IonQ Completes Acquisition, Sees Strong Revenue Growth

IONQ completed its acquisition of SkyWater Technology on July 31, 2026, closing a deal that makes it the only vertically integrated, full-stack quantum computing company with its own domestic chip foundry. Under the deal terms, SkyWater shareholders received $15.00 in cash plus 0.4883 IonQ shares for each SkyWater share held. The acquisition ends the trapped-ion quantum hardware industry's reliance on foreign chip suppliers and gives IonQ a Pentagon-accredited manufacturing base.

The deal lands against a backdrop of rapid growth for IonQ. For fiscal year 2025 the company reported $130 million in GAAP revenue, up about 202% year over year, and it has continued to accelerate into 2026 . By comparison, rival quantum player D-Wave Quantum QBTS posted $24.6 million in fiscal 2025 revenue, up roughly 179% year over year, a smaller base growing at a slightly slower rate . Both companies remain unprofitable despite the growth.

Analysts point to IonQ's larger revenue base, faster growth, and now the SkyWater foundry as reasons to favor it over D-Wave in a head-to-head comparison of quantum computing stocks . The vertical integration is the key strategic argument: owning chip fabrication end-to-end could shorten IonQ's hardware iteration cycles and reduce supply-chain risk relative to competitors still dependent on third-party foundries.

What to watch: how quickly IonQ integrates SkyWater's manufacturing operations without disrupting output, whether the foundry lowers IonQ's unit costs enough to move it toward profitability, and how D-Wave and other quantum players respond competitively now that IonQ controls its own chip supply.

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