IonQ to acquire U.S. foundry SkyWater Technology for ~$1.8B to vertically integrate its quantum supply chain
On 2026-01-26 IonQ announced a definitive agreement to acquire SkyWater Technology - an exclusively U.S.-based semiconductor foundry serving quantum, defense and aerospace - for $35.00 per share ($15 cash plus $20 in IonQ stock), implying total equity value of approximately $1.8 billion. IonQ framed the deal as securing a fully scalable, secure U.S.-based design, packaging and chip-fabrication supply chain to accelerate its roadmap; it is IonQ's largest acquisition to date. The transaction is expected to close in Q2-Q3 2026, pending approvals. Disclosed via Form 8-K (Item 1.01) and Form 425.
A ~$1.8B acquisition of a public U.S. foundry by an ion-trap quantum-computing company is the largest deal in the sector to date and a decisive vertical-integration move: owning fabrication and packaging onshores IonQ's supply chain and converts a key tracked enabling-supplier (SkyWater) into a captive asset, clearly clearing the top materiality band.
Vertical integration into a domestic foundry reframes the quantum-hardware contest around supply-chain control and U.S. industrial policy, and removes SkyWater as a neutral merchant foundry for other quantum customers; regulatory review (foundry/defense exposure) and integrating a low-margin capital-intensive fab into a quantum-computing company are the principal risks.