New York, Jan 26, 2026, 11:27 a.m. EST — Regular session
- Shares of IonQ slipped roughly 1.6% following the announcement of a cash-and-stock offer for chipmaker SkyWater
- The deal offers $15 in cash plus $20 worth of IonQ stock for each SkyWater share, featuring a “collar” to cap stock-price fluctuations
- Investors are closely tracking funding details, merger filings, and IonQ’s upcoming earnings report slated for “next month”
Shares of IonQ (IONQ) slipped around 1.6% to $46.50 on Monday, following the company’s announcement of a roughly $1.8 billion deal to acquire U.S. chipmaker SkyWater Technology. The stock hit a high of $50.55 earlier in the day before dropping to a session low of $45.77.
IonQ’s approach is simple: take control of the toughest components. The company said the SkyWater acquisition would internalize semiconductor manufacturing and strengthen a supply chain it views as essential for expanding its federal and defense contracts.
Chair and CEO Niccolo de Masi said the acquisition will “accelerate its quantum computing roadmap” and ensure “a fully scalable supply chain domestically.” SkyWater CEO Thomas Sonderman described the deal as a move to “accelerate multiple engineering pathways for next-generation quantum chips.” IonQ
SkyWater shareholders will receive $35 per share — split as $15 in cash and $20 in IonQ stock — with a collar to adjust the share count if IonQ’s stock price swings significantly before the deal closes. IonQ said that SkyWater investors would end up owning roughly 4.4% to 6.7% of the combined entity. The acquisition is expected to finalize in Q2 or Q3 of 2026. The planned SkyWater investor day in March 2026 has been scrapped, replaced by a joint investor event slated for Q3 2026. IonQ also confirmed it anticipates hitting the high end or surpassing its previous 2025 revenue guidance of $106 million to $110 million in next month’s earnings report.
SkyWater (SKYT) shares climbed roughly 5.9% to $33.17, typical for takeover situations where the target edges closer to the offer price, while the buyer bears the brunt of execution risk.
A filing revealed IonQ signed a merger agreement on Jan. 25 and detailed the next moves, such as drafting a registration statement and proxy materials for SkyWater shareholders.
Shares of other quantum-computing firms slipped as well. Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) both fell roughly 4%, highlighting the volatility in a space where commercial progress is still up in the air.
There are clear “buts.” Managing a chip supply chain demands heavy capital, and deals like this can stall if approvals or customer agreements falter, or integration hits a wall. Despite the collar, IonQ still risks dilution if its shares slip during the closing window.
Next on the agenda: paperwork and specifics. IonQ needs to clarify how it will cover the cash portion, lay out costs and timelines once the merger documents drop, and see if its earnings update next month backs the upper range of its 2025 revenue forecast — all before the SkyWater shareholder vote and the investor event slated for Q3 2026.
