Maryland-based IonQ has agreed to acquire SkyWater Technology in a deal that would create, the companies say, the “first vertically integrated, full-stack quantum computing platform.”
Under the terms of the agreement, IonQ will buy SkyWater for $35 per share in a cash-and-stock transaction, valuing the Minnesota-based semiconductor foundry at about $1.8 billion.
The deal has been approved by the boards of both companies and is expected to close in the second or third quarter of 2026, subject to shareholder and regulatory approvals.
Why this acquisition?
The acquisition gives IonQ embedded access to a trusted, US-based semiconductor foundry, strengthening its control over chip design, fabrication, packaging, and deployment. This will accelerate its roadmap toward fault-tolerant quantum computers and shorten development timelines for its next-generation systems.
IonQ expects to begin functional testing of its 200,000-qubit quantum processing units in 2028. These systems are designed to support more than 8,000 ultra-high-fidelity logical qubits. The company also said the deal could push forward work on its planned 2-million-qubit chip by up to a year.
“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,” said Niccolo de Masi, IonQ Chairman and Chief Executive Officer.
“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 the commercialisation of our fully fault-tolerant quantum computers and benefit our nation’s broader quantum industry, enhancing our national security, economic strength, and technological superiority,” adds de Masi.
SkyWater will continue to operate as a pure-play semiconductor foundry after the acquisition, serving its existing commercial and public-sector customers. The business will run as a wholly owned subsidiary under the SkyWater name, led by CEO Thomas Sonderman, who will report to de Masi.
“This combination marks a pivotal moment in SkyWater’s evolution,” said Thomas Sonderman, Chief Executive Officer of SkyWater Technology. “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.”
Key quantum partner for the US government
The combined company aims to position itself as a key quantum partner for the US government and its allies, supported by SkyWater’s DMEA Category 1 Trusted Foundry accreditation. Its end-to-end US-based supply chain will help support sensitive federal programs and address national security concerns related to advanced computing.
SkyWater shareholders will receive $15 in cash and $20 in IonQ stock for each SkyWater share, 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.
After the deal closes, SkyWater shareholders are expected to own between 4.4% and 6.7% of the combined company.
IonQ said SkyWater’s facilities in Minnesota, Florida, and Texas will become regional quantum production hubs. The company also reaffirmed its 2025 revenue outlook, saying it expects to come in at the high end or above its previously stated $106 million to $110 million range.
IonQ and SkyWater are scheduled to discuss the transaction in more detail during a joint webcast later today.
