IonQ to Acquire SkyWater for $35 Per Share
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 26 2026
0mins
Should l Buy IONQ?
IonQ (IONQ) and SkyWater Technology (SKYT) announced they have entered into a definitive agreement pursuant to which IonQ will acquire SkyWater for $35.00 per share in a cash-and-stock transaction, subject to a collar, 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. The stock component is subject to a collar under which SkyWater shareholders will receive IonQ stock valued at $20.00 per SkyWater share, based on the 20-day volume weighted average price of IonQ stock as of three business days before closing, unless such volume-weighted average is greater than $60.13 per share, in which case SkyWater shareholders will receive 0.3326 IonQ shares per SkyWater share, or less than $37.99 per share, in which case SkyWater shareholders will receive 0.5265 IonQ shares per SkyWater share. SkyWater shareholders will own between 4.4% and 6.7% of the combined company under the collar. SkyWater will maintain its headquarters in Bloomington, Minnesota and its facilities in Minnesota, Florida, and Texas will serve as Regional Quantum Production Hubs. The Boards of Directors of both companies have unanimously approved the transaction, which is expected to close in the second or third quarter of 2026, subject to approval by SkyWater shareholders, receipt of required regulatory approvals and satisfaction of other customary closing conditions. In light of the pending transaction, SkyWater's previously scheduled investor day will not be held in March 2026. The combined company is expected to hold an investor event in the third quarter of 2026.
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Analyst Views on IONQ
Wall Street analysts forecast IONQ stock price to rise
12 Analyst Rating
9 Buy
3 Hold
0 Sell
Strong Buy
Current: 33.340
Low
47.00
Averages
75.91
High
100.00
Current: 33.340
Low
47.00
Averages
75.91
High
100.00
About IONQ
IonQ, Inc. is engaged in the quantum computing and networking industry, delivering high-performance systems capable of solving complex commercial and research use cases. Its generation quantum computers, IonQ Forte and IonQ Forte Enterprise, are cutting-edge systems, boasting 36 algorithmic qubits. It sells specialized quantum computing and networking hardware together with related maintenance and support. It also sells access to several quantum computers of various qubit capacities and is in the process of researching and developing technologies for quantum computers with increasing computational capabilities. It makes access to its quantum computers available via three cloud platforms, Amazon Web Services' (AWS) Amazon Braket, Microsoft's Azure Quantum and Google's Cloud Marketplace, and also to select customers via its own cloud service. Its product portfolio also includes quantum key distribution (QKD) systems, quantum random number generators (QRNGs), and single-photon detectors.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
IonQ Faces Financial Challenges Amid Market Pressures
- Dramatic Loss Increase: IonQ's losses surged tenfold year-over-year in the first nine months of 2025, escalating from $129 million to nearly $1.3 billion, primarily due to tripled general and administrative costs and more than doubled R&D expenses, highlighting the high-cost pressures in the quantum computing sector.
- Weak Sales Growth: Although IonQ's sales rose by 117% to $68.1 million in the first nine months of 2025, most of this revenue came from five companies acquired last year rather than organic growth, indicating weakness in its core business operations.
- Shareholder Dilution Risk: IonQ financed its acquisitions through issuing new shares, leading to shareholder dilution, which, combined with expanding losses and sales growth primarily reliant on acquisitions, exacerbates financial instability and undermines investor confidence.
- Deteriorating Market Conditions: As investors rotate towards safer assets, IonQ faces increased market pressure, with its price-to-sales ratio of 106 significantly exceeding the tech sector average of 8, suggesting that its stock may be overvalued and could experience further price declines.
See More
Quantum Cybersecurity Market Poised for Growth Amidst Rising Threats
- Economic Damage Projection: A report by the Citi Institute indicates that a single quantum cyberattack could result in economic damages ranging from $2.0 to $3.3 trillion, highlighting the urgent need for increased cybersecurity investments among enterprises to mitigate such risks.
- Rising Market Expenditure: Global cybersecurity spending is projected to reach $244.2 billion by 2026, as organizations face a hard deadline of 2035 for completing post-quantum migrations, driving a surge in demand for quantum security solutions to counter emerging threats.
- Platform Enhancements: Quantum Secure Encryption Corp. has recently upgraded its Quantum Preparedness Assessment platform, introducing a compliance status dashboard and risk indicators that will assist enterprises in evaluating their post-quantum cryptographic readiness, thereby optimizing internal governance decisions and enhancing market competitiveness.
- International Expansion: QSE renewed its agreement with India's Muthoot Group, covering approximately 14,000 user licenses, and entered into three-year security agreements with three Brazilian government clients, demonstrating its rapid expansion in international markets and responsiveness to the growing demand for quantum security.
See More
Quantum Cyberattack Could Cause Up to $3.3 Trillion in Economic Damage
- Quantum Attack Risk: A report by the Citi Institute indicates that a single quantum cyberattack could result in economic damages ranging from $2.0 to $3.3 trillion, highlighting the vulnerability of financial institutions and prompting companies to accelerate investments in quantum security technologies to mitigate potential losses.
