M&A · Tech · Semiconductors & Related Devices
IonQ, Inc. to acquire SkyWater Technology, Inc
Announced Jan 26, 2026 · Closed Jul 31, 2026
Deal value—
Premium11.7%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock
Transaction
- Acquirer
- IonQ, Inc. (IONQ)
- Target
- SkyWater Technology, Inc (SKYT)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jul 31, 2026
Deal protections
- Break fee (target pays)
- $51.6M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 67 in the prior 24 months
- Premium
- 11.7% vs. 38.1% sector median
- EV / Adj. EBITDA
- Sector median 16.5x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedJan 26, 2026
- Proxy filedMar 31, 2026
- Definitive proxyMar 31, 2026
- Shareholder voteMay 8, 2026
- ClosedJul 31, 2026
Valuation · fairness opinions
Discounted cash flow$17.85$29.93
Future share price$20.20$33.10
52-week trading range$34.09$43.16
Implied value per SkyWater Technology, Inc share by analysis, from Goldman Sachs · DCF discount rate 15%–18%.