IonQ to acquire SkyWater in a $1.8B deal
US quantum computing company IonQ has entered into a definitive agreement to acquire US-based semiconductor foundry SkyWater Technology in a cash-and-stock transaction valuing SkyWater at approximately USD 1.8 billion.
Under the terms of the agreement, IonQ will pay USD 35.00 per SkyWater share, consisting of USD 15.00 in cash and USD 20.00 in IonQ common stock, subject to a collar. Following completion, SkyWater shareholders are expected to own between 4.4% and 6.7% of the combined company.
The acquisition will provide IonQ with direct access to a US-based, DMEA Category 1 Trusted semiconductor foundry, allowing tighter integration between quantum processor design, fabrication, packaging, and testing. According to the companies, embedded foundry access is expected to reduce wafer iteration times and accelerate IonQ’s quantum hardware development roadmap.
IonQ expects functional testing of its planned 200,000-qubit quantum processing units to begin in 2028, enabling more than 8,000 logical qubits, and said the transaction could advance the timeline for a future 2,000,000-qubit chip by up to one year.
SkyWater will continue to operate as a pure-play semiconductor foundry and merchant supplier following the transaction, serving both existing commercial and government customers. The company will operate as a wholly owned subsidiary under the SkyWater name, with current CEO Thomas Sonderman continuing to lead the business and reporting to IonQ CEO Niccolo de Masi.
SkyWater’s manufacturing facilities in Minnesota, Florida, and Texas will remain operational and are expected to serve as regional quantum production hubs.
“This combination marks a pivotal moment in SkyWater’s evolution,” said Thomas Sonderman, CEO of SkyWater Technology, in the press release. “As the largest pure-play semiconductor foundry based in the US, 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.”
The transaction has been unanimously approved by the boards of both companies and is expected to close in the second or third quarter of 2026, subject to SkyWater shareholder approval, regulatory clearances, and customary closing conditions.
