IonQ to acquire SkyWater Technology
IonQ is making a big bet on vertical integration in quantum computing. The US-based quantum specialist has agreed to acquire SkyWater Technology in a cash-and-stock deal valued at about $1.8bn, creating what the companies say will be the only fully vertically integrated, full-stack quantum platform company.
The move brings together IonQ’s trapped-ion quantum technology with SkyWater’s US-based semiconductor manufacturing, packaging, and advanced R&D capabilities. For IonQ, it is a way to speed up its roadmap to fault-tolerant quantum computers while locking down a domestic and trusted supply chain.
Vertical integration to speed the roadmap
Under the agreement, IonQ will pay $35 per SkyWater share, split between $15 in cash and $20 in IonQ stock, subject to a collar. SkyWater shareholders will end up owning between 4.4% and 6.7% of the combined company. IonQ and SkyWater expect to close the transaction in the second or third quarter of 2026, pending shareholder and regulatory approvals.
IonQ says embedded access to SkyWater’s trusted US foundry will significantly accelerate development timelines. The company now expects functional testing of its planned 200,000-qubit quantum processing units in 2028, enabling more than 8,000 logical qubits. The deal is also expected to pull forward work on a 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,” said Niccolo de Masi, IonQ chairman and CEO. “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.”
Foundry focus and government positioning
SkyWater will continue to operate as a pure-play semiconductor foundry and merchant supplier, serving existing commercial and aerospace and defense customers. Meanwhile, it will become a wholly owned subsidiary, retain its name, and remain headquartered in Bloomington, Minnesota, with facilities in Minnesota, Florida, and Texas acting as regional quantum production hubs.
“This combination marks a pivotal moment in SkyWater’s evolution,” said SkyWater CEO Thomas Sonderman. “Joining forces with IonQ will accelerate multiple engineering pathways for next-generation quantum chips, delivering speed, precision, and scale.”
A key driver for IonQ is access to SkyWater’s DMEA Category 1 Trusted Foundry status, strengthening IonQ’s position as a supplier to US government and defense programs. Moreover, IonQ says the combined company will be able to offer an end-to-end, secure quantum supply chain, from design and prototyping through manufacturing, packaging, and deployment.
IonQ also reiterated confidence in its near-term business, saying it expects full-year 2025 revenue to come in at the high end or above its previously stated $106m to $110m range.
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