IonQ (NYSE:IONQ) and SkyWater Technology discussed a planned transaction that executives described as “transformational,” positioning the combined organization as a vertically integrated, U.S.-based quantum platform spanning design through semiconductor manufacturing and packaging.
Transaction overview and structure
During the conference call, IonQ Chairman and CEO Niccolo de Masi said the transaction is valued at $1.8 billion and will be paid with a mix of cash and stock consideration, subject to a collar and cap. Following closing, SkyWater will operate as a wholly owned subsidiary under the SkyWater name.
Strategic rationale: vertical integration, speed, and security
De Masi framed the acquisition around IonQ’s evolution into what he called a full-stack quantum platform company spanning quantum computing, quantum networking, quantum sensing, and quantum security. He said IonQ now has “line of sight to scaling to millions of qubits” based on a semiconductor architecture and electronic qubit control, making the next phase “primarily a matter of semiconductor engineering.”
SkyWater CEO Thomas Sonderman described SkyWater as the largest U.S.-based pure-play semiconductor foundry and a “Category 1A Trusted Foundry with DMEA accreditation,” emphasizing onshore engineering, foundational nodes, and advanced packaging. Both executives said that tighter integration between quantum chip design and manufacturing is increasingly important as quantum becomes strategic infrastructure for enterprises and nation-states.
Executives highlighted several anticipated benefits of bringing SkyWater in-house:
- Accelerated R&D iteration through increased wafer runs and faster prototype cycles.
- Parallel development across multiple chip generations to incorporate learnings more quickly.
- Secure, onshore fabrication and packaging aligned with government and allied security requirements.
- End-to-end lifecycle control from design and prototype to manufacturing, packaging, deployment, and service updates.
Roadmap implications: shorter cycle times and pulled-forward milestones
De Masi said IonQ believes it has already achieved its target fidelity and therefore does not need “resource breakthroughs” to scale to fault tolerance—calling the remaining work largely “engineering,” and specifically “semiconductor engineering.” He argued that embedded access to a trusted foundry would help IonQ move faster.
As an example, de Masi said IonQ expects to reduce the time from design completion to first samples on its 256-qubit chip from nine months to two months. He said similar time-compression would apply across subsequent generations, including 10,000-, 100,000-, 200,000-, 1 million-, and 2 million-qubit systems, driven by more frequent and faster “wafer spins” and exploration of more engineering pathways in parallel.
Looking further out, de Masi said IonQ now expects to receive the first 200,000-qubit chip back from the fab in 2028, enabling functional testing and performance data. He added that this chip would enable “8,000 ultra-high fidelity logical qubits” and said the acquisition would “pull forward” previously communicated timelines. De Masi also said the deal could pull forward IonQ’s 2 million-qubit chip by up to a year.
SkyWater’s foundry business and customer commitments
Sonderman emphasized that SkyWater will continue operating as a merchant foundry supplier, with “open access” and no change to customer access or IP protections. He said SkyWater’s operating model—described as “Technology-as-a-Service”—supports both volume production and high-mix advanced technologies, and enables “massive parallel development.” Sonderman said this approach is designed to embed development into high-volume manufacturing so that resulting technologies are manufacturable.
Asked about customer concentration, Sonderman said Infineon Technologies is SkyWater’s largest customer, stemming from SkyWater’s acquisition of Infineon’s fab in Austin, Texas the prior year, and that Infineon would remain a critical customer. Beyond that, he characterized SkyWater as operating its typical foundry business with many customers across areas including aerospace and defense, auto, and quantum.
Integration approach and leadership
On integration, de Masi said SkyWater will remain a wholly owned subsidiary led by Sonderman, who will report to him. He described the integration plan as “phased and pragmatic,” intended to maintain continuity while deepening technical integration in areas that accelerate IonQ’s roadmap. De Masi said the companies have “a proven playbook for integration,” but added it would be premature to provide more detail on timing.
In the Q&A, de Masi also said IonQ’s interest in SkyWater intensified after IonQ’s acquisition of Oxford Ionics, as IonQ focused on accelerating and scaling electronic qubit control. He said discussions began as a potential commercial partnership last fall and evolved into a strategic combination as both sides identified increasing synergies, including needs across quantum networking, sensing, and security applications.
About IonQ (NYSE:IONQ)
IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.
