IonQ Inc. (NYSE:IONQ) is making its biggest move yet to expand control over its quantum technology stack, agreeing to acquire U.S. chip manufacturer SkyWater Technology Inc. (NASDAQ:SKYT) in a deal that deepens its manufacturing footprint and aligns with growing federal support for advanced computing.
IonQ Moves To Acquire SkyWater In $1.8 Billion Deal
IonQ agreed to buy SkyWater Technology for $35 per share, valuing the transaction at roughly $1.8 billion, company executives told The Wall Street Journal on Monday.
SkyWater shareholders will receive $15 in cash and $20 in IonQ stock for each share they own.
IonQ held $1.5 billion in cash and equivalents as of September 30, 2025.
Vertical Integration Aims To Speed Manufacturing And Cut Costs
IonQ expects the deal to create a vertically integrated quantum platform that will help reduce production timelines and costs.
After the deal closes, SkyWater will continue operating under its existing name as a wholly owned subsidiary.
SkyWater CEO Thomas Sonderman will lead the unit and report directly to IonQ Chairman and CEO Niccolo de Masi.
Government Support And Deal Momentum Shape Strategy
IonQ leadership said the acquisition builds on rising enthusiasm within the U.S. government for domestic semiconductor manufacturing and quantum computing.
The SkyWater deal adds to a growing list of acquisitions for IonQ.
In 2025, the company agreed to acquire U.K.-based Oxford Ionics for over $1 billion. It also announced acquisitions of Lightsynq Technologies and Capella Space.
Meanwhile, IonQ’s stock tanked 25% in the last 3 months.
In November, IonQ shares dipped after JPMorgan initiated coverage with a cautious view that balances the company’s long-term quantum opportunity against its current valuation.
Analyst Peter Peng said IonQ is well-positioned to lead the next wave of quantum computing, which could unlock significant economic value and eventually drive billions in hardware and software revenue.
He highlighted IonQ’s detailed technology roadmap to move its machines toward commercial use and pointed to the company’s effort to build a full-stack platform, similar to Nvidia Corp.’s (NASDAQ:NVDA) model, spanning hardware, software, and ecosystem tools.
He said this approach allows IonQ to target quantum computing, sensing, and communications, which he estimates together represent a $46 billion to $97 billion market by 2035.
Price Action: IonQ shares were down 0.32% at $47.10 during premarket trading on Monday, according to Benzinga Pro data. SkyWater Technology shares were up 3.77% at $32.50.
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