IonQ agreed on 26 January to acquire SkyWater Technology, the largest exclusively US-based pure-play semiconductor foundry, for $35.00 a share in cash and stock, implying an equity value of about $1.8bn.
Why IonQ, Inc. is buying SkyWater Technology, Inc.
IonQ said embedded access to a trusted US foundry would cut wafer iteration times and pull forward functional testing of its 200,000-qubit processors to 2028. It also expected SkyWater's Category 1 Trusted accreditation from the Defense Microelectronics Activity to strengthen its new federal business. SkyWater would keep serving outside customers as a foundry and merchant supplier.
“This combination marks a pivotal moment in SkyWater's evolution.”
Deal terms and financing
SkyWater shareholders were offered $15.00 in cash and $20.00 in IonQ stock per share, with the stock element subject to a collar between 0.3326 and 0.5265 IonQ shares. The price represented a 38.0% premium to SkyWater's 30-day volume-weighted average price to 23 January, and SkyWater holders were set to own between 4.4% and 6.7% of the combined company.
Regulatory approvals and timing
The deal needed SkyWater shareholder approval and regulatory clearances. IonQ announced final regulatory approval on 28 July and completed the acquisition on 31 July 2026, with SkyWater holders receiving $15.00 in cash and 0.4883 IonQ shares per share, according to IonQ's completion announcement.
Market context
SkyWater, headquartered in Bloomington, Minnesota, with facilities in Minnesota, Florida and Texas, now operates as a wholly owned IonQ subsidiary under its own name, led by chief executive Thomas Sonderman.
