyWater shareholders will receive $15.00 in cash plus $20.00 in IonQ common stock for each SkyWater share, with the overall exchange subject to a collar mechanism.
Deal rationale and strategic objectives
IonQ said the acquisition is intended to create the first vertically integrated quantum platform company by marrying IonQ’s quantum computing technology with SkyWater’s U.S.-based semiconductor manufacturing operations. The companies said the combined capabilities are meant to secure a scalable domestic supply chain for quantum hardware production and accelerate IonQ’s development timeline.
"This transformational acquisition enables IonQ to materially accelerate its quantum computing roadmap and secure its fully scalable supply chain domestically," said Niccolo de Masi, IonQ Chairman and CEO.
IonQ indicated the integration is expected to speed work on its 200,000 qubit QPUs, and that functional testing of those systems is now anticipated to begin in 2028.
Timing, governance and operations
The companies said the transaction is expected to close in the second or third quarter of 2026, subject to regulatory approvals and the consent of SkyWater shareholders. Following the acquisition, SkyWater will operate as a wholly owned subsidiary under its current name and continue serving its existing customers as a pure-play semiconductor foundry.
Thomas Sonderman, SkyWater’s CEO, will continue to lead the business and will report to de Masi after closing.
IonQ also said the combined organization will keep SkyWater’s headquarters in Bloomington, Minnesota, and will designate facilities in Minnesota, Florida, and Texas as Regional Quantum Production Hubs.
Financial outlook and ownership stakes
IonQ announced it now expects to report full-year 2025 revenue at the high end of or above its previously disclosed range of $106 million to $110 million when it releases fourth-quarter results next month.
Under the terms of the deal, SkyWater shareholders are projected to own between 4.4% and 6.7% of the combined company.
Market reaction
Investors pushed IonQ stock higher by 1.65% and SkyWater shares jumped 8% following the announcement, reflecting market approval of the terms and the strategic rationale communicated by IonQ leadership.