IonQ Agrees to Acquire SkyWater Technology in $1.8 Billion Cash-and-Stock Deal to Build Vertically Integrated Quantum Platform

Quatum technology company IonQ  and semiconductor foundry SkyWater Technology have entered into a definitive agreement for IonQ to acquire SkyWater in a cash-and-stock transaction valued at approximately $1.8 billion in total equity.

Under the terms, SkyWater shareholders will receive $15.00 in cash and $20.00 in IonQ common stock per SkyWater share, subject to a collar mechanism. The stock portion values IonQ shares at $20.00 per SkyWater share based on the 20-day volume-weighted average price three business days before closing, with adjustments if the average exceeds $60.13 (fixed at 0.3326 IonQ shares) or falls below $37.99 (fixed at 0.5265 IonQ shares). This represents a 38.0% premium to SkyWater's 30-day volume-weighted average price as of market close on January 23, 2026. Post-transaction, SkyWater shareholders are expected to own between 4.4% and 6.7% of the combined company.

The acquisition aims to create what the companies describe as the first vertically integrated full-stack quantum platform company. It provides IonQ with embedded access to a U.S.-based, DMEA Category 1 Trusted semiconductor foundry. This is intended to accelerate IonQ's roadmap for fault-tolerant quantum computing by reducing wafer iteration times and enabling parallel prototyping.

The combined entity expects to begin functional testing of 200,000-qubit quantum processin...