- Global Cybersecurity Spending: Global cybersecurity spending is projected to reach $244.2 billion by 2026, with firms facing a hard deadline of 2035 to complete post-quantum migration, driving major companies to expedite investments in post-quantum cryptography to ensure compliance and security.
- QPA Platform Enhancements: Quantum Secure Encryption Corp. has announced enhancements to its Quantum Preparedness Assessment (QPA) platform, which now features a compliance status dashboard and risk indicators, aiding enterprises in assessing and prioritizing their cryptographic risks, thereby enhancing their competitive position in the market.
- International Expansion Strategy: QSE renewed its agreement with India's Muthoot Group covering approximately 14,000 user licenses, while also signing a three-year security agreement with three Brazilian government clients, demonstrating its rapid expansion in the global market and responsiveness to the growing demand for quantum security.
See More
IonQ Achieves Milestone in Quantum Computing Accuracy
- Quantum Computing Potential: IonQ is leading in quantum computing accuracy by utilizing a trapped-ion approach that employs actual atoms instead of artificial qubits, enhancing system stability and reliability.
- High Fidelity Milestone: The acquisition of Oxford Ionics allowed IonQ to integrate microwave electronics into its chips, eliminating the need for large lasers and achieving a remarkable 99.99% two-gate fidelity, significantly improving the practicality of quantum computing.
- Error Correction Advances: IonQ's progress in quantum error correction enables the system to maintain correct information even when some qubits fail, enhancing its competitive edge in the quantum computing market.
- Economic Viability Advantage: By shrinking machine size and integrating microwave electronics, IonQ's systems become more economically viable, and if it can achieve quantum advantage first, its stock could see substantial upside, attracting long-term investor interest.
See More
Microsoft's Majorana 1 Quantum Computing Chip Breakthrough
- Commercialization Outlook: Microsoft’s VP of Quantum, Zulfi Alam, stated that by 2029, quantum computers will possess commercial value, capable of performing complex calculations that classical computers cannot, marking a pivotal shift from lab research to real-world applications.
- Energy Efficiency Revolution: UBS analysts noted that quantum computers could solve problems in 200 seconds that would take conventional supercomputers 10,000 years, potentially reducing energy consumption in data centers and driving the industry towards more efficient computing models.
- Infrastructure Investment Needs: As quantum computing advances, significant infrastructure investments will be required in data centers to accommodate the unique demands of quantum machines, with experts predicting a surge in M&A activity over the next decade to bolster quantum technology and talent.
- Security Challenges: While quantum computing presents opportunities, it also raises data security concerns, with UBS warning that powerful quantum computers could undermine existing encryption methods, necessitating immediate investments in quantum-safe encryption technologies to address future security threats.
See More
Accelerating Commercialization of Quantum Computing
- Quantum Breakthrough: Microsoft’s VP of Quantum, Zulfi Alam, stated that by 2029, quantum computers will have commercial value, capable of solving problems in 200 seconds that would take classical supercomputers 10,000 years, indicating a significant shift towards commercial applications of quantum computing.
- Reduced Energy Demand: Quantum computers are expected to consume only a fraction of the energy used by traditional data centers, which will significantly lower energy requirements and reduce workloads needed for AI training, thus driving the industry towards more efficient computing models.
- Accelerated Industry Investment: Global investments in quantum technology are rapidly increasing, with China nearing $18 billion in public investment, followed closely by the EU, highlighting the importance placed on the future potential of quantum computing and accelerating the development of related technologies.
- Security Risks and Challenges: While quantum computing presents opportunities, it also poses data security risks, as powerful quantum computers could undermine existing encryption methods, necessitating companies to invest in new quantum-safe encryption technologies in the coming years to ensure data security.
See More
IonQ Faces Financial Challenges Amid Market Pressures
- Dramatic Loss Increase: IonQ's losses surged tenfold year-over-year in the first nine months of 2025, escalating from $129 million to nearly $1.3 billion, primarily due to tripled general and administrative costs and more than doubled R&D expenses, highlighting the high-cost pressures in the quantum computing sector.
- Weak Sales Growth: Although IonQ's sales rose by 117% to $68.1 million in the first nine months of 2025, most of this revenue came from five companies acquired last year rather than organic growth, indicating weakness in its core business operations.
- Shareholder Dilution Risk: IonQ financed its acquisitions through issuing new shares, leading to shareholder dilution, which, combined with expanding losses and sales growth primarily reliant on acquisitions, exacerbates financial instability and undermines investor confidence.
- Deteriorating Market Conditions: As investors rotate towards safer assets, IonQ faces increased market pressure, with its price-to-sales ratio of 106 significantly exceeding the tech sector average of 8, suggesting that its stock may be overvalued and could experience further price declines.
See More
Quantum Cybersecurity Market Poised for Growth Amidst Rising Threats
- Economic Damage Projection: A report by the Citi Institute indicates that a single quantum cyberattack could result in economic damages ranging from $2.0 to $3.3 trillion, highlighting the urgent need for increased cybersecurity investments among enterprises to mitigate such risks.
