SkyWater Technology, Inc. (SKYT)

SkyWater Technology, Inc. was a U.S.-based semiconductor foundry headquartered in Bloomington, Minnesota. The company was founded in 2017 when it acquired a manufacturing facility in Bloomington that had belonged to Cypress Semiconductor. It positioned itself as a domestic provider of engineering and wafer manufacturing services.

SkyWater offered process development and manufacturing for silicon-based analog and mixed-signal circuits, power discrete devices, microelectromechanical systems and radiation-hardened integrated circuits. Its customers spanned computing, aerospace and defense, automotive and transportation, bio-health, consumer electronics and industrial and Internet of Things applications. It operated as a trusted foundry for U.S. government programs.

The company completed its initial public offering in April 2021, and its common stock began trading on Nasdaq under the symbol SKYT. Thomas Sonderman led SkyWater as chief executive officer. Its business combined technology development services, which are paid engineering work with customers, with wafer services for production.

SkyWater later expanded its capacity through the purchase of a fabrication facility in Austin, Texas, from Infineon, and it pursued government funding for domestic semiconductor manufacturing. It also worked with emerging technology developers, including companies in quantum computing, which were drawn to its ability to prototype specialized devices. Those relationships became part of the context for later strategic interest.

In 2026, SkyWater agreed to be acquired by IonQ, Inc., a quantum computing company listed on the New York Stock Exchange under the symbol IONQ. Under the merger agreement, each SkyWater share would be converted into $15.00 in cash plus 0.4883 shares of IonQ common stock, with cash paid in lieu of fractional shares.

The merger closed on July 31, 2026. Nasdaq trading in SkyWater was halted before the market opened on that day, making July 30, 2026 the last full trading session. A Form 25 was filed with the SEC on July 31, 2026 to remove the shares from listing.

SkyWater's shares ceased to trade as a result of the merger, and the company became part of IonQ. Former SkyWater stockholders received a combination of cash and IonQ stock, and SkyWater no longer files separate public reports. The combination linked a quantum computing company with a domestic foundry capable of fabricating specialized chips. IonQ is listed on the New York Stock Exchange, so former SkyWater holders who kept their IonQ shares moved from a Nasdaq-listed security to an NYSE-listed one. The merger also ended SkyWater's separate reporting obligations to the SEC. The Form 25 filing on July 31, 2026 formally ended the listing of the common stock.