IonQ Stock: Quantum Firm Drops $1.8B on Chip Maker SkyWater

TLDR

• IonQ is acquiring SkyWater Technology for $1.8 billion in a cash-and-stock deal worth $15 cash and $20 in stock per share
• The deal gives IonQ control of the largest U.S.-based pure-play semiconductor foundry to manufacture quantum computing chips
• SkyWater shareholders receive a 38% premium to the 30-day volume-weighted average price
• IonQ expects to begin functional testing of 200,000 qubit systems in 2028 following the acquisition
• IONQ shares fell 4.22% on Friday while analysts maintain a Strong Buy rating with a $74.50 price target

IonQ is making its biggest move yet. The quantum computing company announced plans to buy SkyWater Technology for roughly $1.8 billion. The deal puts IonQ in control of the largest U.S.-based chip foundry dedicated solely to semiconductor manufacturing.

IonQ, Inc., IONQ

SkyWater shareholders get $15 in cash and $20 in IonQ stock for each share. That’s a 38% bump over SkyWater’s 30-day trading average as of January 23. The stock portion includes a collar designed to protect both sides from wild price swings.

IonQ carries a market value north of $16 billion. SkyWater was valued at $1.5 billion before the announcement. The deal dwarfs any previous acquisition IonQ has made.

The transaction has won approval from both boards. It still needs a thumbs-up from SkyWater shareholders and regulators. IonQ expects to close the deal sometime between April and September this year.

Building a Quantum Factory

IonQ builds quantum computers using trapped-ion technology. These machines tackle problems that traditional computers can’t solve. Researchers are testing them for drug discovery and defense applications.

SkyWater makes chips for defense contractors, aerospace companies, and quantum startups. The foundry doesn’t sell branded products. Instead, it manufactures components for other firms.

By owning the foundry, IonQ can speed up production timelines. The company also expects to cut costs on chip manufacturing. SkyWater will keep its current name and continue serving other customers as a neutral foundry.

From Lab to Production Line

IonQ already works with the U.S. Defense Department. The company launched a federal business unit last year to focus on government contracts. SkyWater brings manufacturing expertise tied to national security priorities.

Thomas Sonderman will stay on as CEO of SkyWater. He’ll report directly to de Masi after the deal closes. The foundry will operate as a wholly owned subsidiary under IonQ’s umbrella.

The acquisition puts IonQ on track to test 200,000 qubit quantum processing units starting in 2028. Those systems would support over 8,000 ultra-high fidelity logical qubits. That’s the quantum equivalent of a massive processing upgrade.

IonQ shares dropped 4.22% on Friday, closing at $47.25. SkyWater fell 5.32% on the same day. Wall Street analysts maintain a Strong Buy rating on IonQ with a price target of $74.50. That suggests room for 57% upside from current levels.

IonQ also said it expects to hit the high end or exceed its 2025 revenue guidance when it reports earnings next month. The company previously forecast between $106 million and $110 million for the full year. SkyWater posted revenue of $346.59 million over the last twelve months with a P/E ratio of 11.8.

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