New York, Jan 26, 2026, 10:32 (ET) — Regular session
- Shares of IonQ climbed following its announcement of a cash-and-stock acquisition of chipmaker SkyWater Technology.
- The offer prices SkyWater at $35 a share, including a “collar” to tweak the stock component if IonQ’s price shifts.
- Investors are shifting focus to deal specifics, IonQ’s upcoming earnings report, and the Fed’s decision set for Jan. 28.
IonQ shares climbed Monday following its announcement to acquire U.S. semiconductor foundry SkyWater Technology in a roughly $1.8 billion deal. By 10:17 a.m. ET, IonQ was trading 2.3% higher at $48.33, having earlier reached $50.55. SkyWater’s stock jumped 6.3% to $33.28, after topping out at $34.89.
This tie-up is significant since quantum computing remains a long-term gamble, and investors have little patience for hardware-heavy plans that fall behind schedule. IonQ claims that controlling more of the manufacturing process will speed up design cycles and help it stick to timelines—especially as Washington ramps up efforts to boost domestic production in critical technologies.
This comes during a week when risk appetite in tech is under pressure. IonQ is pushing SkyWater’s fabs to onshore more chip production and secure supply chains as it grows hardware output for federal and defense clients, aiming to avoid external capacity constraints amid rising demand and tighter security needs.
IonQ announced that SkyWater shareholders will get $15 in cash plus $20 in IonQ stock for each SkyWater share, valuing the company at $35 per share and roughly $1.8 billion in equity. The deal includes a “collar” to limit how many IonQ shares SkyWater owners receive if IonQ’s stock price swings sharply. The stock portion is based on a volume-weighted average price (VWAP). IonQ’s chairman and CEO, Niccolo de Masi, said the acquisition will “materially accelerate its quantum computing roadmap” and ensure a domestic supply chain. SkyWater CEO Thomas Sonderman added the merger should “accelerate multiple engineering pathways for next-generation quantum chips.” SEC
SkyWater stock dipped below the $35 headline price, a typical move when a deal involves stock and won’t close for months. Traders are also factoring in the risk of delays or blocks, while the collar allows the final share count to fluctuate within defined limits.
U.S. stocks ticked higher, buoyed by a stronger market mood as investors braced for major tech earnings and the Federal Reserve’s policy announcement later this week.
That said, the deal faces clear hurdles. It requires approval from SkyWater shareholders and regulatory clearance. IonQ also must prove it can integrate a foundry operation without diverting attention from its core quantum systems and services sales. A sharp drop in IonQ’s stock could trigger collar mechanics that worsen dilution, and the critical manufacturing schedules remain vulnerable to delays.
Investors are eager for more clarity on integration plans when IonQ releases its Q4 and full-year results next month. Outside of company news, the market’s focus shifts to the Fed’s rate decision on Wednesday, Jan. 28, set for 2:00 p.m. ET. That will be followed closely by Chair Jerome Powell’s press conference at 2:30 p.m. ET.
