IonQ to buy SkyWater Technology for $1.8B in bid to bring chipmaking in-house

Quantum computing firm IonQ said on Monday it would acquire US chipmaker SkyWater Technology in a deal valued at about $1.8 billion.

The acquisition is seen as a major step toward vertically integrating semiconductor manufacturing and accelerating the development of next-generation quantum processors.

The cash-and-stock transaction is aimed at strengthening IonQ’s supply chain by bringing chip fabrication in-house, a move the company said would ensure secure and reliable access to advanced semiconductor technology as it expands work with federal, defense and commercial customers.

IonQ shares rose about 4% in early trading following the announcement, while SkyWater stock jumped nearly 8% before both stocks gave up some of their gains.

Bringing chip production under one roof

IonQ said the acquisition would give it embedded access to a trusted US-based foundry, allowing the company to test its planned 200,000-qubit quantum chips as early as 2028, earlier than previously expected.

In quantum computing, qubits are the basic units of information and scaling their number is critical to improving performance.

“This transformational acquisition enables IonQ to materially accelerate its quantum computing roadmap and secure its fully scalable supply chain domestically,” IonQ chief executive Niccolo de Masi said.

He added that the deal would strengthen the company’s position across quantum computing, networking, security and sensing applications.

SkyWater operates semiconductor manufacturing facilities in Minnesota, Florida and Texas.

Under the agreement, those sites will serve as quantum production hubs for IonQ while continuing to support existing customers.

Deal terms and structure

SkyWater shareholders will receive $15 in cash and $20 worth of IonQ stock for each share they hold, representing a premium of nearly 12% to SkyWater’s previous closing price.

The transaction is expected to close in the second or third quarter of 2026, subject to regulatory approvals and customary closing conditions.

After completion, SkyWater will become a wholly owned subsidiary of IonQ but will continue to operate under its current leadership.

SkyWater chief executive Thomas Sonderman will remain in his role and report to de Masi.

The subsidiary will continue providing wafer services, advanced packaging and specialised components, including atomic clocks, to aerospace, defense and commercial customers.

Revenue outlook and analyst expectations

IonQ also said it now expects full-year 2025 revenue to come in at the high end or above its previously forecast range of $106 million to $110 million.

The company’s stock has surged about 65% over the past nine months, driven by strong third-quarter revenue growth, acquisitions and rising investor confidence in its long-term strategy.

In 2025 alone, IonQ completed purchases of Lightsynq, Capella, Oxford Ionics and Vector Atomic as it broadened its technology base and global footprint.

IonQ reported a third-quarter loss of $3.58 per share, compared with a loss of 24 cents a year earlier, while revenue rose 222% to $39.9 million, including contributions from acquisitions.

Analysts expect the company to post a fourth-quarter loss of 52 cents per share, with revenue projected to grow 245% to $40.4 million.

Competition in the quantum computing sector intensifies

The deal comes amid intensifying competition in the quantum computing sector.

Rival D-Wave Quantum recently agreed to acquire Quantum Circuits for $550 million, including $250 million in cash, as it pushes deeper into superconducting-based quantum systems.

Large technology groups such as IBM and Google are also investing heavily in superconducting quantum technology, while IonQ is pursuing trapped-ion systems, a different approach that the company says offers advantages in scalability and fidelity.

Quantum computing stocks have been volatile in recent months, partly due to debate over how soon commercially viable systems will emerge.

IonQ’s shares carry a Composite Rating of 25 out of 99, according to Investors Business Daily, reflecting mixed technical signals despite recent gains.