IonQ shifts to vertical integration with SkyWater Technology acquisition

IonQ just closed its biggest bet yet. The quantum computing company finalized its $1.8 billion acquisition of SkyWater Technology on July 31, wrapping up a deal first announced back in January. The result is a vertically integrated quantum platform that brings semiconductor design, fabrication, and advanced packaging under one roof. What IonQ is buying and what it’s paying SkyWater Technology is a pure-play semiconductor foundry, the kind of company that makes chips for other people rather than designing its own products. It generated approximately $442 million in revenue in 2025, with quantum-related services growing 30% during that period. Under the deal terms, SkyWater shareholders received $15 in cash plus 0.4883 IonQ shares for each share they held. That works out to roughly $741 million in cash and about 24 million newly issued IonQ shares. The share dilution for existing IonQ investors is projected between 6% and 11.7%. IonQ’s cash position after the transaction sits at around $2.0 billion. SkyWater will operate as a wholly owned subsidiary, keeping its name and current CEO Thomas Sonderman at the helm. It will continue serving its existing, non-IonQ customer base while also...