IonQ is acquiring SkyWater for $1.8 billion.

IonQ Announces Strategic Merger with SkyWater

IonQ (IONQ) has announced that it will acquire SkyWater (SKYT) as part of a $1.8 billion deal. This agreement values SkyWater’s total equity at $35.00 per share and includes a two-stage payment plan.

Details of the Agreement

SkyWater shareholders will receive $15.00 in cash for each share and IonQ common stock valued at $20.00. The implementation of a collar on the value of the shares will play an important role in determining the sales price. The payment plan is structured to include a 38% premium based on the 30-day volume-weighted average price of SkyWater shares as of the close on January 23, 2026.

Timeline for Completion of the Transaction

The completion of the agreement is expected to take place in the second or third quarter of 2026. With this merger, SkyWater will continue to operate as a wholly-owned subsidiary of IonQ under its own name. It is anticipated that SkyWater shareholders will hold between 4.4% and 6.7% of the combined company.

Strategic Advantages of IonQ

This acquisition will provide IonQ direct access to a reliable manufacturing facility in the U.S. Thus, IonQ will further strengthen its position as a fully integrated quantum platform company. The combined company is expected to begin functional testing of 200,000 qubit QPUs by 2028 and provide over 8,000 ultra-high accuracy logical qubits.

Future Expectations

IonQ anticipates reporting revenues at or above the upper end of the previously disclosed range of $106-110 million in the fourth quarter and year-end results for 2025, which may indicate increased growth potential and market expectations for the company.