IonQ to Acquire SkyWater Technology in a $1.8 Billion Deal

IonQ, Inc. (IONQ) entered a merger agreement on January 26, 2026, to acquire SkyWater Technology, Inc. (SKYT) in a deal valued at $1.8 billion.

Deal Structure:

IonQ will acquire SkyWater for $35 per share in a cash-and-stock transaction, subject to a collar, representing a premium of 11.75% from the stock’s last close.

SkyWater shareholders will receive $15 in cash and $20 in shares of IonQ common stock.

The stock component is subject to a collar under which SkyWater shareholders will receive IonQ stock based on the 20-day volume-weighted average price of the stock as of three business days before closing, unless such volume-weighted average is greater than $60.13 per share, in which case SkyWater shareholders will receive 0.3326 IonQ shares per SkyWater share, or less than $37.99 per share, in which case SkyWater shareholders will receive 0.5265 IonQ shares per SkyWater share.

Company Profile:

SkyWater Technologies is a U.S.-based chip manufacturer that provides advanced development and manufacturing services for analog, mixed-signal, MEMS, power, and radiation-hardened chips, serving commercial and U.S. defense customers.

IonQ is a quantum computing company that develops general-purpose quantum systems, providing customers access to quantum computers through cloud platforms and supporting applications across science, industry, and defense.

Deal Details and Timeline:

SkyWater shareholders are expected to own between 4.4% and 6.7% of the combined company.

SkyWater will retain its headquarters in Bloomington, Minnesota, and its facilities in Minnesota, Florida, and Texas will operate as Regional Quantum Production Hubs.

The deal is expected to close in the second or third quarter of 2026.

SkyWater worked with Goldman Sachs as its financial advisor and Foley & Lardner as its legal advisor. IonQ was advised on financial matters by Cantor Fitzgerald and BofA Securities, and on legal matters by Paul, Weiss, Rifkind, Wharton & Garrison.

IonQ is buying SkyWater for 4.47 times its sales.

Deal Metrics:

For a more detailed analysis of this merger and acquisition transaction, please visit the Deal Metrics page at:

Deal Metrics for the acquisition of SkyWater Technology, Inc. (SKYT) by IonQ, Inc. (IONQ)

The Deal Metrics page provides comprehensive information, including:

• A spread history chart tracking the merger from announcement to completion or termination.
• Key events as the merger progresses, such as HSR period expiration, regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article