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IonQ’s $1.8B SkyWater Deal is set to reshape the quantum computing supply chain, as the Maryland-based quantum technology firm moves to acquire U.S. semiconductor manufacturer SkyWater Technology in a cash-and-stock transaction valued at roughly $1.8 billion.

The agreement, announced Monday, positions IonQ to bring critical chipmaking capabilities closer to home, tightening its grip on the components that power next-generation quantum systems.

Building a Domestic Quantum Backbone

Cash, stock and a strategic premium

Under the terms of the deal, IonQ will pay $35 per SkyWater share, combining $15 in cash with the balance in IonQ stock. The final number of shares issued will be adjusted based on IonQ’s share price near closing, according to the announcement.

IonQ said the acquisition is designed to secure a domestic semiconductor supply chain, a priority as quantum computing moves from experimental labs toward commercial and government deployment.

Marrying Quantum Brains With Manufacturing Muscle

Hardware meets fabrication

IonQ, headquartered in College Park, Maryland, builds quantum computers and related technologies, offering access to its systems through major cloud providers. By acquiring SkyWater, IonQ plans to fuse its quantum hardware and software expertise with SkyWater’s strengths in chip design, packaging and manufacturing.

The company said the move will allow it to bring more chip development in house, accelerating the design and testing of specialized processors essential for quantum machines.

IonQ also noted that owning a U.S.-based manufacturing partner could bolster work with government and defense customers that require domestically produced technology.

SkyWater’s Next Chapter

A pivotal moment, leadership intact

“This combination marks a pivotal moment in SkyWater’s evolution,” SkyWater CEO Thomas Sonderman said.

Based in Bloomington, Minnesota, SkyWater produces semiconductors for public- and private-sector customers and operates facilities in Minnesota, Florida and Texas.

Following the deal’s completion, SkyWater will continue operating under its existing name as a wholly owned subsidiary. Sonderman will remain at the helm, reporting to IonQ CEO Niccolo de Masi.

Advisors, Approvals and Timeline

Paul Weiss Rifkind Wharton & Garrison LLP is advising IonQ, with Foley & Lardner LLP representing SkyWater. Cantor Fitzgerald and BofA Securities are also advising IonQ, while Goldman Sachs is serving as SkyWater’s financial adviser.

The Paul Weiss team is led by partners Chelsea N. Darnell and Robert A. Kindler. Deal team details for Foley & Lardner were not immediately available.

The companies expect the transaction to close in the second or third quarter of 2026, subject to SkyWater shareholder approval and regulatory clearances.