IonQ to acquire semiconductor foundry SkyWater for $1.8 billion, establishing end-to-end US quantum supply chain

IonQ (NYSE: IONQ) has announced it will acquire SkyWater Technology (NASDAQ: SKYT), the largest exclusively U.S.-based, pure-play semiconductor foundry, for an approximate total equity value of $1.8 billion. This will be conducted through a cash-and-stock transaction, at $35 per share, and is expected to close in the second or third quarter or 2026. Following the close of the transaction, SkyWater will operate as a wholly owned subsidiary under the SkyWater name, and continue to serve customers as a pure-play semiconductor foundry. Read the transaction details here.

This acquisition makes IonQ a vertically integrated full-stack company with end-to-end design capabilities, allowing it to work more closely with the US government, particularly on Department of War contracts. IonQ already works closely with the US government as a partner and merchant supplier in aerospace and defense; this acquisition will further protect US national interests by ensuring a US-based quantum supply chain. 

IonQ has cited the following reasons for the acquisition:

• Accelerates Roadmap to Fault-Tolerant Quantum Computing

IonQ’s manufacturing timelines are expected to accelerate through reduced wafer iteration times and parallelizing wafer prototypes. As a result, the combined company is expected to pull forward functional testing of its 200,000 qubit QPUs in 2028 enabling over 8,000 ultra-high fidelity logical qubits. SkyWater will also help ensure accelerated innovation and high-quality manufacturability at scale and with industry-leading costs for IonQ’s technologies.

• Strengthens IonQ’s Position as a Trusted US Government Partner with DMEA Category 1 Trusted Accreditation 

The combination will support IonQ’s recently launched IonQ Federal division, supporting the US federal and defense sectors with cutting-edge quantum solutions. Upon close, IonQ will have an end-to-end quantum supply chain in the U.S., from design and prototyping through manufacturing, packaging, deployment, and ongoing service upgrades. This will allow IonQ to securely support multiple important Department of War programs, such as the Microelectronics Commons network to support warfighter applications, and address critical national security vulnerabilities.

• Enables SkyWater to Continue Serving as a Semiconductor Foundry and Merchant Supplier

SkyWater remains committed to its current Aerospace and Defense and commercial markets and will continue as a pure-play global semiconductor foundry and merchant supplier.. SkyWater will also deliver essential technology building blocks to other companies that are focused on advancing artificial intelligence, quantum computing, electrification, IoT, health diagnostics, and more. SkyWater will also be able to offer IonQ’s quantum sensors and quantum networking solutions to customers and partners.

• Brings Together Highly Talented Engineering Teams to Advance Innovation and Broaden Reach

The combined company’s employees will be uniquely capable of advancing technology to solve the world’s most complex problems and help ensure that the US prevails in the quantum era.

• Maintains Strong Balance Sheet to Facilitate Continued Growth

The cash and stock transaction structure allows IonQ to maintain ample runway for growth and preserve the Company’s financial flexibility to continue accelerating quantum commercialization.

 “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 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.”

Mr. de Masi continued, “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.”

“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.”