IonQ (NYSE:IONQ) has struck a definitive agreement to acquire SkyWater Technology (NASDAQ:SKYT) for approximately $1.8 billion, a transformational deal that brings the design and manufacturing of quantum processors under one roof.
Under the terms of the agreement, SkyWater shareholders will receive $35 per share, consisting of $15 in cash and $20 in IonQ common stock.
The stock portion is protected by a collar, ensuring the value remains stable unless IonQ’s share price moves outside a range of $37.99 to $60.13.
The $35 offer represents a 38% premium to SkyWater's 30-day average price as of late January.
The acquisition marks a major strategic pivot for IonQ as it races to build fault-tolerant quantum computers.
By acquiring SkyWater—the largest exclusively U.S.-based pure-play foundry—IonQ secures a domestic supply chain for its specialized chips, insulating it from the geopolitical risks inherent in overseas semiconductor fabrication.
"This acquisition enables IonQ to materially accelerate its roadmap and secure its supply chain domestically," IonQ CEO Niccolo de Masi said.
He noted that the vertical integration will benefit applications across "land, sea, air, and space," positioning IonQ as a primary partner for the U.S. government and its allies.
Following the close of the transaction, expected in the second or third quarter of 2026, SkyWater will operate as a wholly owned subsidiary.
Thomas Sonderman will remain CEO of the unit, reporting to de Masi.
Crucially, SkyWater will continue to operate as a "merchant supplier," serving its existing commercial and defense customers while providing IonQ with "embedded access" to advanced R&D and packaging services.
The deal follows a wave of consolidation in the quantum sector.
Just last year, IonQ acquired U.K.-based Oxford Ionics for more than $1 billion.
This latest move for SkyWater is expected to pull forward the development of IonQ’s massive 2-million-qubit chip by up to a year, with functional testing of a 200,000-qubit processor now projected for 2028.