- Rising Market Expenditure: Global cybersecurity spending is projected to reach $244.2 billion by 2026, as organizations face a hard deadline of 2035 for completing post-quantum migrations, driving a surge in demand for quantum security solutions to counter emerging threats.
- Platform Enhancements: Quantum Secure Encryption Corp. has recently upgraded its Quantum Preparedness Assessment platform, introducing a compliance status dashboard and risk indicators that will assist enterprises in evaluating their post-quantum cryptographic readiness, thereby optimizing internal governance decisions and enhancing market competitiveness.
- International Expansion: QSE renewed its agreement with India's Muthoot Group, covering approximately 14,000 user licenses, and entered into three-year security agreements with three Brazilian government clients, demonstrating its rapid expansion in international markets and responsiveness to the growing demand for quantum security.
See More
Quantum Cyberattack Could Cause Up to $3.3 Trillion in Economic Damage
- Quantum Attack Risk: A report by the Citi Institute indicates that a single quantum cyberattack could result in economic damages ranging from $2.0 to $3.3 trillion, highlighting the vulnerability of financial institutions and prompting companies to accelerate investments in quantum security technologies to mitigate potential losses.
- Global Cybersecurity Spending: Global cybersecurity spending is projected to reach $244.2 billion by 2026, with firms facing a hard deadline of 2035 to complete post-quantum migration, driving major companies to expedite investments in post-quantum cryptography to ensure compliance and security.
- QPA Platform Enhancements: Quantum Secure Encryption Corp. has announced enhancements to its Quantum Preparedness Assessment (QPA) platform, which now features a compliance status dashboard and risk indicators, aiding enterprises in assessing and prioritizing their cryptographic risks, thereby enhancing their competitive position in the market.
- International Expansion Strategy: QSE renewed its agreement with India's Muthoot Group covering approximately 14,000 user licenses, while also signing a three-year security agreement with three Brazilian government clients, demonstrating its rapid expansion in the global market and responsiveness to the growing demand for quantum security.
See More
IonQ Achieves Milestone in Quantum Computing Accuracy
- Quantum Computing Potential: IonQ is leading in quantum computing accuracy by utilizing a trapped-ion approach that employs actual atoms instead of artificial qubits, enhancing system stability and reliability.
- High Fidelity Milestone: The acquisition of Oxford Ionics allowed IonQ to integrate microwave electronics into its chips, eliminating the need for large lasers and achieving a remarkable 99.99% two-gate fidelity, significantly improving the practicality of quantum computing.
- Error Correction Advances: IonQ's progress in quantum error correction enables the system to maintain correct information even when some qubits fail, enhancing its competitive edge in the quantum computing market.
- Economic Viability Advantage: By shrinking machine size and integrating microwave electronics, IonQ's systems become more economically viable, and if it can achieve quantum advantage first, its stock could see substantial upside, attracting long-term investor interest.
See More
Microsoft's Majorana 1 Quantum Computing Chip Breakthrough
- Commercialization Outlook: Microsoft’s VP of Quantum, Zulfi Alam, stated that by 2029, quantum computers will possess commercial value, capable of performing complex calculations that classical computers cannot, marking a pivotal shift from lab research to real-world applications.
- Energy Efficiency Revolution: UBS analysts noted that quantum computers could solve problems in 200 seconds that would take conventional supercomputers 10,000 years, potentially reducing energy consumption in data centers and driving the industry towards more efficient computing models.
- Infrastructure Investment Needs: As quantum computing advances, significant infrastructure investments will be required in data centers to accommodate the unique demands of quantum machines, with experts predicting a surge in M&A activity over the next decade to bolster quantum technology and talent.
- Security Challenges: While quantum computing presents opportunities, it also raises data security concerns, with UBS warning that powerful quantum computers could undermine existing encryption methods, necessitating immediate investments in quantum-safe encryption technologies to address future security threats.
See More
Accelerating Commercialization of Quantum Computing
- Quantum Breakthrough: Microsoft’s VP of Quantum, Zulfi Alam, stated that by 2029, quantum computers will have commercial value, capable of solving problems in 200 seconds that would take classical supercomputers 10,000 years, indicating a significant shift towards commercial applications of quantum computing.
- Reduced Energy Demand: Quantum computers are expected to consume only a fraction of the energy used by traditional data centers, which will significantly lower energy requirements and reduce workloads needed for AI training, thus driving the industry towards more efficient computing models.
- Accelerated Industry Investment: Global investments in quantum technology are rapidly increasing, with China nearing $18 billion in public investment, followed closely by the EU, highlighting the importance placed on the future potential of quantum computing and accelerating the development of related technologies.
- Security Risks and Challenges: While quantum computing presents opportunities, it also poses data security risks, as powerful quantum computers could undermine existing encryption methods, necessitating companies to invest in new quantum-safe encryption technologies in the coming years to ensure data security.
See More
