IonQ seals $1.8 billion cash and stock deal for SkyWater, locking in domestic chip foundry

IonQ is spending $1.8 billion to buy SkyWater Technology, locking in full control of its own chip supply chain for quantum computers.

According to the Wall Street Journal, executives said the deal would be announced Monday. It gives SkyWater shareholders $35 a share, split into $15 cash and $20 in IonQ stock.

“This is our move to make sure we are the ‘Nvidia’ of quantum,” said Niccolo de Masi, the IonQ CEO and chairman, in an interview. “It’s not only accelerating our company, but accelerating the quantum industry for the good of our nation.”

SkyWater stock had closed Friday at $31.32, putting its market cap around $1.5 billion. But IonQ, which is worth over $16 billion, is paying more than that, and it’s not a soft acquisition.

It’s a full grab for tighter timelines, cheaper production, and U.S.-based chipmaking that won’t rely on anyone overseas.

SkyWater doesn’t build its own branded chips. It’s a neutral foundry, meaning it manufactures for other companies, including those in defense and aerospace.

Deal creates vertical integration for IonQ hardware

De Masi said the takeover would let IonQ build a “vertically integrated quantum platform business,” where the company controls both the hardware and the fabrication process. He said that would speed things up and cut costs across the board.

The Trump administration’s strong support for both quantum and domestic chip production played a role in the timing. “The tailwinds here are considerable,” said de Masi.

SkyWater will keep its name and operate as a wholly owned subsidiary after the deal closes. It’ll still serve all of its existing customers. But it’ll now also offer IonQ’s technology to clients, and have more access to capital, according to executives.

Thomas Sonderman, SkyWater’s current CEO, will stay in charge of the foundry but report directly to de Masi.

The deal includes a stock collar, which means the final price in IonQ stock can shift depending on where IonQ shares land at closing. That’s to avoid massive pricing swings that could tank the deal value if IonQ stock moves too much.

IonQ expands deals while U.S. ramps up tech funding

Last year, IonQ bought Oxford Ionics, a U.K. startup, for over $1 billion. They also grabbed Lightsynq Technologies and Capella Space. That’s three companies in under a year, and now SkyWater makes four.

The U.S. government, especially under Trump, has been pouring money into quantum computing and AI as part of a push to stay ahead of China. The Commerce Department has already started boosting funding for these sectors.

IonQ’s hardware is based on trapped-ion technology, which the company claims gives it better accuracy compared to other quantum systems. The goal is to solve problems that normal computers just can’t handle; from drug discovery to national security.

Big tech giants Microsoft, IBM, and Alphabet are also all working on their own quantum computers, throwing billions at the problem.

IonQ already works with the Defense Department and other federal agencies. It launched a dedicated Federal division back in September to focus on government and defense contracts.

IonQ first went public through a SPAC merger in 2021.

Since then, the stock has climbed, thanks to investors betting big on the future of quantum computing.

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