SkyWater Technology Inc is a U... Show more
SkyWater Technology, Inc. is no longer an independently traded public company. Trading in SKYT was suspended ahead of the market open on July 31, 2026, when IonQ completed its acquisition of the foundry, and the shares were subsequently delisted from the Nasdaq and deregistered. The stock's final close, recorded on July 30, 2026, was $32.46.
During its final weeks of trading, SKYT moved largely in line with the value of the merger consideration, which combined a fixed cash component with a variable share component tied to IonQ's stock. The shares had reached an all-time high of $39.93 in early June 2026 before easing back into the low $30s as the closing date approached. Over the last 30 days of available trading, the price slipped from about $34.82 to $32.46, a decline of roughly 6.8%.
SkyWater Technology is a U.S.-owned, independent pure-play semiconductor foundry specializing in wafer fabrication, advanced packaging, and associated engineering services. The company operates facilities in Minnesota, Florida, and Texas, including the Fab 25 facility acquired to expand its manufacturing footprint. Through a "Technology as a Service" model, SkyWater supports customers bringing specialized and emerging technologies from concept to production, with a focus on foundational nodes, mixed-signal design, radiation-hardened chips, and other custom semiconductor solutions.
A defining element of SkyWater's competitive position is its role in the domestic supply chain. As the largest exclusively U.S.-based semiconductor foundry and a DMEA-accredited Category 1A Trusted Foundry, the company serves commercial customers as well as federal and defense programs that require secure, onshore manufacturing capacity. That trusted-foundry status, together with its government program relationships, made SkyWater a strategically relevant asset and a key driver of investor attention.
The dominant factor in SKYT's final months was the acquisition by IonQ. On January 25, 2026, SkyWater entered into a merger agreement under which it would become a wholly owned subsidiary of IonQ in a transaction valued at approximately $1.8 billion. Under the agreement, each outstanding SkyWater common share was to be converted into $15.00 in cash plus a number of IonQ shares determined by a formula tied to IonQ's 20-day volume-weighted average price, subject to a collar on the exchange ratio.
The path to completion involved several milestones that shaped trading in the final weeks. The Federal Trade Commission cleared the deal, though reports indicated internal disagreement among the agency's leadership over whether to impose conditions. SkyWater stockholders subsequently approved the merger agreement, and IonQ received final regulatory approval before completing the acquisition on July 31, 2026. At closing, each SkyWater share was converted into $15.00 in cash and 0.4883 shares of IonQ, and the company's shares were delisted from Nasdaq.
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Because SKYT has been delisted, SkyWater's forward trajectory is now tied to IonQ, which holds a 100% equity interest in the business operating as SkyWater Technology, LLC. Former SkyWater shareholders received a combination of cash and IonQ stock, shifting their exposure from the foundry to the combined entity.
Key factors to monitor going forward include IonQ's integration of SkyWater's fabrication and advanced packaging capabilities, the progress of its quantum computing roadmap, and the performance of the Fab 25 facility in Texas. Demand from federal and defense programs, as well as broader domestic semiconductor manufacturing initiatives, remains relevant to SkyWater's foundry business under its new ownership. IonQ's execution, capital allocation, and financial results will be central measures of how the acquired operations contribute over time.
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