IonQ (NYSE:IONQ) shares rose 1.65% on Monday, while SkyWater Technology (NASDAQ:SKYT) jumped 8%, after IonQ unveiled plans to acquire the semiconductor manufacturer in a cash-and-stock transaction valued at roughly $1.8 billion.
The proposed deal prices SkyWater at $35.00 per share, implying a 38% premium to its 30-day volume-weighted average price as of January 23. Under the agreed terms, SkyWater investors would receive $15.00 in cash and $20.00 in IonQ shares for each SkyWater share, subject to a collar arrangement.
IonQ said the acquisition is designed to establish the first vertically integrated quantum platform company, pairing its quantum computing systems with SkyWater’s U.S.-based semiconductor manufacturing operations. Completion is expected in the second or third quarter of 2026, subject to regulatory clearance and approval by SkyWater shareholders.
“This transformational acquisition enables IonQ to materially accelerate its quantum computing roadmap and secure its fully scalable supply chain domestically,” said Niccolo de Masi, IonQ Chairman and CEO. IonQ added that the integration is expected to speed up work on its 200,000-qubit quantum processing units, with functional testing now projected to begin in 2028.
After the transaction closes, SkyWater will continue to operate as a wholly owned subsidiary under its existing name, remaining a pure-play semiconductor foundry serving current customers. SkyWater CEO Thomas Sonderman will lead the unit and report directly to de Masi.
IonQ also reiterated that it expects full-year 2025 revenue to come in at the top end or above its previously stated guidance range of $106 million to $110 million, when it reports fourth-quarter results next month.
The combined group will retain SkyWater’s headquarters in Bloomington, Minnesota, with facilities in Minnesota, Florida and Texas designated as Regional Quantum Production Hubs. Following completion, SkyWater shareholders are expected to hold between 4.4% and 6.7% of the enlarged company.