Treasury
3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp
US Treasury par yield curve · Jul 30 · Source: U.S. Treasury
Friday, July 31, 2026
U.S. Edition
MONEY & WORLD
Subscribe
Deals

A quantum computing company now owns a US chip foundry, and SkyWater stock stopped trading before Friday's opening bell

Money & World
The Editorial Team ·
A macro photograph of hoar frost, feathered ice crystals growing in a single horizontal line across the frame along a thin dark twig, against a soft out-of-focus background of cold blue and grey.
Photo: Jean-Paul Wettstein / Pexels

Trading was halted before the market opened, which is how this one was visible before either company said a word.

IonQ completed its acquisition of SkyWater Technology on Friday, under a merger agreement signed on 25 January. SkyWater filed the closing 8-K in the pre-market. Its cover page already carries a different name: SkyWater Technology, LLC.

The consideration

Each share of SkyWater common stock outstanding at the effective time converted into the right to receive $15.00 in cash and 0.4883 shares of IonQ common stock, plus cash in lieu of any fractional share. Shares held by the buyer and its subsidiaries were excluded, as were shares whose holders properly demanded appraisal under Delaware law.

Neither filing gives a total. No purchase price, equity value or share count appears in either document, so the aggregate is not calculable from them and is not given here.

Employee awards moved at a different rate. Options and employee restricted stock units converted into IonQ awards at 0.8546 shares each, keeping their existing terms. Restricted stock units held by non-employee directors vested and settled in full before the effective time, and the resulting shares were treated like any other.

The structure, and what it left behind

The deal ran in two steps on the same day. Iris Merger Subsidiary 1 merged into SkyWater, which survived as a wholly owned subsidiary. SkyWater then merged into Iris Merger Subsidiary 2, a limited liability company, which survived under the SkyWater Technology name. The parent now beneficially owns 100 percent of the equity of the surviving company.

Three things closed with it.

The revolving credit facility was repaid in full and the loan agreement terminated, with Siena Lending Group as agent. The filing states that no material early termination penalties were incurred. Eight directors resigned: Timothy E. Baxter, Edward M. Daly, Nancy Fares, Dennis J. Goetz, Joseph J. Humke, Andrew D. C. LaFrence, Tammy J. Miller and Loren A. Unterseher. The filing states the departures were not the result of any disagreement over the company's operations, policies or practices, which is the standard language and is reported here as language rather than as a finding.

The company has asked Nasdaq to file a Form 25 to delist and deregister the stock, and intends to follow with a Form 15 to suspend its Exchange Act reporting.

What the buyer says it bought

IonQ is a quantum computing company listed in New York. SkyWater runs semiconductor fabrication plants in Minnesota, Florida and Texas, and describes itself as the largest exclusively US-based semiconductor foundry and a DMEA-accredited Category 1A Trusted Foundry. Those are the companies' own descriptions.

Chief Executive Niccolo de Masi said in the announcement that the acquisition covers capabilities "from quantum foundry and advanced packaging to manufacturing and commercialization." SkyWater will operate as a subsidiary under its own name, and its chief executive Thomas Sonderman will lead it and report to de Masi.

The closing followed receipt of required regulatory approvals, according to the announcement, which names none of them.

The combined company expects to report second quarter results on 5 August after the US close, with an investor day on 8 September.

The document: SkyWater Technology, Form 8-K, accession 0001193125-26-327137, CIK 0001819974, date of earliest event reported 31 July 2026, items 1.02, 2.01, 3.01, 3.03, 5.01, 5.02, 5.03 and 9.01. The filing was retrieved from EDGAR, extracted to text and read here in full; no fetch-tool summary was relied on. The registrant is given on the cover as SkyWater Technology, LLC, with a cover footnote stating that in connection with the completion of the transactions the registrant merged with and into SkyWater Technology, LLC, formerly known as Iris Merger Subsidiary 2 LLC, with that entity surviving. The Introductory Note states that the Merger Agreement is dated 25 January 2026 among SkyWater Technology, Inc., IonQ, Inc., Iris Merger Subsidiary 1 Inc. and Iris Merger Subsidiary 2 LLC, and describes the two-step structure reported here. Item 2.01 is the source of the merger consideration of $15.00 in cash and 0.4883 shares of IonQ common stock per share of SkyWater common stock, plus cash in lieu of fractional shares, excluding shares held by the parent or its subsidiaries and shares for which appraisal was properly demanded under section 262 of the Delaware General Corporation Law; and of the 0.8546 conversion ratio applied to outstanding options and to employee restricted stock unit awards, and of the full vesting and settlement of non-employee director restricted stock unit awards before the effective time. Item 3.01 is the source of the Form 25 and Form 15 sequence and of the statement that trading of the common stock on Nasdaq was halted prior to the opening of trading on the closing date. Item 1.02 is the source of the repayment and termination of the Amended and Restated Loan and Security Agreement dated 30 June 2025 with Siena Lending Group LLC as agent, and of the statement that no material early termination penalties were incurred. Item 5.01 is the source of the statement that the parent beneficially owns 100 percent of the equity interests of the surviving company. Item 5.02 is the source of the eight director resignations and of the statement that the departures were not a result of any disagreement on any matter relating to the company's operations, policies or practices. A second primary document was read in full: IonQ, Inc., Form 8-K, accession 0001193125-26-327127, CIK 0001824920, accepted by EDGAR at 08:56:15 Eastern on 31 July 2026, items 8.01 and 9.01, and its Exhibit 99.1 press release dated 31 July 2026, at https://www.sec.gov/Archives/edgar/data/1824920/000119312526327127/ionq-ex99_1.htm. That exhibit is the source of the reporting lines, of the 5 August earnings call and 8 September investor day, of the statement that the closing followed receipt of required regulatory approvals, and of the descriptions of each company. Every descriptive characterisation of either business, including the phrase largest exclusively US-based semiconductor foundry and the DMEA Category 1A Trusted Foundry accreditation, is the companies' own and is attributed as such in the copy. No purchase price, equity value or enterprise value is stated in either document and none is calculated here. Neither document states the number of SkyWater shares outstanding, so the aggregate cash and share consideration is not derivable from what was read and is not given..

More on Technology