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SkyWater (NasdaqCM:SKYT) M&A announcement Transcript

2026-01-26 14:32

Summary of IonQ and SkyWater Technology Conference Call Company and Industry Overview - **Companies Involved**: IonQ and SkyWater Technology - **Industry**: Quantum Computing and Semiconductor Manufacturing Key Points and Arguments 1. **Transaction Overview**: IonQ is acquiring SkyWater Technology for $1.8 billion, a mix of cash and stock, to create a fully vertically integrated US-based quantum platform [5][2][4] 2. **Revenue Expectations**: IonQ anticipates delivering revenue results at the high end or above its previously announced full-year guidance [2] 3. **Strategic Importance**: The acquisition is expected to accelerate fault-tolerant quantum computing and solidify IonQ's position as a leading provider of quantum technology [2][8] 4. **Vertical Integration**: The merger will enable end-to-end innovation, engineering, manufacturing, and deployment of quantum solutions, enhancing US security and competitiveness [5][3] 5. **SkyWater's Role**: SkyWater is the largest US-based pure-play semiconductor foundry, specializing in foundational nodes and advanced packaging, which will support next-generation quantum chips [4][10] 6. **Technological Advancements**: The integration will allow for rapid iteration and experimentation in semiconductor development, crucial for advancing quantum technologies [7][10] 7. **Operational Synergies**: The combined capabilities of IonQ and SkyWater are expected to unlock broader synergies across multiple product categories, enhancing both companies' market positions [11][12] 8. **Customer Commitment**: SkyWater will continue to operate as a merchant supplier to existing customers, ensuring no changes to customer access or IP protections [12][11] 9. **Timeline for Development**: The acquisition is projected to reduce the time from design completion to first samples of IonQ's 256-qubit chip from 9 months to 2 months, with the first 200,000-qubit chip samples expected in 2028 [16][17] 10. **Future Roadmap**: The transaction is expected to pull forward the timeline for IonQ's 2 million qubit chip by up to a year, enhancing the overall product lifecycle under one roof [17][18] Additional Important Information - **Security and Compliance**: SkyWater's DoD trusted accreditation adds strategic relevance to IonQ's federal business, supporting national security initiatives [11][19] - **Market Positioning**: The combined company aims to be the only fully US-owned and operated provider of critical quantum technologies, enhancing the US's sovereign supply chains [18][19] - **Integration Plans**: SkyWater will operate as a wholly owned subsidiary, with a phased integration approach to ensure continuity and enhance technical integration [44][45] - **Existing Customer Base**: SkyWater's largest customer is Infineon Technologies, and the company will maintain its normal foundry business while integrating with IonQ [27][10] This summary encapsulates the key discussions and strategic implications of the merger between IonQ and SkyWater Technology, highlighting the anticipated advancements in quantum computing and semiconductor manufacturing.