Quantum computing firm IonQ has agreed to acquire semiconductor foundry SkyWater Technology in a transaction valued at approximately $1.8 billion. The deal will close through a mix of cash and stock consideration, and once completed, SkyWater will operate as a wholly owned subsidiary under the leadership of CEO Thomas Sonderman, reporting directly to IonQ Chairman and CEO Niccolo de Masi.

Stifel Nicolaus analyst Brian Chin has set a price objective of 35 for SkyWater shares, implying a potential upside of roughly 8% from recent levels. This projection aligns precisely with the per-share consideration offered by IonQ, reinforcing market expectations that the acquisition price reflects fair value and could drive additional gains for remaining public investors until deal closure.

By integrating SkyWater’s specialized semiconductor manufacturing capabilities, IonQ aims to accelerate its technology roadmap for fault-tolerant quantum processors. Management forecasts that streamlined production will support functional testing of a 200,000-qubit unit by 2028, which is expected to yield around 8,000 high-fidelity logical qubits and bolster IonQ’s competitive position in government and commercial contracts.

Two investor-rights firms—Brodsky & Smith and Halper Sadeh LLC—have launched inquiries into whether the SkyWater board fulfilled its fiduciary duties in negotiating the sale. Brodsky & Smith’s probe focuses on potential breaches of duty and fairness of the process, while Halper Sadeh is examining whether SkyWater secured the best possible consideration or failed to disclose material deal information to shareholders.