IonQ (IONQ) to acquire SkyWater (SKYT) for $35.00 per share in a cash-and-stock transaction, implying a total equity value of approximately $1.8B.
Under the terms of the agreement, SkyWater shareholders will receive $15.00 in cash and $20.00 in shares of IonQ common stock, subject to a collar, for each share of SkyWater common stock held at close of the transaction. The purchase price represents a 38.0% premium to the 30-day volume-weighted average price of SkyWater shares as of market close on January 23, 2026.
The transaction is expected to close in the second or third quarter of 2026.
Following the close of the transaction, SkyWater will operate as a wholly owned subsidiary under the SkyWater name serving a full range of customers. SkyWater shareholders will own between 4.4% and 6.7% of the combined company under the collar.
With SkyWater acquisition, IonQ strengthens its position as the only vertically integrated full-stack quantum platform company, with embedded access to a Trusted U.S. foundry. As a result, the combined company is expected to pull forward functional testing of its 200,000 qubit QPUs in 2028 enabling over 8,000 ultra-high fidelity logical qubits.
IonQ expects to deliver full year 2025 revenue results at the high end or above its previously announced range of $106 million to $110 million ($108.56M consensus) when it reports its fourth quarter and full year 2025 earnings results next month.
Companies to host joint webcast today at 8:30 a.m. ET
