IonQ Inc (IONQ), a leading company in the quantum computing field, has announced that it has reached an acquisition agreement with chip manufacturer SkyWater Technology (SKYT). This all-cash-and-stock transaction values SkyWater at approximately $18 billion. According to the statement released by IonQ on Monday, the offer is $35 per share, consisting of $15 in cash and $20 in stock, representing a premium of about 38% over SkyWater’s average stock price over the past 30 days. The deal has already been approved by the boards of both companies and, subject to customary conditions such as regulatory approvals and a vote by SkyWater shareholders, is expected to be completed in the second or third quarter of 2026.
This acquisition is the largest in IonQ’s recent series of strategic moves, marking a crucial step toward building the world’s first fully vertically integrated quantum platform. By deeply integrating its quantum architecture design with SkyWater’s mature semiconductor manufacturing capabilities, IonQ aims to achieve a closed-loop process covering the entire workflow from quantum chip design and packaging to end-product production. Previously, IonQ acquired the UK quantum computing startup Oxford Ionics for $1.08 billion last year.
Based in Minnesota, SkyWater describes itself as the largest domestic semiconductor foundry in the United States, distinguishing it from competitors headquartered in Asia or Europe. Foundries typically do not design chips but instead manufacture them for clients. De Massi emphasized that this collaboration aligns with the goal of revitalizing the chip manufacturing industry in the U.S. He believes this is a significant bet on the favorable trends in the U.S. semiconductor manufacturing sector. As supply chain security and localization become increasingly important, this move will ensure the safety and controllability of related technologies.
Upon completion of the transaction, SkyWater will operate as a wholly-owned subsidiary of IonQ, maintaining its existing brand and operations, and will continue to retain its production facilities in Minnesota, Florida, and Texas. At the same time, SkyWater will preserve its independent status as a neutral chip foundry and continue to fulfill its supply commitments to existing clients in the defense, aerospace, and commercial sectors. As a key partner in the U.S. Department of Defense’s microelectronics ecosystem, SkyWater’s integration will also significantly enhance the competitiveness of IonQ Federal in the federal government and defense sectors.
Following the announcement, SkyWater’s stock price rose by as much as 9% during Monday’s trading session, ultimately closing up 3.29%, but fell 2.17% in after-hours trading. IonQ’s stock price initially rose after the news but later declined, closing down 8.21% on Monday before rebounding 2.37% in after-hours trading. According to the statement, the stock portion of the transaction includes a stock price collar mechanism to limit the impact of significant fluctuations in IonQ’s stock price.
